Worldwide: Corporate Digest: Notable Deals And Transactions – Winter 2020

This digest highlights some of the significant legal work carried out by Conyers' lawyers since the start of 2020 for our corporate clients in markets around the globe. The deals include significant restructurings, IPOs, mergers and acquisitions, and finance transactions across a wide range of industry sectors including insurance, banking, investment funds, aviation, shipping, energy, telecoms, property development, healthcare, education and more.

The economic impact of the Covid-19 pandemic has been severe and far-reaching. We are seeing otherwise viable companies forced to restructure liabilities and business structures to try and salvage ongoing trading and keep ahead of the dark cloud of insolvency. It is no surprise that we have seen a rise in corporate restructurings and re-financings.

In Bermuda, the biggest deal of the year was the US$7 billion Digicel restructuring which involved an innovative Bermuda scheme of arrangement. There were also a number of significant financing deals involving the cruise line and aviation sectors, such as Carnival Corporation's US$6 billion private offering and Avolon Holdings' two private offerings totalling US$2.4 billion. M&A activity continued in the insurance sector, and there were two sizeable take-private deals, as well as the locally high-profile acquisition by Algonquin Power Utilities of the Ascendant Group, which owns Bermuda's power plant.

BVI M&A deals included advising AquaVenture Holdings Ltd on its US$1.1 billion acquisition by Culligan, one of the largest takeovers of a publicly-listed BVI company by transaction value. On the finance side, the firm advised Despegar, the leading online travel company in Latin America, on a series of financing transactions raising US$200 million to augment the company's liquidity levels which had been hit by Covid-19, and advised on its acquisition of an 84% equity stake in a Brazilian online payment platform. It was also a busy year for BVI funds with significant work for clients such as Kawa, ACE & Company and Orbimed Partners Ltd.

In the Cayman Islands, Stonegate Pub's US$1.57 billion bond issuance program was the largest in the UK since 2013. LatAm deals remained strong: Brazilian distance learning company, Vitru, had an IPO on Nasdaq and Brazilian facial-recognition company Acesso Digital had a US$107.5 million funding round. On the M&A side, the firm advised Chrysaor the UK's leading independent North Sea oil and gas group, on its proposed merger with Premier Oil plc through a reverse takeover, which will create the largest independent oil and gas company listed on the London Stock Exchange. There have been a number of insurance-related deals, including the establishment of US$1 billion Ivy Co-Investment Vehicle LLC.

Our offices in Hong Kong and Singapore have continued to see significant deal flow in 2020, particularly with regard to capital markets. IPO activity remained strong and included China's largest IPO in a decade, the US$6.6 billion listing on Shanghai STAR market of Semiconductor Manufacturing International Corporation. Our Asia offices also provided Cayman and BVI law advice on at least 75 notes offerings, many by PRC companies, raising over US$31.6 billion.

We hope this digest will be of interest to our legal colleagues, clients and market followers.

CAPITAL MARKETS, FINANCE & RESTRUCTURING

At the start of 2020, many had predicted a shrinking capital markets landscape fueled by broad over-regulation and the decline of traditionally powerful financial centres such as London and New York. Whilst those underlying themes haven't completely disappeared, the global pandemic caused b y Covid-19 radically changed that outlook (at least in the short-term) and debt and equity capital markets deal-flow has been strong - buoyed by companies in various sectors looking to increase available cash levels to see them through this period of relative uncertainty.

2020 was a busy year for Conyers in respect of capital markets, finance and restructuring transactions, particularly as many businesses looked to address liquidity problems due to the Covid-19 crisis. Deals covered a wide range of sectors including banking, aviation, travel & tourism, food & beverage, and technology. Due to low interest rates and increased market volatility, 2020 has seen an increase in the use of Special Purpose Acquisition Companies (SPACs) for IPOs in the North American and London market. Both Bermuda and the Cayman Islands are ideally placed to provide an offshore domicile for these acquisition vehicles, and we anticipate seeing many more companies going public via SPACs over the next 12 to 18 months.

