Debt
BAA Funding has launched the first bond from its programme set up in August 2008 to provide financing for London's Heathrow and Stansted airports. Clifford Chance advised co-arrangers Citi and The Royal Bank of Scotland, as well as other members of the dealer group on the first £700 million ($1.1 billion) worth of bonds, and the dealer managers on a further issue of £235 million. A separate team from Clifford Chance assisted Deutsche Trustee Company as bond and borrower security trustee, and BAA was represented by Freshfields Bruckhaus Deringer.
Saudi Basic Industries (Sabic) has issued an SAR10 billion ($2.66 billion) corporate bond, the country's largest in 2009. The Public Investment Fund of Saudi Arabia (PIF) is the sole subscriber to the notes, which will be issued in a series of tranches, each with a seven year maturity. White & Case advised the PIF, with Clifford Chance-Al Jadaan Law Partners advising the issuer.
Equity
Shengli Oil & Gas Pipe has launched its HK$1.58 billion ($204 million) initial public offering (IPO) on the Hong Kong Stock Exchange. The IPO includes a global placement under Rule 144A/Regulation S. Orrick Herrington & Sutcliffe advised the issuer on Hong Kong and US law. Tian Yuan Law Firm, WongPartnership and Conyers Dill & Pearman advised on PRC, Singapore and Cayman Islands law respectively. Acting for the underwriters, Baker & McKenzie offered Hong Kong and US law advice while Zhong Lun Law Firm worked on PRC law aspects. Macquarie Capital Securities acted as sole global coordinator, bookrunner, sponsor and lead manager. Shengli produces products that transport crude oil, refined petroleum and natural gas.
M&A and private equity
Clifford Chance's private equity team has advised Duke Street on its disposal of skincare brand Simple to Alberto Culver. Freshfields Bruckhaus Deringer advised Alberto Culver on the £240 million ($392.4 million) transaction. CMS Cameron McKenna represented Simple's management team.
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Schoenerr helped GSK inject 5% into Intercell |
Schoenherr has advised pharmaceutical company GlaxoSmithKline Biologicals (GSK) on it strategic cooperation with Austrian biotech company Intercell. GSK will acquire a 5% equity stake in Intercell for £105 million ($171.6 million) and together the companies will work on developing needle-free techniques for delivering vaccines. Dorda Brugger Jordis assisted Intercell.
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BakerMcK advised on vets deal |
Baker & McKenzie has advised Virbac of France on its proposed acquisition of veterinary products and related assets from Pfizer. The value of the transaction remains undisclosed. Baker & McKenzie also represented Virbac in negotiating manufacturing and supply arrangements between with Pfizer, Wyeth, Fort Dodge, and other affiliates. Allens Arthur Robinson represented Pfizer on M&A and manufacturing and supply arrangements. Gilbert + Tobin advised Virbac on competition aspects. The transaction is subject to the approval of the Australian Competition and Consumer Commission.
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Wachtell and A&O helped on a stake in eye care company Alcon |
Wachtell Lipton Rosen & Katz and Allen & Overy are advising pharmaceutical company Novartis on its $28 billion purchase of a stake in eye care company Alcon. This deal completes a transaction from 2008 where Novartis purchased a 25% stake with the option to purchase Nestle's 52% stake. Wachtell Lipton's team was led by Andrew Brownstein and Trevor Norwitz. Allen & Overy was led by Eric Shube. Cravath Swaine & Moore, led by Robert Townsend, represented Nestle and Keith Pagnani of Sullivan & Cromwell took the lead for Sullivan & Cromwell's counsel to an independent committee of Alcon directors.
Cravath Swaine & Moore is representing IBM on the purchase of National Interest Security Company (NISC), a defence, healthcare, energy, logistics and security company. The parties signed a definitive agreement on January 21 that includes the acquisition of Technology and Management Services, an NISC affiliate. The target is being represented by Arnold & Porter.
Project finance
The French Ministry of Ecology, Energy, Sustainable Development and the Sea (MEEDDM) has signed a partnership agreement with Eirenea to set up road maintenance centres serving France's regional road agencies. Gide Loyrette Nouel advised the funds and construction company that formed Eirenea, while Clifford Chance assisted the MEEDDM. The lending banks were represented by Orrick Ranbeau Martel, and Allen & Overy advised the Direction des Fonds d'Epargne de la Caisse des Dépôts et Consignations, which provided part of the financing.