Eversheds advises TRW Automotive on £2.5 billion pension buy-out

Monday, December 15, 2014

Law firm Eversheds award-winning pensions team, has advised TRW Automotive as its Pension Scheme undertook a landmark £2.5 billion partial pension buy-out by Legal & General’s Retirement (LGR) business, in what constitutes the largest pension buy-out in the UK to date.

TRW Automotive ranks among the world’s leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 24 countries and employs approximately 65,000 people worldwide. More >>

Tags:  Eversheds Sutherland | London

China’s largest bank issues USD5.65 billion equivalent 6.00% AT1 preference shares in three currencies

Monday, December 15, 2014

The Industrial and Commercial Bank of China Ltd. (ICBC), China’s largest lender, issued USD5.65 billion equivalent in aggregate of Basel III-compliant Additional Tier 1 preference shares. Allen & Overy advised ICBC International as Sole Global Coordinator and ICBC International, Goldman Sachs, UBS and Bank of America Merrill Lynch as joint lead managers and joint bookrunners on ICBC’s debut offshore AT1 preference share offering. More >>

Tags:  Hong Kong

Simpson Thacher Represents the Initial Purchasers in $400 Million Senior Notes Offering by First Tennessee Bank National Association

Friday, December 12, 2014

The Firm represented Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and FTN Financial Securities Corp. as the initial purchasers in connection with the Section 3(a)(2) exempt offering of $400 million aggregate principal amount of 2.950% Senior Notes due 2019 by First Tennessee Bank National Association. More >>

Tags:  Simpson Thacher & Bartlett LLP | New York

Shearman & Sterling Advises Lenders on Los Ramones Sur Gas Pipeline

Friday, December 12, 2014

Shearman & Sterling acted as lenders’ counsel for the Pemex and GDF Suez consortium in connection with the approximately $1.1 billion senior secured financing related to the development, construction, operation and maintenance of the Los Ramones Sur gas transportation system. The new system will be comprised of a new natural gas pipeline of approximately 291.5 km in length and 42 inches in diameter and approximately 15.5 km of 16 inch diameter pipeline to be located in central Mexico, commencing at the point of interconnection with the Los Ramones II (Norte) Project located in the Municipality of Villa Hidalgo in the State of San Luis Potosi and terminating at the interconnection point with the 36-inch diameter natural gas pipeline owned by PGPB located in the Municipality of Apaseo El Alto in the State of Guanajuato. More >>

Tags:  Shearman & Sterling LLP | New York

Kirkland Advises CHS Capital and Royall & Company in Sale of Royall & Company to Advisory Board Company

Friday, December 12, 2014

Kirkland & Ellis LLP advised CHS Capital and Royall & Company in the sale of Royall & Company, the higher education industry leader in strategic, data-driven student engagement and enrollment management solutions, to the Advisory Board Company (NASDAQ: ABCO), a global, insight-driven technology, research, and services provider. Under the terms of the agreement, the Advisory Board will purchase Royall for $850 million, consisting of $750 million in cash and $100 million in Advisory Board stock. More >>

Tags:  Kirkland & Ellis LLP | Chicago | Houston | Los Angeles | New York | Palo Alto | San Francisco | Silicon Valley | Washington

Freshfields advises on US$1.17bn PICC P&C rights issue

Friday, December 12, 2014

International law firm Freshfields Bruckhaus Deringer has advised the underwriters on the US$1.17bn rights issue of PICC Property and Casualty Company Limited (PICC P&C).

PICC P&C, the Chinese state-controlled and China’s leading non-life insurer, has issued around 397.8m H-shares at HK$7.46 per share and 844.6m domestic shares at RMB5.92 per share. PICC P&C has raised a total of RMB7.24bn (US$1.17bn) from the rights issue. More >>

Tags:  Freshfields LLP | Beijing | Hong Kong