Shearman & Sterling advised the joint bookrunners, led by Barclays and HSBC, on Volvo’s debut €500 million offering of senior notes. The notes bear an interest rate of 3.25% and are due in 2021. The proceeds of the offering will be used for Volvo’s general corporate purposes.
Dubai—Dentons advised Kuwait's Boubyan Bank on its issuance of US $250 million Perpetual Tier 1 Capital Certificates, which completed on 16 May 2016. The transaction represents the world's first public fully Basel III-compliant Tier 1 Sukuk, while also being the first ever public Sukuk from a Kuwaiti bank, and the first public Sukuk out of Kuwait since 2007.
The Capital Certificates were listed on the Irish Stock Exchange and NASDAQ Dubai and were offered to sophisticated investors outside of the United States in reliance on Regulation S under the US Securities Act 1933.
On 6 May 2016, EFIAG – Emissions- und Finanz AG (EFIAG) issued its first bond, lead managed by Bank Vontobel AG and Regiobank Solothurn AG. It is a fixed rate bond in an amount of CHF 100 m, paying an annual interest of 0.375 per cent. and with a duration of 5 years.
Cravath represented the initial purchasers, led by J.P. Morgan Securities, in connection with the €471 million 144A/Reg. S high-yield senior secured floating rate and senior secured fixed rate notes offering of BiSoho S.A.S., a portfolio company of Shandong Ruyi Group. Proceeds of the offering will be used to finance the acquisition of SMCP S.A.S., a international apparel and accessories retail group. The notes were listed on the Luxembourg Stock Exchange.The transaction closed on May 18, 2016.
Cravath represented the initial purchasers, led by J.P. Morgan Securities, in connection with the €471 million 144A/Reg. S high-yield senior secured floating rate and senior secured fixed rate notes offering of BiSoho S.A.S., a portfolio company of Shandong Ruyi Group. Proceeds of the offering will be used to finance the acquisition of SMCP S.A.S., a international apparel and accessories retail group. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on May 18, 2016.
Global law firm White & Case LLP has advised Belfius Bank SA/NV on its inaugural Tier 2 benchmark issue of €500 Million 3.125 percent Subordinated Notes due May 2026.
Belfius Bank, JP Morgan, Morgan Stanley, Société Générale and UBS acted as Joint bookrunners on the transaction. The Notes, which are listed on Euronext Brussels, are subject to statutory loss absorption and may be redeemed earlier, at the option of the issuer, upon the occurrence of a Capital Disqualification Event or a Tax Event.
FRANKFURT, May 18, 2016 – The international law firm Milbank, Tweed, Hadley & McCloy LLP has advised Zarges Tubesca Group in relation to its refinancing. The new financing arrangements include a unitranche facility provided by Ares Management Limited and a super senior ranking revolving facility provided by Bremer Kreditbank Aktiengesellschaft. The unitranche facility is structured as bearer bond.
Cravath represented the European Investment Bank in connection with its US$3 billion registered debt offering. The European Investment Bank is a long-term financing institution of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on May 18, 2016.
The Cravath team included partner Philip J. Boeckman and associates Winnie Ling, Lawrence J. Verhelst and Magdalena Biereder.
Davis Polk advised the lead dealer managers in connection with cash tender offers by Rio Tinto Finance (USA) plc and Rio Tinto Finance (USA) Limited to purchase for cash certain of their respective U.S. dollar denominated debt securities.
Frankfurt, 18 May 2016 – Baker & McKenzie advised LeasePlan Deutschland GmbH in connection with the securitisation of lease receivables and auto residual values under the "Bumper 7" transaction with a value of 549,1 million Euros.