Milbank, Tweed, Hadley & McCloy LLP recently advised JSW Steel Limited, one of India’s leading steel producers, on its debut international bond offering of 4.75% Notes due 2019. Citigroup, Australia and New Zealand Banking Group Limited, Credit Suisse, Deutsche Bank and Standard Chartered Bank served as Joint Lead Managers and Joint Bookrunners for the issue. More >>
Tags: Milbank LLP | Hong KongJones Day is advising The Procter & Gamble Company (“P&G”) in the sale of its Duracell personal power business to Berkshire Hathaway Inc. for $2.9 billion. Following the sale of P&G’s interest in its Nanfu joint venture, which operated P&G’s battery business in China, P&G entered into a Transaction Agreement on November 13, 2014 with Berkshire Hathaway Inc. and certain of its affiliates under which P&G will transfer its Duracell business to Berkshire Hathaway in a private split-off transaction. In this unusual tax-free structure (sometimes referred to as a “cash rich private split”), P&G will convey its Duracell business (which will be infused with $1.8 billion in additional cash) to a newly formed subsidiary (SplitCo) and will exchange its shares in SplitCo for approximately $4.7 billion of outstanding P&G shares currently held by the Berkshire Hathaway group. The transaction is expected to close in the second half of calendar year 2015. More >>
Tags: Atlanta | Chicago | Cleveland | Dallas | New York | San Diego
One of Finland’s leading law firms, Juridia Bützow, is to join Eversheds, further broadening the international reach of both firms.
Juridia Bützow is one of Finland’s leading full service law firms with a nationwide coverage across five offices, Helsinki, Hämeenlinna, Jyväskylä, Tampere and Turku. Juridia Bützow group company Heinonen & Co. specialises in global intellectual property rights. In total Juridia Bützow employs more than 165 professionals. More >>
Tags: Eversheds Sutherland | Helsinki
Davis Polk advised Hitachi, Ltd. as the selling stockholder in connection with an SEC-registered secondary offering of 6,250,000 shares of Western Digital Corporation common stock. Goldman, Sachs & Co. and BofA Merrill Lynch acted as lead book-running managers and J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering. The total net proceeds to Hitachi from the offering were approximately $581 million. More >>
Tags: Davis Polk & Wardwell LLP | Tokyo
Allen & Overy has advised on the financing for the USD2.8 billion Donggi-Senoro Liquefied Natural Gas (DSLNG) project which was signed today.
Donggi-Senoro LNG is the fourth liquefied natural gas (LNG) project in Indonesia and is scheduled to start production in mid-2015. The liquefaction plant will have the capacity to produce 2 million tons of LNG per year. The Republic of Indonesia has the largest economy in Southeast Asia and is the world’s fourth-largest exporter of LNG. DSLNG is the first LNG project in Indonesia to adopt a downstream development model, enabling separate development of upstream (natural gas and condensates production) and downstream (LNG and condensates) businesses. The Donggi-Senoro LNG project is only the world’s second non-integrated merchant LNG plant. Allen & Overy advised the project company, PT Donggi Senoro LNG, a subsidiary of the sponsors, Mitsubishi Corporation, PT Pertamina (Persero), Korea Gas Corporation (KOGAS) and PT Medco Energi Internasional TBK. More >>
Tags: Allen & Overy LLP | Sydney | TokyoMunger, Tolles & Olson LLP represented Air Lease Corp. (ALC) in a joint venture with Napier Park Global Capital (US) LP announced Nov. 6, 2014.
The joint venture, which will be named Blackbird Capital I LLC and managed by ALC, plans to buy up to $2 billion worth of commercial airplanes by the end of 2016 to be leased to other airlines globally. More >>
Tags: Los Angeles
Morgan Lewis represented Susquehanna Bancshares, Inc. in specialized matters related to its acquisition by BB&T Corporation for a cash and stock transaction valued at approximately $2.5 billion.
The firm handled matters related to employee benefits, intellectual property and trademark matters. The deal was announced on November 12, 2014. More >>
Tags: Morgan, Lewis & Bockius LLP | New York
Mayer Brown represented The Dow Chemical Company in its sale of ANGUS Chemical Company to Golden Gate Capital for $1.215 billion. More >>
Tags: Mayer Brown LLP | New York
Davis Polk advised Goldman, Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC as representatives of the initial purchasers in connection with a Rule 144A offering by LinkedIn Corporation of $1.3 billion aggregate principal amount of its 0.50% convertible senior notes due 2019 (including the full exercise of the initial purchasers’ option to purchase additional notes). In addition, Davis Polk advised Citibank, N.A., Bank of America, N.A. and JPMorgan Chase Bank, National Association, London Branch, as counterparties to convertible note hedge and warrant transactions in connection with the offering. More >>
Tags: Linklaters LLPDavis Polk advised J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC, as representatives of the several underwriters, on an SEC-registered offering by General Motors Company of $2.5 billion in aggregate principal amount of senior notes, consisting of $500 million in aggregate principal amount of 4% senior notes due 2025, $750 million in aggregate principal amount of 5% senior notes due 2035 and $1.25 billion in aggregate principal amount of 5.2% senior notes due 2045. General Motors intends to use the net proceeds from this offering to pay a portion of the redemption price to redeem outstanding shares of its Series A fixed-rate cumulative perpetual preferred stock. Any remaining proceeds will be used for general corporate purposes. More >>
Tags: New York