Baker McKenzie's Banking & Finance team assisted Sardaleasing S.p.A. (BPER Leasing) in all legal and tax aspects in relation to the 1.1 billion Euros securitization of receivables arising out of financial leasing contracts, financed through the issue of limited recourse securities listed for the senior part at the Dublin Stock Exchange with A (high) (sf) rating by DBRS and A (sf) by S & P, and structured to provide a guarantee for the monetary policy operations program of the parent company, BPER Banca SpA, at the European Central Bank.

Milbank advised the initial purchasers of $235 million 8.625% senior secured notes issued by Ardonagh Midco 3 plc, a subsidiary of The Ardonagh Group Limited.

The proceeds of the offering will be used to fund the acquisition by Ardonagh of the Swinton Group, Minton House Group Limited, Health and Protection Solutions Limited and Professional Fee Protection Limited and for general corporate purposes.

 Ardonagh is a leading UK insurance broker and insurance services provider.

A cross-practice team in Paris advised BPCE and Natixis, as joint arrangers, on the first public RMBS transaction of Groupe BPCE, France’s second-largest banking group. This transaction is based on a securitization mutual fund named BPCE Home Loans FCT 2018, which has acquired a portfolio of residential loans of nearly €1.125 billion, originated by Caisses d’Épargne et de Prévoyance and Banques Populaires.

International law firm Trowers & Hamlins has advised Karbon Homes, one of the North East’s largest housing providers, on their £250 million bond issue.

The firm advised Karbon on the structure and documentation of the issue, including carrying out full due diligence in order to provide certificates of title for over 1,000 properties.

Milbank, Tweed, Hadley & McCloy LLP has advised the initial purchasers and lenders in connection with the offering of €400 million aggregate principal amount of 6.50% Senior Secured Notes due 2025 and €320 million aggregate principal amount of Senior Secured Floating Rates Notes due 2025 by International Design Group S.p.A. and the related super senior revolving credit facility.

International law firm Clifford Chance has successfully advised leading automotive manufacturing company Volkswagen Group in its recent high-volume bond issuance. The transaction marks the biggest fund-raising round of the Volkswagen Group through the capital markets till date.

Volkswagen AG, Volkswagen Group of America Finance, LLC, VW Credit Canada, Inc. and Volkswagen International Finance N.V. have issued approximately EUR 13.25 billion in fixed and floating rate bonds with various maturities and currencies spread across three simultaneous offerings.

Simpson Thacher represented Intertrust N.V. in connection with a Rule 144A and Regulation S offering of €500 million 3.375% Senior Notes due 2025 by its subsidiary and entry into a new facilities agreement. The bond offering closed on November 14, 2018.

The proceeds of the offering and entry into the new facilities agreement were used to refinance existing indebtedness and to pay costs, fees and expenses incurred in connection with the transactions.

Slaughter and May, working as part of an integrated team with Cravath, Swaine & Moore LLP, advised the INOVYN group on the repricing and the extension of maturity by one year of its existing debt under its Senior Secured Credit Agreement.
Contacts

Financing: Caroline Phillips (partner), Xian Wei Yeo (associate), Bee Sloan (associate)

IP & IT: Cathy Connolly (partner), Michaela Peck (associate)

Real Estate: John Nevin (partner), Paul Roberton (associate)

Tax: Sara Luder (partner), Tanja Velling (associate)

Allen & Overy has advised The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc, on Rule 144A / Reg S USD500 million 7.25% bonds due 2023, (the Bonds) issued by The Development Bank of Mongolia LLC (DBM).

This was the first time DBM transacted a bond offering without a government guarantee, thereby setting an important price reference for other Mongolian borrowers. The bonds are listed on the Singapore Exchange Securities Trading Limited.