Davis Polk advised Telefonica, S.A. and Telefonica Emisiones, S.A.U. on an SEC-registered off-the-shelf notes offering by Telefonica Emisiones, S.A.U., fully guaranteed by Telefonica, S.A. The offering consisted of $1.25 billion aggregate principal amount of 5.250% fixed-rate senior notes due 2049.
London—Dentons has advised Swiss-based Duferco SA and its parent company, Duferco International Trading Holdings SA (DITH), on its $700 million prepayment arrangement with Indian steel producer JSW Steel Limited for steel deliveries, and the financing of this through a limited recourse facility.
The agreement, which is the largest trade finance facility to have been arranged for an Indian steel company, will ensure a consistent supply of steel from JSW Steel Limited to the DITH Group, the largest independent steel trader in the world, over the next five years.
Global law firm White & Case LLP has advised Icade on its tender offer on three Euronext Paris-listed outstanding bond issues maturing 2021, 2022 and 2023.
Icade is an integrated real estate investor and developer with a portfolio value of €11.3 billion as of December 31, 2018. Its shares are admitted to trading on the regulated market of Euronext Paris.
The tender offer ended on February 27, 2019 and the total amount of bonds repurchased amounts to €156.5 million. HSBC Bank plc and Societe Generale acted as dealer managers.
Herbert Smith Freehills has advised the Joint Lead Managers of Macquarie Group Limited’s (MGL) offer of Macquarie Group Capital Notes 4 (MCN4).
MCN4, which will qualify as Eligible Capital for Australian Prudential Regulation Authority purposes, are fully paid, unsecured, subordinated, non-cumulative, convertible, perpetual notes issued by MGL. They are being offered at an issue price of A$100 per MCN4.
King & Wood Mallesons’ (KWM) debt capital markets team in Hong Kong continues to maintain a robust track record in the high-yield space in 2019, having advised on a number of high-profile issuance with “first of the market” features and complex liability management components, by leading PRC companies, including most recently:
ENN Ecological
Gide Warsaw advised KGHM Polska Miedz S.A. on financing granted by Bank Gospodarstwa Krajowego (BGK).
On 27 February 2019, KGHM Polska Miedz S.A. and Bank Gospodarstwa Krajowego concluded an agreement on an unsecured loan for USD 450 million. The financing period is seven years, the first five years of which is in the form of a revolving credit line, and is then transformed into a non-revolving loan, repayable in four equal semi-annual instalments.
The loan will be used for general corporate purposes, i.e. for current operations and investments.
A cross-practice team has advised amaysim on an underwritten $50.6 million accelerated non-renounceable pro rata entitlement offer at $0.60 per share together with the arrangement of $91 million in new senior debt facilities.
Proceeds from the raising will be used by amaysim to reduce debt and strengthen its balance sheet, supporting the company’s strategic growth initiatives.
Slaughter and May is advising The Simplify Group, a portfolio company of Palamon Capital Partners (Palamon), on its combination with My Home Move and on the refinancing of the combined group. The business will be combined under the group name Simplify to become the UK’s largest conveyancing group. Slaughter and May also advised Palamon on its original investment in The Simplify Group.
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Global law firm Norton Rose Fulbright has advised Commerzbank AG on the EU200 million loan facility made available to Unibail-Rodamco-Westfield controlled entity for the purpose of refinancing of Galeria Mokotow - one of the largest shopping centres in Warsaw, Poland, opened in September 2000.
Unibail-Rodamco-Westfield is a leading real estate firm involved in real estate investment, development and commercial property management worldwide.
Dechert LLP advised the Arab Republic of Egypt in connection with a US$4 billion Eurobond Issuance consisting of US$750,000,000 6.2004% Notes due 2024, US$1,750,000,000 7.6003% Notes due 2029 and US$1,500,000,000 8.7002% Notes due 2049 issued under its US$20 billion GMTN Programme.