Latham Advises on Six Landmark “Deals of the Year”

The Banker

May 05, 2015

Latham & Watkins advised on six matters named “Deals of the Year” by The Banker. In addition, Latham worked on two other transactions that were highly commended by the publication. According to The Banker, the list represents “the best” out of “an impressive number of landmark deals.” 

The honored matters include: 

  • Pagbilao Energy Corporation PHP₱33.31 billion project finance loan facility (“Asia-Pacific — Infrastructure and Project Finance Deal of the Year”): A cross-border team advised Pagbilao Energy Corporation on the development and financing of the 400MW coal-fired Pagbilao 3 expansion project in the Philippines. Noted as “the largest exclusively peso-denominated project finance facility in the Philippines with one of the longest tenors to date,” the transaction “was even more significant considering all lead managers were local banks,” as “foreign players were often required for these transactions prior to Pagbilao’s deal.” 
  • Ma’aden Wa’ad Al Shammal Phosphate Company US$5.6 billion financing (“Middle East — Infrastructure and Project Finance Deal of the Year”): Latham represented The Saudi Arabian Mining Company (Ma’aden) in connection with the development of its Wa’ad Al Shammal greenfield phosphate project in Saudi Arabia and joint venture with the Mosaic Company and Saudi Basic Industries Corporation (SABIC). The Banker noted, “At the time of execution, the $5.6bn deal represented the largest project financing in Saudi Arabia, as well as the second largest globally, in the mining and metals sector.” 
  • Saudi Electric Company US$2 billion sukuk (“Middle East — Islamic Finance Deal of the Year”): Latham advised the Managers and the Delegate on the issuance of US$1.5 billion Certificates due 2024 and US$1 billion Certificates due 2044 by Saudi Electricity Company. The transaction was “the first global 30-year senior unsecured US dollar sukuk and . . . also the longest and largest Saudi issue providing a unique 30-year reference point for the country and a US dollar yield curve for future issuers from Saudi Arabia,” according to The Banker
  • Punch Taverns Group UK£2.5 billion restructuring (“Europe — Restructuring Deal of the Year”): Latham represented the senior creditors' committee in connection with the debt restructuring of Punch Taverns, a leading pub and bar operator in the United Kingdom. According to The Banker, “the drawn-out restructuring of Punch Taverns’ two whole business securitisations (WBSs) equalling a total of £2.5bn ($3.73bn) . . . was one of the largest debt for equity swaps undertaken within a WBS in Europe.” 
  • Sig Combibloc Ä3.69 billion LBO financing (“Europe — High-Yield and Leveraged Finance Deal of the Year”): Latham advised Canadian private equity firm Onex in an LBO financing connected with its acquisition of food packaging producer SIG Combibloc Group AG. The deal included the issuance of “the largest Caa1 rated high-yield bond deal for a sponsor-backed company in Europe since the credit crisis,” according to The Banker
  • National Commercial Bank US$6 billion IPO (“Middle East — Equities Deal of the Year”): Latham lawyers represented the National Commercial Bank in its initial public offering on the Saudi Stock Exchange. The Banker highlighted the offering as being “the largest in the history of the Middle East and north Africa region.”

Additionally, Latham advised on the RM834 million IPO of 7-Eleven Malaysia, which was highly commended by The Banker in the “Asia-Pacific — Equities” category; and the US$7.73 Roy Hill project financing, which was highly commended in the “Asia-Pacific — Infrastructure and Project Finance” category.

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