Davis Polk Advises China Cinda Asset Management Co., Ltd. on Its US$230 Million Notes Offering

Monday, December 8, 2014

Davis Polk advised China Cinda Asset Management Co., Ltd. (China Cinda) in connection with a private placement of US$230 million Regulation S guaranteed senior notes issued by China Cinda’s wholly owned subsidiary, China Cinda Finance (2014) II Limited. The notes are guaranteed by China Cinda (HK) Holdings Company Limited, a wholly owned subsidiary of China Cinda, and are supported by a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking from China Cinda. More >>

Tags:  Davis Polk & Wardwell LLP | Beijing | Hong Kong | London

Herbert Smith Freehills advises on Nepal’s second biggest ever foreign investment deal

Friday, December 5, 2014

Herbert Smith Freehills has advised the Investment Board of the Government of Nepal on its project development agreement (PDA) with Indian public sector undertaking SJVN Limited to develop the 900 megawatt, US$1.1 billion Arun-3 Hydro Electric Project (the Project). This agreement follows on from the firm advising the Government of Nepal on the US$1.4 billion Upper Karnali Hydro Power Project PDA earlier this year, which is Nepal’s biggest ever foreign investment deal. More >>

Tags:  Herbert Smith Freehills Kramer LLP | Brussels | London

Prudential Enters into $2.2 Billion Longevity Risk Transfer Transaction with Legal & General Group Plc

Thursday, December 4, 2014

Deal is Prudential’s third longevity transaction in the U.K. market in 2014 that Willkie has handled.

The firm recently represented Prudential Retirement Insurance and Annuity Company (PRIAC) in its $2.2 billion longevity risk transfer transaction with Legal & General Group Plc. Under the terms of the transaction, PRIAC will provide reinsurance of longevity risk for a portion of Legal & General’s pension bulk annuity business, which provides security to thousands of U.K. retirees. This was Prudential’s third longevity transaction in the U.K. market in 2014, following its agreement to reinsure $27.7 billion of longevity risk associated with BT Pension Scheme’s liabilities (the largest single longevity transaction on record) and $1.7 billion of longevity risk associated with Rothesay Life Limited’s liabilities under 93 U.K. defined benefit plans. More >>

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Freshfields advises CVC Capital Partners on its £800 million acquisition of Sky Bet from Sky

Thursday, December 4, 2014

International law firm Freshfields Bruckhaus Deringer has advised CVC Capital Partners on its agreement to acquire a controlling stake in Sky Betting & Gaming, the online betting and gaming business owned by Sky plc.
The transaction values Sky Bet at £800 million, with Sky receiving £600 million cash on completion, together with further deferred and contingent consideration. More >>

Tags:  Freshfields LLP | London

Davis Polk Advises Israel Chemicals Ltd. on Its $800 Million Senior Notes Offering

Wednesday, December 3, 2014

Davis Polk advised Israel Chemicals Ltd. in connection with a Rule 144A/Regulation S offering of $800 million aggregate principal amount of its 4.500% senior notes due 2024. Barclays Capital Inc., Citigroup Global Markets Inc. and HSBC Securities (USA) Inc. acted as joint book-running managers for the offering. More >>

Tags:  Davis Polk & Wardwell LLP | London | New York | Sao Paulo

Shearman & Sterling Advises Managers in €3.1 Billion Re-IPO of Endesa

Monday, December 1, 2014

Shearman & Sterling advised managers Credit Suisse Securities (Europe) Limited, J.P. Morgan Securities plc, Banco Bilbao Vizcaya Argentaria, S.A. and Banco Santander, S.A., as joint global coordinators and joint bookrunners, Goldman Sachs International, Morgan Stanley & Co. International plc and UBS Limited, as joint bookrunners, in connection with the €3.1 billion sale of shares in Endesa, S.A. by Enel Energy Europe, S.L.U. (a wholly-owned subsidiary of Enel S.p.A.). The offering is one of the largest equity offerings in Europe in 2014. More >>

Tags:  Shearman & Sterling LLP | London

Dechert Advises on Two Major Debt Capital Markets Transactions in Kazakhstan

Monday, December 1, 2014

Dechert’s emerging markets team has advised on another two important capital markets transactions involving Kazakhstan issuers.

Dechert advised KazMunaiGaz Finance Sub B.V. (“KMG Finance”) and JSC National Company KazMunayGas (“KMG”), the largest oil & gas company in Kazakhstan, on the update of the US$10,500,000,000 Global Medium Term Note Programme established by KMG Finance and KMG and the issuances by KMG of US$500,000,000 4.875% Notes due 2025 (Series 8) and US$1,000,000,000 6.00% Notes due 2044 (Series 9) under the Programme. More >>

Tags:  Dechert LLP | Almaty | London