2017 Annual Review
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2017 Annual Review

Banking and Capital Markets

We advised clients globally on innovative financing strategies and approaches.

Islamic finance
Kingdom of Saudi Arabia trust certificate issuance program
We represented Citi, HSBC and J.P. Morgan as joint global coordinators, joint bookrunners and joint lead managers, and BNP Paribas, Deutsche Bank and NCB Capital as joint bookrunners and joint lead managers on the establishment by the Kingdom of Saudi Arabia, acting through the Ministry of Finance, of a trust certificate issuance program of KSA Sukuk Ltd. and issuance thereunder of US$9 billion of sukuk trust certificates in two tranches, the largest-ever offering of a sovereign sukuk.

US$10 billion sukuk program
We advised Saudi Arabian Oil Company on the establishment of its first Sukuk Issuance Program and first foray into capital markets for the issuance of up to SAR 37.5 billion (US$10 billion) sukuk, and its debut SAR 11.25 billion (US$3 billion) sukuk issuance thereunder.

Structured finance
Largest CLO fund since financial crisis
We represented the world’s largest middle market lender, Antares Capital and its subsidiaries, in the creation of a collateralized loan obligation (CLO)platform culminating in a US$2.1 billion CLO fund issuance.

Debt capital markets
Largest-ever corporate bond offering in Peruvian history
We represented the underwriters in the inaugural international capital markets offering of US$2 billion in bonds by Petróleos del Perú–Petroperú S.A., the Peruvian government-owned oil and gas refining company.

Green finance
Landmark US$3 billion green synthetic securitization
We advised Crédit Agricole Corporate and Investment Bank on a US$3 billion synthetic securitization of project finance, asset finance and infrastructure loans, a first-of-its-kind “Green Capital Note” blending best practice from capital management and the objectives of socially responsible investing, which closed in February 2017.

Republic of Nigeria GMTN
We represented the Republic of Nigeria on the establishment of a global medium-term note (GMTN) program and four note issuances totaling US$4.5 billion throughout the year.

€10 billion-plus refinancing
We advised Wind Tre S.p.A. on its €7.3 billion high yield senior secured notes issuance, and on a new €3.4 billion senior facilities agreement. It is the third-largest cross-border high yield financing and the largest single issuance of euros by a single borrower.

€3.8 billion senior credit facilities
We advised Deutsche Bank AG and Deutsche Bank Luxembourg S.A. on the €3.8 billion senior credit facilities for Fresenius SE & Co. KGaA.


Landmark IPO representations

  • Loma Negra in its US$1.1 billion IPO on the New York and Buenos Aires Stock Exchanges, the largest SEC-registered IPO by a Latin American issuer in 2017.
  • En+ Group in its US$1.5 billion offering of global depositary receipts on the London Stock Exchange and the Moscow Exchange, the largest Russian IPO globally since 2012.
  • Poland’s Play Communications S.A. and its shareholders, Novator and Olympia, in its €1 billion IPO on the Warsaw Stock Exchange.

Largest-ever Latin America debt restructuring
We advised Oi S.A., a Brazilian telecommunications company, on its US$20 billion-plus debt restructuring, Latin America's largest-ever debt restructuring.

Restructuring Kenya Airways
We advised Kenya Airways Limited on its US$2 billion financial restructuring.

Equity capital markets
Largest rights issue in Italian history  
We advised a pool of 12 underwriters on UniCredit S.p.A.’s €13 billion rights issue, the largest in Italian history and the largest equity capital markets deal in Europe since 2010.

US$1.16 billion shares sale 
We represented Deutsche Bank Securities Inc., UBS Securities LLC and Morgan Stanley & Co. LLC as underwriters on the US-registered primary sale of ordinary shares and American depositary shares of Melco Resorts & Entertainment Limited.

Acquisition finance
Fortress Investment Group acquisition
We represented Deutsche Bank AG, New York Branch, as administrative agent, and three financial institutions, as joint lead arrangers, in a US$1.4 billion term loan facility and a US$90 million revolving credit facility extended to a SoftBank Group Corp. subsidiary to finance SoftBank’s acquisition of Fortress Investment Group LLC.

Logicor acquisition
We represented Bank of China Limited, Luxembourg Branch, as mandated lead arranger, agent and documentation bank, and a syndicate of Chinese banks in a €6.8 billion syndicated financing to China Investment Corporation in connection with the €12.25 billion acquisition of Logicor.


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