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Europe

  • Reckitt Benckiser Completes
    $1 Billion Yankee Bond Offering

    EuropeCapital Markets & SecuritiesTax

    Paul, Weiss client Reckitt Benckiser Treasury Services plc, a subsidiary of Reckitt Benckiser Group plc, one of the world's leading manufacturers and marketers of branded health, hygiene and home products, completed an offering of $500 million 2.125% senior notes due 2018 and $500 million 3.625% senior notes due 2023. The offering was Reckitt Benckiser's first in the U.S. market. Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc. acted as joint bookrunning managers.

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  • London Office Completes Three
    Significant Securities Offerings

    Capital Markets & SecuritiesTax

    As previously reported in Financial Times, the Wall Street Journal and The New York Times "Dealbook," RSA Insurance Group plc, a multinational general insurance company, completed a £773 million ($1.3 billion) fully underwritten rights issue. J.P. Morgan Securities plc and Merrill Lynch International acted as joint global coordinators, joint bookrunners and joint underwriters. J.P. Morgan Securities plc also acted as the sponsor.

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  • Citibank Completes Sale of its
    Turkish Retail Banking Business

    EuropeCapital Markets & SecuritiesTax

    Paul, Weiss client Citigroup Inc. and its Turkish subsidiary Citibank A.Ş. closed the sale of Citi's retail banking business in Turkey to DenizBank A.Ş, a member of the Sberbank group. Under the agreement, DenizBank A.Ş. will take over a portfolio consisting of more than 600,000 customers, 1.2 billion TL (over $620 million) in credit and receivables and a retail banking portfolio of approximately 1.6 billion TL (over $825 million). Citibank A.Ş. will continue to operate its corporate banking business in Turkey.

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  • Stock Spirits Group PLC Lists
    on the London Stock Exchange

    EuropeCapital Markets & SecuritiesTax

    Paul, Weiss client Stock Spirits Group PLC completed its listing on the London Stock Exchange and closed its initial public offering. Stock Spirits, the largest vodka maker in Poland, was a portfolio company majority-owned by Oaktree, which will retain a stake in the company. J.P. Morgan Cazenove and Nomura acted as joint global coordinators on the offering, and were also joint bookrunners with Jefferies International Limited.

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  • Swiss Re Completes Offering of
    Dual Trigger Hybrid Securities

    Capital Markets & SecuritiesEurope

    Paul, Weiss client Swiss Reinsurance Company Ltd completed an offering of CHF 175 million of subordinated contingent write-off securities with a scheduled maturity in 2045. This is the first offering of contingent convertible instruments to combine a solvency event trigger and an insurance event trigger. The securities can be permanently written down to zero, and investors lose their principal, if the solvency ratio of Swiss Reinsurance Company Ltd falls below a predetermined threshold, or if an Atlantic hurricane causes a minimum amount of industry insured losses. The securities were offered only to qualifying investors in Switzerland, Hong Kong, Singapore and the United Kingdom. Credit Suisse AG, Deutsche Bank, UBS AG and Zürcher Kantonalbank acted as joint lead managers.

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  • Paul, Weiss Advises
    General Atlantic in Turkish Deal

    EuropeMergers & Acquisitions

    Paul, Weiss client General Atlantic entered into an agreement to acquire a significant minority interest in Yemeksepeti.com, the leading online food ordering service in Turkey and the Middle East. Yemeksepeti.com has 1.5 million registered users and covers over 6,500 restaurants, including both independents and chains such as Burger King, Domino's Pizza, KFC, McDonald's and Pizza Hut.

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  • Swiss Re Completes Notes Offering

    EuropeCapital Markets & SecuritiesTax

    Our client Swiss Reinsurance Company Ltd completed an offering of €500 million of subordinated fixed-to-floating rate callable loan notes with a scheduled maturity in 2042.  The loan notes were issued through a so-called "repackaging vehicle." The offering follows Swiss Re's offerings of CHF 320 million and $750 million perpetual subordinated notes, which closed in February and March, respectively. Compared to the prior issuances, which have a novel stock settlement feature under which holders will receive listed shares of Swiss Re Ltd, the parent company of the Swiss Re Group, in settlement for the notes, at the option of the issuer, this offering is a more standard 30-year/non-call 10 year issuance.  Euroweek has quoted positive market appraisals of the transaction. 

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  • Swiss Re Completes $750 Million Offering

    EuropeCapital Markets & SecuritiesTax

    Paul, Weiss client Swiss Reinsurance Company Ltd completed an offering of $750 million of subordinated contingent write-off loan notes with a scheduled maturity in 2024. The loan notes can be permanently written down to zero, and investors lose their principal if the solvency ratio of Swiss Reinsurance Company Ltd falls below a predetermined threshold. The loan notes were issued through a so-called "repackaging vehicle." The offering was Regulation S only.   

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  • Time Warner Cable Closes
    $1 Billion Notes Offering

    EuropeCapital Markets & SecuritiesFinanceTax

    Time Warner Cable Inc. closed a £650,000,000 (approximately U.S. $1 billion) registered offering of 5 1/4% notes due 2042. The notes were offered in the United Kingdom. In connection with the notes offering, the company entered into cross-currency swaps to effectively convert its £650 million aggregate principal amount of fixed-rate British pound sterling denominated debt to fixed-rate U.S. dollar denominated debt. The bookrunning managers for the transaction were Barclays Bank PLC, Deutsche Bank AG, London Branch and The Royal Bank of Scotland plc.

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  • Citigroup Completes Sale of
    Equity Interest in Akbank T.A.S.

    EuropeCapital Markets & Securities

    Paul, Weiss advised Citigroup in connection with its sale, through an equity offering, of 404 million shares of Akbank T.A.S., a Turkey-based private bank, for estimated aggregate proceeds of $1.15 billion. The sale reduced Citigroup's strategic stake in Akbank to 9.9 percent, generating approximately 23 basis points of Tier 1 capital under the Basel III capital rules. The offering was completed May 25.

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Europe Partners

Paul, Weiss, Rifkind, Wharton & Garrison LLP