Rhodes Food Group Initial Shares Offering

Davis Polk advised Morgan Stanley & Co. International plc, Rand Merchant Bank, a division of FirstRand Bank Limited and Renaissance Securities (Cyprus) Limited, as joint bookrunners, in connection with the ZAR 1.2 billion (US$110 million) initial offering of the ordinary shares of Rhodes Food Group Holdings Limited. The offering consisted of 92,750,000 shares at a price to investors of ZAR 12.00. In addition, the joint bookrunners have an over-allotment option with respect to 9,275,000 ordinary shares of Rhodes Food Group.

The offering consisted of an offer for subscription by Rhodes Food Group and an offer for sale by certain of its shareholders to institutional and other selected investors in South Africa. Selling shareholders in the offer included funds of Capitalworks, a South African private equity group that is Rhodes Food Group’s largest shareholder, as well as members of the company’s management. Rhodes Food Group’s shares are listed on JSE Limited under the symbol “RFG.” More >>

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Simpson Thacher Represents Initial Purchasers in $5.75 Billion Notes Offering by Roche

The Firm recently represented Deutsche Bank, J.P. Morgan, MUFG and Credit Suisse as bookrunners for a $5.75 billion offering by Roche Holdings, Inc. of notes, guaranteed by Roche Holding Ltd. The offering consisted of six series of notes, including three-year and five-year floating rate notes and three-year, five-year, seven-year, and ten-year fixed rate notes. The offering was conducted in reliance upon Rule 144A and Regulation S under the Securities Act of 1933. The proceeds of the offering were used for general corporate purposes, including the funding of Roche’s tender offer for the shares of Intermune, Inc. More >>

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Mayer Brown advises on €1.35 billion refinancing of Budapest Airport

Leading global law firm Mayer Brown has advised Budapest Airport on the refinancing of €1.35 billion loan facilities and associated interest rate swaps.The refinancing includes a €1 billion five-year senior term loan and a €300 million junior facility.

Budapest Airport was acquired in 2007 by a consortium of investors including AviAlliance (formerly Hochtief Airport), Caisse de Depot et Placement du Quebec, the Government of Singapore’s investment arm Malton and KFW Ipex Bank. More >>

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Hogan Lovells Advises on £1.2Bn Automotive Securitisation for Volkswagen Financial Services

Hogan Lovells has advised Volkswagen Financial Services (VWFS) on its first public securitisation of UK automotive receivables since 2008. The transaction, which closed on 25 September, marks the highest-volume automotive ABS transaction to be completed in Sterling, with the Class A Notes and Class B Notes totaling approximately £1.2billion. More >>

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

Herbert Smith Freehills has advised the Investment Board of the Government of Nepal on its project development agreement (PDA) with a consortium led by Indian infrastructure company GMR (the GMR Group) to develop the 900 megawatt, US$1.4 billion hydroelectric Upper Karnali Hydro Power Project (the Project). The Project was awarded to the GMR Group through an international competitive bidding process in 2008 on a build-own-operate-transfer basis. More >>

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Linklaters advises on BSkyB’s £3.25bn Euro and Dollar denominated bonds to fund Sky Italia and Sky Deutschland acquisition

Linklaters has advised the managers on four tranches of bonds issued by BSkyB. Proceeds from the bonds will help finance its acquisition of Sky Italia and a majority stake in Sky Deutschland from 21st Century Fox.

The €1.5 billion bond with a 1.5% coupon due 2021 and the €1 billion bond with a coupon of 2.5% due 2026 were issued pursuant to the £10,000,000,000 Euro Medium Term Note Programme of British Sky Broadcasting Group plc and BSkyB Finance UK plc, unconditionally and irrevocably guaranteed by British Sky Broadcasting Group plc, BSkyB Finance UK plc, British Sky Broadcasting Limited, Sky Subscribers Services Limited and Sky In-Home Service Limited. In addition Linklaters advised the managers on a US$750 million bond with a coupon of 2.625% due 2019 and a US$1.25 billion bond with a coupon of 3.75% due 2024 sold into the United States. More >>

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Shearman & Sterling Represents Underwriters in Connection with HSBC Holdings plc’s US$3.75 Billion Inaugural Contingent Convertible Securities Offering

Shearman & Sterling represented the underwriters (led by HSBC Securities (USA) Inc.) in connection with HSBC Holdings plc’s inaugural contingent convertible securities offering, comprising an offering of US$1.5 billion aggregate principal amount of 5.625% perpetual subordinated contingent convertible securities (callable January 2020 and every five years thereafter) and US$2.25 billion aggregate principal amount of 6.375% perpetual subordinated contingent convertible securities (callable September 2024 and every five years thereafter). The securities qualify as additional Tier 1 capital instruments under bank regulatory capital rules. More >>

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