Deals

Advised Digicel on its US$7 billion debt restructuring
Bermuda: Directors Marcello Ausenda and Christian Luthi, Robert Alexander, Counsel, and Associates Edward Rance, Rhys Williams, Andrew Barnes and Jacari Brimmer-Landy
Sector: Technology & Communications

Advised Carnival Corporation on a private offering of US$6 billion in two tranches of notes
Bermuda: Victor Richards, Director, and Alexis Haynes, Associate
Sector: Travel & Tourism

Advised Avolon Holdings Limited in connection with its two notes offerings totalling US$2.4 billion
Bermuda: Jason Piney, Director, and Angela Atherden, Counsel
Sector: Aviation

Advised Stonegate Pub Company on its US$1.57 billion senior secured fixed rate notes due 2025
Cayman: Matthew Stocker, Partner, and Alex Davies, Counsel
Sector: Food & Beverage

Advised Sensata Technologies in connection with its private offering of US$750 million in senior notes due 2031
Bermuda: Julie McLean, Director, and Andrew Barnes, Associate
Sector: Technology & Communications

Advised Aircastle Limited on its US$650 million offering of senior notes due 2025
Bermuda: Jason Piney, Director, and Angela Atherden, Counsel
Sector: Aviation

Advised Despegar in connection with their Covid-19 US$100 million debt facility and two preferred share financings totalling US$200 million, and on their acquisition of an 84% equity stake in Koin, a Brazilian online payment platform
BVI: Anton Goldstein, Partner, Nicholas Kuria, Counsel, and Rachael Pape, Associate
Cayman: Nicholas Pattman, Partner, and Rory O'Connor, Associate
Sector: Travel & Tourism

Provided Cayman law advice to Goldman Sachs & Co. LLC, as underwriter to Vitru Limited, in connection with Vitru's IPO of 6,000,000 common shares listed on the Nasdaq exchange
Cayman: Cora Miller, Counsel
Sector: Education

Advised Union Asia Enterprise Holdings Limited in connection with its share capital reorganization, share offer and creditors' scheme of arrangement
Cayman: Ben Hobden, Partner
Hong Kong: Anna Chong, Partner, and Charissa Ball, Associate
Sector: Consumer Services

Advised J.P. Morgan in connection with the issue of US$500 million senior secured notes due 2025 by Del Monte Foods Inc.
BVI: Anton Goldstein, Partner, and Rachael Pape, Associate
Sector: Food & Beverage

Advised Liberty Latin America Ltd on a US$350 million rights offering to holders of its common shares
Bermuda: Edward Rance and Karoline Tauschke, Associates
Sector: Telecommunications

Advised Acesso Digital on its US$107.5 million funding round
Cayman: Nicholas Pattman, Partner, and Ali Low, Associate
Sector: Biometrics & Digital

Advised Citigroup Global Markets Inc. and Itau BBA Securities, Inc. in connection with the pricing of US$350 million in senior notes due 2027
Bermuda: Directors Jason Piney and Jennifer Panchaud, and Angela Atherden, Counsel
Sector: Asset Management/Banks

Advised Global Container International LLC on its issuance of $US244.5 million fixed rate asset backed bonds
Bermuda: Neil Henderson, Director, Angela Atherden, Counsel and Amber Wilson, Associate
Sector: Shipping

ASIAN CAPITAL MARKETS & FINANCE

Following amendments to the Listing Rules permitting the listing in Hong Kong of companies with dual classes of shares/weighted voting rights, and non-profitable biotech companies, 2020 has seen a wave of these transactions. Especially popular with US listed Chinese businesses seeking a dual listing nearer to their natural market, 2020 has seen the dual listing of Alibaba, JD.com, NetEase, Huazhu Group and GDS Holdings, each of which has weighted voting rights.

2020 saw the successful first listing of a Cayman incorporated company - China Resources Microelectronics - on the Shanghai STAR market. Conyers also acted on the first dual listing of a Cayman incorporated entity: Semiconductor Manufacturing International Corporation, which was already listed in Hong Kong, also listed in Shanghai. From January to the end of October 2020, 99 Cayman companies launched IPOs on the SEHK with offerings totalling approximately US$15 billion. As usual, Conyers Hong Kong and Singapore offices saw a significant share of the deals, particularly in the real estate and property development sectors.

