2015 Annual Review

Funding growth

In 2015, we advised global businesses and financial institutions on equity and debt offerings, refinancings and restructurings, helping them to prosper and expand.

US$45 billion restructuring of Kaupthing hf.
We advised Icelandic bank Kaupthing hf. on its restructuring, which became effective in December, following the failure of Kaupthing Bank hf., which entered into Icelandic insolvency proceedings in 2008 with liabilities of more than US$45 billion and creditors in 100+ countries. It is one of the world’s largest-ever bank insolvencies.

Republic of Indonesia’s largest-ever Islamic dollar bond
We advised the Republic of Indonesia on its US$2 billion sukuk al-wakala issue.

Avangrid NYSE listing
We represented Iberdrola USA (now Avangrid), a wholly owned subsidiary of Spain’s Iberdrola S.A., in the acquisition and integration of UIL Holdings and subsequent listing of the resulting entity, Avangrid, on the New York Stock Exchange, with a market capitalization of US$12 billion.

Saudi Aramco US$10 billion revolving credit facilities
We represented Saudi Arabian Oil Company (Saudi Aramco) in its landmark US$10 billion revolving credit facilities, which are divided into two US$ conventional tranches (totaling US$7 billion) and two Saudi riyal murabaha tranches (totaling US$3 billion)—the largest-ever Saudi riyal financing of its kind.

Alpha Bank €1.5 billion-plus new share offering
We represented Alpha Bank in its €1.552 billion offering of new shares, part of the systemic Greek bank’s larger recapitalization plan that enabled it to fulfill the capital requirements identified in the comprehensive assessment conducted by the European Central Bank during the third quarter of 2015.

Largest-ever UK Tech IPO
We represented a syndicate of banks, including J.P. Morgan Securities and Morgan Stanley & Co. International, as joint global coordinators, and Deutsche Bank AG, London Branch and UBS Limited, as joint bookrunners, in the £405 million IPO and London Stock Exchange listing of Sophos Group plc, a world leader in IT security and data protection.

US$1.7 billion Thai IPO
We represented Jasmine International Public Company Limited in the US$1.7 billion IPO of investment units of Jasmine Broadband Internet Infrastructure Fund (JASIF) and listing on the Stock Exchange of Thailand.

Largest-ever bond deal by Italian issuer in international capital markets
We represented GTECH S.p.A., a company active in the gaming technology sector, in its issuance on the international capital markets of senior secured notes denominated in three tranches totaling US$3.2 billion, and two tranches totaling €1.55 billion, equivalent in aggregate to approximately US$5.2 billion, in connection with its acquisition of IGT.

Wendy’s issuance and sale of US$2.275 billion notes
We represented Guggenheim Securities LLC, as lead initial purchaser, and three financial institutions, as the co-managers, in the notes issuance and sale under a whole business securitization by Wendy’s Funding, LLC, a newly formed special-purpose vehicle subsidiary of The Wendy’s Company, the world’s third-largest quick-service hamburger company.

First-ever Colombian corporate international hybrid bond
We represented Colombia Telecomunicaciones S.A. ESP, a leading Colombian telecommunications provider and the Colombian affiliate of Spain’s Telefónica S.A., in its US$500 million international hybrid bond issuance.

US$3.94 billion in technology acquisition financing
We represented a group of major financial institutions in connection with the provision of US$3.94 billion in debt and equity financing to SS&C Technologies Holdings, Inc., a leading provider of cloud-based services and software for the global financial services industry, for its acquisition of Advent Software, Inc.

Fortune 500 gold producer’s US$676 million stock offering
We represented Newmont Mining Corporation in an SEC-registered public offering of 29 million shares of its common stock.

Africa Finance Corporation debut bond issue
We represented Citigroup, MUGF, Standard Bank and Standard Chartered Bank, as arrangers and dealers, in the establishment of a US$3 billion Global MTN Programme and the initial US$750 million Rule 144A/Regulation S notes issued thereunder by Africa Finance Corporation, a multilateral development finance institution headquartered in Nigeria.