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  • Turquoise Hill Launches
    $2.4 Billion Rights Offering

    Capital Markets & SecuritiesTax

    Paul, Weiss client Turquoise Hill Resources (formerly known as Ivanhoe Mines), a Canadian mining company with operations focused in the Asia Pacific region and majority-owned by Rio Tinto, launched a $2.4 billion rights offering to repay interim and bridge loans relating to the continuing development of its Oyu Tolgoi copper-gold mine. Oyu Tolgoi is one of the world's largest new copper-gold mines and is located in the South Gobi region of Mongolia. Rio Tinto committed to support the rights offering by exercising its full basic subscription privilege with respect to its ownership of 51 percent of the shares of Turquoise Hill as well as by providing a standby commitment for the full amount of the rights offering, subject to certain conditions.

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  • 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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  • Telus Corporation Closes
    Cdn$1 Billion of Debt Offerings

    Capital Markets & Securities

    Paul, Weiss client Telus Corporation, Canada's fastest-growing national telecommunications company, completed a public offering in the United States and Canada of Cdn$1 billion of debt securities in two tranches: Cdn$500 million of 3.20% notes due 2021 and Cdn$500 million of 4.85% notes due 2044. The joint bookrunning managers were TD Securities Inc., RBC Dominion Securities Inc. and Scotia Capital Inc.

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  • Canadian Natural Resources Closes
    U.S. $1 Billion Debt Offering

    Capital Markets & Securities

    Paul, Weiss client Canadian Natural Resources Limited, a Canadian senior, independent energy company, completed a public offering in the United States of U.S. $1 billion of debt securities in two tranches: U.S. $500 million of floating rate notes due 2016 and U.S. $500 million of 3.80% notes due 2024. The joint bookrunning managers were Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp. and J.P. Morgan Securities LLC.

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  • London Office Completes Three
    Significant Securities Offerings

    Capital Markets & SecuritiesTax

    As previously reported in the 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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  • Videotron Completes $600 Million
    High Yield Offering

    Capital Markets & Securities

    Paul, Weiss represented Bank of America Merrill Lynch and the other initial purchasers in connection with Videotron Ltd.'s high yield offering of $600 million aggregate principal amount of 5.375% senior notes due 2024 in the United States pursuant to Rule 144A and outside the United States pursuant to Regulation S. Videotron is a leading Canadian telecommunications company engaged primarily in cable broadcasting and pay-television services, internet access, and cable and mobile telephone services. Paul, Weiss also represented Bank of America Merrill Lynch and Citigroup as dealer managers, in connection with the concurrent tender offer by Quebecor Media Inc., Videotron's parent, for any and all of its outstanding 7.75% senior notes due 2016.

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  • Arrow Global Lists on the
    London Stock Exchange

    EuropeCapital Markets & SecuritiesTax

    As reported by the Financial Times, Arrow Global Group plc completed its listing on the London Stock Exchange and closed its initial public offering. Arrow Global, originally a European unit of SLM Corporation (Sallie Mae), was a portfolio company of the RBS Special Opportunities Fund, which continues to hold a stake in the company. Arrow Global is one of the UK's largest and fastest-growing providers of debt purchase and receivables management solutions. The transaction represents the first listing of a debt purchaser on the London Stock Exchange. Goldman Sachs International acted as global coordinator on the offering, and was also a joint bookrunner with Jefferies International.

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  • Encana Closes Debt Tender
    Offer for U.S. Bonds

    Capital Markets & Securities

    Encana Corporation's wholly owned subsidiary, Encana Acquisition ULC, closed a tender offer and consent solicitation to repurchase Encana Holding's U.S. $1 billion 5.80% notes due May 1. The dealer manager for the tender offer was Barclays Capital Inc.

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  • Paul, Weiss Represents Underwriters in Public Offering of Husky Energy Notes

    Capital Markets & Securities

    Paul, Weiss client Husky Energy Inc. closed a U.S. public offering of $750 million aggregate principal amount of its 4.000% notes due 2024. Husky Energy is one of Canada's largest integrated energy companies, active in the exploration and production of heavy oil, light crude oil, natural gas and natural gas liquids. In the offering, Paul, Weiss represented the underwriters led by JPMorgan, HSBC and Morgan Stanley.

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  • Canadian Pacific Closes Secondary Offering
    of Common Shares for Pershing Square

    CanadaCapital Markets & SecuritiesEnvironmentalTax

    Paul, Weiss client Canadian Pacific Railway Limited closed on a public offering of 5,965,304 common shares offered by certain funds managed by Pershing Square Capital Management L.P. for aggregate proceeds of $834 million to the selling shareholders. The offering was made concurrently in the United States and Canada under Canadian Pacific's shelf registration statements. Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC were underwriters in the transaction.

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