IPOs:

Cayman law advice for Semiconductor Manufacturing International Corporation's US$6.6 billion IPO on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, or SSE STAR Market, and US$600 million bonds issuance
Hong Kong: Christopher Bickley, Partner, and Rowan Wu, Legal Manager
Sector: Technology and Communications

BVI and Cayman law advice for China Resources Microelectronics Limited's US$636 million pioneering red-chip IPO on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, or SSE STAR Market
Hong Kong: Partners Lilian Woo and Wynne Lau, Rowan Wu, Legal Manager, and Beverly Cheung, Associate
Sector: Manufacturing

Cayman Islands and BVI legal advice to Smoore International Holdings in connection with its US$918 million IPO on the main board of The Stock Exchange of Hong Kong
Hong Kong: Richard Hall, Partner, Angie Chu, Counsel, and Yvonne Lee, Legal Manager

BVI and Cayman law advice for Kingsoft Cloud Holdings Limited's US$510 million IPO on the Nasdaq Global Select Market
Hong Kong: Paul Lim, Partner, and Hollia Lam, Associate
Sector: Internet Services and Infrastructure

Cayman law advice for Central China New Life Limited's US$265 million IPO and listing of 300,000,000 shares on the main board of The Stock Exchange of Hong Kong
Hong Kong: Anna Chong, Partner
Sector: Property Management

BVI and Cayman law advice for Kintor Pharmaceutical Limited's US$240 million IPO on the main boar d of The Stock Exchange of Hong Kong
Hong Kong: Richard Hall, Partner, and Angie Chu, Counsel
Sector: Pharmaceuticals

Notes offerings and finance

BVI and Cayman law advice for Sunac China Holdings Limited's three senior notes offerings totalling US$2.4 billion
Hong Kong: Anna Chong, Partner, and Charissa Ball, Associate
Sector: Real Estate/Property Developer

Bermuda and BVI law advice to CK Infrastructure Holdings Limited (CKI) in connection with the update of a Euro medium term note programme, valued at US$2 billion, guaranteed by CKI
Hong Kong: Bernadette Chen, Partner
Sector: Utilities

BVI and Cayman law advice for Central China Real Estate Limited's four notes offerings totalling US$1.2 billion
Hong Kong: Anna Chong, Partner, and Alexander Doyle, Associate
Sector: Real Estate/Property Developer

BVI and Cayman law advice for Fantasia Holding Group Co, Limited's three senior notes offerings totalling US$1.1 billion
Hong Kong: Anna Chong, Partner, and Alexander Doyle, Associate
Sector: Real Estate

Jiayuan International Group Limited's five senior notes offerings totalling US$1.1 billion
Hong Kong: Wynne Lau, Partner, and Ryan McConvey, Associate
Sector: Property Developer

BVI and Cayman law advice for Golden Wheel Tiandi Holdings Company Limited's four senior notes offerings totalling US$1.06 billion
Hong Kong: Richard Hall, Partner, and Ryan McConvey, Associate
Sector: Asset Management/Banks

Conyers' Singapore office acted as special legal counsel to Deutsche Bank AG (Sydney Branch, Singapore Branch and London Branch) in connection with the US$2.1 billion refinancing of existing debt facilities of the AirTrunk group of companies in connection with the sale of AirTrunk group of companies to Macquarie Group
Singapore: Preetha Pillai, Director Hong Kong: Angie Chu, Counsel
Sector: Asset Management/Banks

Cayman law advice for Sino Biopharmaceutical Limited's US$882 million convertible bonds issuance
Hong Kong: Anna Chong, Partner
Sector: Pharmaceuticals

New World Development Company Limited's two 5.25% guaranteed senior perpetual capital securities totalling US$850 million and NWD (MTN) Limited's US$600 million guaranteed bonds issuance
Hong Kong: Richard Hall, Partner, and Ryan McConvey, Associate
Sector: Property Developer

BVI and Cayman law advice for Redco Properties Group Limited's four senior notes offerings totalling US$808 million
Hong Kong: Flora Wong, Partner, and Ryan McConvey, Associate
Sector: Property Developer

Bermuda and Cayman law advice for PCPD Capital Limited, a subsidiary of Pacific Century Premium Developments Limited in connection with a modification to its US$700 million guaranteed notes programme
Hong Kong: Richard Hall, Partner and Ryan McConvey, Associate
Sector: Property Developer

Advised Agile Group Holdings Limited in connection with a US$$418 million secured term loan facility and US$500 million in senior notes due 2025
Hong Kong: Paul Lim, Partner, and Hollia Lam, Associate
Sector: Property Developer

Cayman law advice for Longfor Group Holdings Limited's US$650 million senior notes offering
Hong Kong: Flora Wong, Partner, and Ryan McConvey, Associate
Sector: Real Estate

BVI and Cayman law advice for Modern Land (China) Co., Limited's five senior notes offerings totalling US$650 million
Hong Kong: Lilian Woo, Partner, Associates Ryan McConvey and Alexander Doyle, and Yvonne Lee, Legal Manager
Sector: Property Developer

