Capital for Growth

The M&A boom of 2015 set records that signaled an important realignment in corporate strategy, with a number of major consolidations struck internationally in a series of groundbreaking deals. The outlook for the year ahead is less certain, with the global economic environment mixed. The market for leverage has been hard hit by the downturn in economic sentiment and, more broadly, capital constraints are being flagged in several sectors. On the upside, many major corporations remain well capitalized and, relatively speaking, U.S. banks are in a stronger capital position. The number of non-bank lenders entering the market has been steadily increasing around the globe, which should ease the potential credit cycle ahead.

Highlights of our
Client Successes

China Media Capital forms joint venture with Warner Bros.

We advised China Media Capital (CMC) on the formation of a joint venture with Warner Bros. to launch a new movie studio, which will develop and produce Chinese-language films for distribution around the world. Our lawyers also advised CMC on its agreement with Merlin Entertainments to establish a Legoland amusement park in Shanghai, and represented CMC in the sale of its shares in the Hong Kong IPO of IMAX China Holding. We previously advised CMC on establishing Oriental DreamWorks, its partnership with DreamWorks Animation, and its agreement with DreamWorks and the Xuhui district government to develop Dream Center, a US$3.14B cultural destination in Shanghai.

Largest-ever bank loan to a Latin American real estate company

We represented the global lenders providing a US$850M loan to Fibra Uno Administracion SA de CV, the largest-ever bank loan to a Latin American real estate company. Fibra Uno is the largest real estate company in Latin America. Our lawyers advised Santander, Bank of America Merrill Lynch, Credit Suisse, BBVA, Itaú BBA, Goldman Sachs & Co., and HSBC on the revolving credit facility, which includes an accordion feature allowing for an increase in borrowing of up to 50%, for a total amount of more than US$1.2B. We previously represented the initial purchasers in Fibra Uno's historic 2011 IPO, its 2012 and 2013 follow-on offerings, and its 2014 inaugural international debt offering and subsequent follow-on offering.

Largest-ever private equity transaction in Korea

We advised Temasek Holdings on its participation in MBK Partners' consortium for the US$6B acquisition of Tesco's Homeplus, the second largest supermarket retail chain in Korea. This marked the largest-ever private equity-led transaction in Korea.

Capita completes Europe's most complex securitization restructuring

Our lawyers advised Capita Asset Services on the long-running Theatre Hospitals CMBS restructuring, arguably the most complex European securitization restructuring ever. We guided our client through the restructuring of the £1.65B loan financing, which included a restructuring of the existing swap positions. Capita acted as servicer of the £960M senior loans, held by a syndicate that included two separate CMBS transactions as well as other senior lenders. The debt was secured by properties leased to BMI Heathcare Limited, part of the General Healthcare Group. This is the latest in a series of large, complex European CMBS restructurings in which we have played a leading role.

Advised on 50 US$1B+ deals in past two years