Vietnam raises USD1 billion from its first sovereign bond in four years

Monday, November 24, 2014

The Government of the Socialist Republic of Vietnam has successfully closed its USD1 billion sovereign bond offering, as part of an innovative “debt switch” liability management exercise.

The transaction comprised a simultaneous cash tender offer for certain existing bonds and an offering of new bonds, including a private placement to qualified institutional buyers in the United States in reliance on Rule 144A. Deutsche Bank, HSBC and Standard Chartered Bank were mandated as dealer-managers of the tender offer and joint lead managers of the new bond offering. Allen & Overy advised the Government of Vietnam on this transaction. Vietnam’s most recent USD-denominated bond issue was in 2010, on which Allen & Overy also advised. More >>

Tags:  Hanoi | Hong Kong

Dechert Advises Tech Mahindra on US$240 Million Acquisition of Lightbridge Communications Corporation

Friday, November 21, 2014

Tech Mahindra Ltd., an independent global provider of network engineering services to the telecommunications industry, announced that it has signed a definitive agreement to acquire global network services leader Lightbridge Communications Corporation for an enterprise value of approximately US$240 million, subject to regulatory approvals. Dechert LLP is acting as legal advisor to Tech Mahindra in the transaction, which is expected to close by Q4 of Tech Mahindra’s 2015 fiscal year. More >>

Tags:  Dechert LLP | New York

PRA Health Sciences’ IPO Raises $351 Million

Thursday, November 20, 2014

The Firm recently represented PRA Health Sciences, Inc. (“PRA”), a portfolio company of Kohlberg Kravis Roberts & Co. L.P., in connection with its initial public offering of common stock. The offering of 19,523,255 shares of common stock, which included the underwriters’ option to purchase 2,546,511 additional shares, raised approximately $351 million in gross proceeds. The shares of PRA are now listed on the Nasdaq Global Select Market under the ticker symbol “PRAH”. More >>

Tags:  New York

Hogan Lovells Advises Republic of Ecuador in its US$509 Million Loan from Chexim

Thursday, November 20, 2014

Hogan Lovells advised the Republic of Ecuador in the negotiation of a US$509 million facility agreement that was executed by the Export-Import Bank of China (Chexim) and the Ministry of Finance of Ecuador. Under the agreement, Chexim granted a loan to be used for the construction of the 500Kv transmission lines, which are strategically required to connect the three mega hydroelectric projects currently being built in Ecuador by Chinese construction companies. More >>

Tags:  Hogan Lovells | Miami

Goodwin Procter Represents Paramount Group in $2.3 Billion IPO; Largest Ever REIT IPO

Thursday, November 20, 2014

Goodwin Procter recently advised Paramount Group Inc. in connection with its initial public offering of 131 million shares of common stock. Shares priced at $17.50 per share, making the offering the largest IPO in the REIT industry since it was first established 50 years ago. The company is listed on the New York Stock Exchange and shares began trading on November 19, 2014 under the ticker “PGRE.” More >>

Tags:  Goodwin Procter LLP | Boston

Recruit’s IPO Raises $1.8 Billion

Wednesday, November 19, 2014

The Tokyo office of Simpson Thatcher recently represented Recruit Holdings Co., Ltd. (“Recruit”) in connection with its initial public offering on the Tokyo Stock Exchange and global offering to institutional investors pursuant to Rule 144A and Regulation S under the Securities Act. Recruit sold 21,589,600 shares in the international offering, with an additional 6,000,000 shares sold by the selling shareholders in the international offering. More >>

Tags:  Tokyo

Simpson Thacher Acted as Sole International Counsel in US$300 Million Notes Offering by NongHyup Bank

Wednesday, November 19, 2014

Simpson Thacher acted as sole international counsel in connection with the update of the US$8 billion global medium term notes program and the offering of US$300 million 2.75% Notes due 2019 by NongHyup Bank. The offering was conducted in reliance upon Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended. More >>

Tags:  Simpson Thacher & Bartlett LLP | Seoul

Canadian Natural Resources Closes $1.2 Billion Debt Offering

Wednesday, November 19, 2014

Paul, Weiss client Canadian Natural Resources Limited, a Canadian energy company, completed a public offering in the United States of $1.2 billion of debt securities in two tranches: $600 million of 1.750% notes due 2018 and $600 million of 3.900% notes due 2025. The joint bookrunning managers were Citigroup Global Markets Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA), Inc. and RBS Securities Inc. More >>

Tags:  Foley & Lardner LLP | New York