WFW Advises on $168M K-SURE-Backed Project Financing for a Caspian Sea Drilling Rig

Monday, May 16, 2011
The Singapore office of Watson, Farley & Williams advised a syndicate of international lenders led by Bank of America N.A. as agent, in relation to an export-credit backed US$168,000,000 project financing of a drilling rig for use in the Zhambyl oil field in the Kazakh sector of the Caspian Sea. The project sponsors are led by Korea National Oil Corporation with the other project sponsors being SK Innovation Co., Ltd, Samsung C&T Corporation, LG International Corporation, Aju Corporation, Daesung Industrial Co., Ltd, Daewoo Shipbuilding & Marine Engineering Co., Ltd and Hyundai Hysco Co., Ltd.

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Tags:  Watson Farley & Williams LLP | Singapore

Davis Polk – CVS Caremark Corporation $1.5 Billion Senior Notes Offering

Monday, May 16, 2011
Davis Polk advised CVS Caremark Corporation on its $1.5 billion registered offering of $550 million aggregate principal amount of 4.125% senior notes due 2021 and $950 million aggregate principal amount of 5.75% senior notes due 2041. Barclays Capital Inc., J.P. Morgan Securities LLC, BNY Mellon Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC acted as joint book-running managers for the offering.

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Tags:  Davis Polk & Wardwell LLP

Davis Polk – Lam Research Corporation $900 Million Convertible Senior Notes Offering

Friday, May 13, 2011
Davis Polk advised J.P. Morgan Securities LLC and Goldman, Sachs & Co. as joint book-running managers on a Rule 144A offering by Lam Research Corporation of $450 million aggregate principal amount of 0.5% convertible senior notes due 2016 and $450 million aggregate principal amount of 1.25% convertible senior notes due 2018. In addition, Davis Polk advised an affiliate of J.P. Morgan Securities LLC and Goldman, Sachs & Co. as counterparties to convertible note hedge and warrant transactions with Lam Research Corporation in connection with the convertible senior notes offering.

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Tags:  Davis Polk & Wardwell LLP

Dechert Advises Delightful Hill on Chinese Acquisition in Russian Coal Sector

Friday, May 13, 2011
Lawyers from international law firm Dechert LLP’s Moscow office advised Delightful Hill, part of China’s Winsway Group Holdings Ltd, on its entry into an agreement for the US$90 million acquisition of a 60% stake in Divalane Holdings Ltd, a Cyprus holding company that owns Russian coal company LLC Arkticheskie Razrabotki with operations in the Apsat deposit in Chita Oblast, Eastern Siberia. The Apsat deposit has coal resources estimated at over 2.2 billion tons. The deal, which is subject to approval by Russian antimonopoly authorities, would represent one of the first major Chinese acquisitions in the Russian coal sector.

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Tags:  Dechert LLP | Moscow

Shearman & Sterling Advises on Sensata Technologies $1.2 Billion Financing

Friday, May 13, 2011
Shearman & Sterling advised Morgan Stanley Senior Funding, Inc. and Barclays Capital, as joint arrangers, and Morgan Stanley Senior Funding, Inc., Barclays Capital, Goldman Sachs Lending Partners LLC, BMO Capital Markets and RBC Capital Markets, as joint bookrunners, in connection with a $1.2 billion senior secured term loan facility and a $250 million senior secured revolving credit facility for Sensata Technologies Holding N.V.

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Simpson Thacher Represents Underwriters in Initial Public Offering of American Depositary Shares of NetQin Mobile Inc.

Friday, May 13, 2011
The Hong Kong and Beijing offices of the Firm represented the underwriters, led by Piper Jaffray & Co. in the US$89.1 million initial public offering and listing on the New York Stock Exchange of 7,750,000 American Depositary Shares of NetQin Mobile Inc. The ADSs of NetQin Mobile Inc. are traded on the New York Stock Exchange under the ticker symbol “NQ”. The offering raised US$89.1 million (before exercise of the green shoe option).

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Tags:  Simpson Thacher & Bartlett LLP

Proventus Establishes Proventus Capital Partners II, A Vehicle for Investments in Corporate Loans and Bonds

Wednesday, May 11, 2011
Proventus has established Proventus Capital Partners II – a co-investment vehicle focusing on corporate loans and corporate bonds. In addition to providing new financing directly to corporate borrowers, Proventus Capital Partners II may invest in the secondary market for loans and bonds. The ambition is to contribute with financing to Nordic companies in need of capital for growth, acquisitions, restructuring or refinancing.

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Dechert Advises Universal Business Payment Solutions Acquisition Corporation in $72 Million IPO

Wednesday, May 11, 2011
Dechert LLP announced today that it has advised Universal Business Payment Solutions Acquisition Corporation (NASDAQ: UBPSU) in its $72 million initial public offering. The IPO was for an aggregate of 12,000,000 units at an offering price of $6.00 per unit. Each unit consists of one share of the Company’s common stock, $0.001 par value per share (the “Common Stock”), and one warrant to purchase one share of Common Stock.

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Tags:  Dechert LLP