BVI and Cayman law advice for China Aoyuan Group Limited's two senior notes offerings totalling US$648 million
Hong Kong: Paul Lim, Partner, and Hollia Lam, Associate
Sector: Property Developer

BVI and Cayman law advice for Ronshine China Holdings Limited's three senior notes offerings totalling US$610 million
Hong Kong: Christopher Bickley, Partner, Ryan McConvey, Associate, and Rowan Wu, Legal Manager
Sector: Property Developer

BVI and Bermuda law advice for Beijing Properties (Holdings) Limited in connection with BPHL Capital Management Limited's issue of US$600 million 5.95% guaranteed bonds due 2023
Hong Kong: Bernadette Chen, Partner
Sector: Property Developer

MERGERS & ACQUISITIONS

The Covid-19 crisis significantly impacted M&A deal volume globally in the first half of 2020, but the market rebounded in Q3 with a number of major deals. There has been a rise in alternative deal types including acquisition of minority stakes, joint ventures and corporate venture capital investments. The insurance sector has continued to see significant M&A activity (see Insurance, page 11).

The take-private trend that started in 2019 has accelerated. China-based companies listed in the US have been reassessing their strategy and many are opting to go private at this time, when valuations are depressed. Conyers has seen a significant number of take-privates of Bermuda, BVI and Cayman companies in 2020, with a total valuation in excess of US$17.4 billion.

Deals:

58.com Inc.'s US$8.7 billion privatization merger with Quantum Bloom Company Ltd.
Hong Kong: Anna Chong, Partner, and Charissa Ball, Associate
Sector: Media

Jumei International Holding Ltd's US$2.9 billion privatization by way of tender offer and short form merger Hong Kong: David Lamb, Consultant, Angie Chu,
Counsel and Michael Yu, Associate
Sector: Retail

Sogou Inc.'s US$2.1 billion buyout and take private of Tencent Holdings Ltd. Hong Kong: David Lamb, Consultant,
and Angie Chu, Counsel
Sector: Information Technology

Central European Media Enterprises Ltd.'s US$2.1 billion take private by way of merger with TV Bermuda Ltd.
Bermuda: Guy Cooper, Director
Sector: Media

AquaVenture Holdings Limited's US$1.1 billion acquisition by Culligan
BVI: Audrey Robertson, Counsel, and Marcus Hallan, Associate
Sector: Utilities

Li & Fung Limited's US$929 million privatization by way of scheme of arrangement
Hong Kong: David Lamb, Consultant, and Yvonne Lee, Legal Manager
Sector: Retail Supply Chain

Associated Partners LP's US$860 million acquisition of AP WIP Investments Holdings, LP
BVI: Anton Goldstein, Partner, and Rachel Pape, Associate
Sector: Technology & Communications

Springland International Holdings Limited's US$580.6 million privatization by way of scheme of arrangement by Octopus (China) Holdings Limited
Hong Kong: Teresa Tsai, Partner, and Hollia Lam, Associate
Cayman: Ben Hobden, Partner
Sector: Commercial Properties

Meten International Education Group's US$535 million merger transaction involving Special Purpose Acquisition Company EdtechX Holdings Acquisition Corp.
Hong Kong: Christopher Bickley, Partner, and Ryan McConvey, Associate
Sector: Technology & Communications

Morgan Stanley Infrastructure Partners' acquisition of Seven Seas Water
BVI: Audrey Robertson, Counsel, and Marcus Hallan, Associate
Sector: Utilities

Algonquin Power & Utilities Corp.'s US$470 million acquisition of all of Ascendant Group Limited's issued and outstanding shares
Bermuda: Directors Marcello Ausenda, Chiara Nannini, Graham Collis, Ben Adamson, Francesca Fox, and Kent Smith, Counsel, and Associates Harry Kessaram, Andrew Barnes and Edward Rance
Sector: Utilities

Orthoise Investment Holdings Ltd.'s US$450 million acquisition and privatization of a Taiwan listed company, On-Bright Electronics Incorporated, by way of scheme of arrangement
Hong Kong: Flora Wong, Partner, Angie Chu, Counsel, and Michael Yu, Associate
Sector: Technology & Communications

Hudson Ltd.'s US$311 million take private by way of merger with Dufry Holdco Ltd. to become a wholly-owned subsidiary of Dufry
Bermuda: Guy Cooper, Director
Sector: Travel & Tourism

