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Finance & Banking

Ashurst advises underwriters on Prime Standard IPO of cloud PBX provider NFON AG

17 May 2018

Ashurst advised Joh. Berenberg, Gossler & Co. KG as Global Coordinator and Joint Bookrunner as well as Baader Bank AG and ODDO BHF as Joint Bookrunners in relation to the initial public offering (IPO) of NFON AG on the regulated market of the Frankfurt Stock Exchange (Prime Standard) as underwriters' counsel. The cloud PBX provider's debut on the stock market took place on 11 May with the shares rising by 10.5 percent to €13.26 on the day of the first listing.

DLA Piper Africa advises Cellulant Corporation on equity capital raising

17 May 2018

DLA Piper Africa has advised leading pan-African fintech service provider, Cellulant Corporation, on its series C equity capital raising from The Rise Fund (TPG's global impact investment fund), Endeavour Catalyst and Satya Capital.

The company's existing investors include Velocity Capital Private Equity, Progression Capital Africa and TBL Mirror Fund. The transaction is subject to various regulatory notifications and approvals.

LATHAM ADVISES ON THE IPO OF AVAST

16 May 2018

Latham & Watkins has advised on the US$3.2 billion initial public offering of Avast, the largest ever tech IPO on the London Stock Exchange.

Avast has been admitted to the Premium Listing Segment of the Official List and the Main Market of the LSE. The Offer, priced at 250 pence per share, includes gross primary proceeds of US$200 million and secondary proceeds of US$617 million, pre-greenshoe, and represents a market capitalization at the commencement of conditional dealings of approximately US$3.2 billion.

Picard Groupe's High-Yield Floating Rate Senior Secured Notes Offering

16 May 2018

Cravath represented Picard Groupe S.A.S. in connection with its EU60 million 144A/Reg. S high-yield floating rate senior secured notes offering. Picard Groupe S.A.S. is the parent company of Picard Surgeles, a leading retailer of frozen food products in France and a pioneer in the sector. The notes will be listed on The International Stock Exchange. The transaction closed on May 14, 2018.

Norton Rose Fulbright advises HSBC on US$416 million H-shares placement of BAIC Motor Corporation

16 May 2018

Global law firm Norton Rose Fulbright has advised Hong Kong and Shanghai Banking Corporation Limited as placing agent on the 420 million H-shares placement of BAIC Motor Corporation Limited.

Beijing-based BAIC Motor Corporation has raised net proceeds of US$416 million for the H-shares placement. BAIC Motor Corporation Limited is principally engaged in the manufacture and sales of passenger vehicles, engines and auto parts in China. It also established joint ventures with international brands including Mercedes-Benz and Hyundai Motor.

Clifford Chance advises ABN AMRO and Rabobank on a new type of bank bonds: 'senior non-preferred notes'

16 May 2018

Clifford Chance advised ABN AMRO and Rabobank on structuring and documenting a new type of Dutch law governed bank bonds, called 'senior non-preferred notes'.  The bond documentation has been integrated in each of ABN AMRO's and Rabobank's existing debt funding programme infrastructure. With the option to issue senior non-preferred notes, both banks are anticipating the entry into the force of a new law implementing the EU Bank Creditor Hierarchy Directive and amending the Dutch bankruptcy act – expected later this year.

Dentons advises Lloyds Bank on financing of 270m real estate acquisition of 5 Churchill Place London

15 May 2018

Dentons has advised Lloyds Bank plc on circa £175 million of senior real estate finance investment facilities to a special purpose vehicle within the Chen group of companies to acquire 5 Churchill Place in London's Canary Wharf. Mezzanine debt was provided by a large international multi-profile business conglomerate.

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