VCCC Project PPP Financial Close a Milestone for Clayton Utz Projects and Finance Teams

Friday, December 16, 2011
Clayton Utz continues to be at the forefront of social infrastructure project activity in Australia, with the announcement of financial close of the $1 billion plus Victorian Comprehensive Cancer Centre (VCCC) Project marking a significant milestone for the firm’s client Plenary Group, and Clayton Utz as its legal advisers.
Clayton Utz Melbourne Projects and Finance partner Marcus Davenport led the firm’s team that has advised Plenary Group on all aspects of Plenary Health consortium’s successful bid for the VCCC Project, from initial bid through to financial close. The Plenary Heath consortium comprises Plenary Group, Grocon, PCL Constructors Pacific Rim and Honeywell. Lawyers in Clayton Utz Melbourne’s Corporate and Construction practice areas also provided support on the transaction, led by partners Brendan Groves and Naomi Kelly.

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Baron and Budd Shareholder Bruce Steckler Part of Negotiation Team in $800 Million Chinese Drywall Settlement

Friday, December 16, 2011
Baron and Budd shareholder Bruce Steckler was part of the team that helped negotiate a landmark Chinese drywall settlement with KNAUF Plasterboard Tianjin (KPT), one of the largest manufacturers in the Chinese drywall litigation. The settlement comes as a result of 18 months of careful negotiation between the Plaintiffs’ Steering Committee (PSC), of which Steckler is a member, and KNAUF, and aims to help thousands of families suffering from defective Chinese drywall, which has been linked to corrosion of metal components and possible serious health issues. The total value of the settlement is estimated to be from $800 million to $1 billion.

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Simpson Thacher to Open Office in Seoul, Korea

Thursday, December 15, 2011
Simpson Thacher & Bartlett LLP announced today that it plans to open an office in Seoul, Korea as soon as practicable in 2012.  Partner Youngjin Sohn will relocate to Seoul, together with several associates from the Firm’s Hong Kong office, where the Firm’s Korea team is currently located.

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Tags:  Simpson Thacher & Bartlett LLP

Simpson Thacher Represents Underwriters Led by Goldman Sachs in First Niagara Financial Group’s $1.13 Billion Common Stock, Preferred Stock and Subordinated Notes Offerings

Thursday, December 15, 2011
The Firm represented the underwriters in connection with three registered public offerings by First Niagara Financial Group, Inc. (the “Company”): (i) 56,911,764 shares of common stock, underwritten by Goldman, Sachs & Co., Sandler O’Neill + Partners, L.P., BofA Merrill Lynch, and Keefe, Bruyette & Woods; (ii) 14,000,000 shares of Fixed-to-Floating Rate Perpetual Non-cumulative Preferred Stock, Series B, at a liquidation preference of $25 per share, underwritten by Goldman, Sachs & Co., BofA Merrill Lynch, Wells Fargo Securities, Citigroup and Sandler O’Neill + Partners, L.P.; and (iii) $300 million aggregate principal amount of 7.25% Subordinated Notes due 2021, underwritten by Goldman, Sachs & Co., Sandler O’Neill + Partners, L.P. and BofA Merrill Lynch.

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Tags:  Simpson Thacher & Bartlett LLP | New York

Freshfields Advises New China Life Insurance Company Ltd. on Its US$1.9bn IPO and the Only A+H Share Listing in 2011

Thursday, December 15, 2011
International law firm Freshfields Bruckhaus Deringer has advised New China Life Insurance Company Ltd. (NCI) on its US$1.9 billion global offering of shares and simultaneous A + H listing on the Hong Kong and Shanghai stock exchanges. With today’s listing, NCI became the only company to have A + H shares listed simultaneously this year.

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Tags:  Freshfields LLP | Beijing