8i Enterprises Acquisition Corp's merger and share exchange business combination with Diginex Limited
Singapore: Preetha Pillai, Director
Hong Kong: Charissa Ball, Associate
Sector: FinTech

BBI Life Sciences Corporation's US$252.8 million privatization by way of scheme of arrangement
Hong Kong: Bernadette Chen, Partner
Cayman: Ben Hobden, Partner
Sector: Life Sciences

Chrysaor's proposed merger with Premier Oil plc through a reverse takeover
Cayman: Partners Craig Fulton and Ben Hobden, Counsels Alex Davies and Barnabas Finnigan, and Philippa Gilkes, Associate
Sector: Oil & Gas

Changyou.com Limited's US$580 million group reorganization by way of short form merger with Changyou Merger Co. Limited
Hong Kong: David Lamb, Consultant, Angie Chu, Counsel, and Michael Yu, Associate
Sector: Entertainment/Gaming

INSURANCE

Bermuda re/insurers have raised billions in public offerings in 2020, as the sector faced the claims impact of the pandemic and took advantage of a pricing upswing. RenaissanceRe Holdings Ltd. and Arch Capital Group Ltd. both completed US$1 billion public offerings in June and Athene Holding Limited also raised approximately US$1 billion via two offerings: US$500 million in investment grade notes and US$600 million in a fixed rate preferred stock IPO. Essent Group Ltd. raised US$382 million in an offering of common shares and privately-owned Fidelis Insurance Holdings Limited completed a US$300 million bond offering. Conyers advised on all of these offerings. The firm was also involved in seven M&A deals in the Bermuda market from December 2019 to October 2020.

Conyers advised on the incorporation of the first incorporated segregated accounts company (ISAC) and incorporated segregated account (ISA) under Bermuda's new ISAC legislation, which became operative in January 2020. Both the ISAC and ISA were registered as insurers.

The Cayman captive insurance industry has continued to see growth, especially in complex group captive and sponsored platform structures using Segregated Portfolio Companies (SPCs) and Portfolio Insurance Companies (PICs).

Cayman is the leading jurisdiction for healthcare captives representing almost one-third of all healthcare captives globally. There are 775 licensed insurance entities currently registered in the Cayman Islands and approximately 134 SPCs. The jurisdiction also continues to see momentum on the reinsurance front with two new Class D reinsurance companies, RBC Reinsurance Company (Cayman) Limited and CIBC Cayman Reinsurance Limited, established in 2020.

Bermuda Deals:

Represented Athene Holding Ltd in a transaction with Apollo Global Management Inc to eliminate the multi-class share structure into a single class of common shares. As part of the transaction Apollo also invested an additional US$1.6 billion in Athene.
Directors Charles Collis and Alexandra Macdonald, and Jacqueline King, Associate

Advising Sirius International Insurance Group on its proposed US$788 million combination with ThirdPoint Reinsurance Ltd.
Chris Garrod, Director, and Jacqueline King, Associate

Provided Bermuda advice to International General Insurance Holdings Ltd. on its business combination agreement with special purpose acquisition company Tiberius Acquisition Corp.
Directors Sophia Greaves and Jennifer Panchaud, and Associate Katie Martin

Advised GreyCastle Holdings Ltd. and its shareholders on its US$475 million sale to Monument Re Limited
Chiara Nannini, Director, and Alexis Haynes, Associate

Advised Sagicor Financial Corporation Limited on its acquisition by Alignvest Acquisition II Corporation
Directors Sophia Greaves, Christian Luthi and Jennifer Panchaud, and Associates Katie Martin and Rhys Williams

Advised The Carlyle Group on its US$500 million acquisition from AIG of a 71.5% stake in Fortitude Group Holdings, which holds the Bermuda registered Class 4 and Class E insurer, Fortitude Reinsurance Company Ltd.
Charles Collis, Director, and Jacqueline King, Associate

Advised RenaissanceRe Holdings Ltd. on Bermuda law matters relating to a US$338 million public sec ondary offering of common shares by Tokio Marine & Nichido Fire Insurance Co., Ltd.
Directors Jennifer Panchaud and Chiara Nannini, and Edward Rance, Associate

Advised Arch Capital Group Ltd. on its acquisition of Barbican Group Holdings Limited, including Barbican Managing Agency Limited, Lloyd's Syndicate 1955, Castel Underwriting Agencies Limited and other entities
Graham Collis, Director

Advised London Life Insurance Company in connection with its amalgamation with Great-West Life Assurance Company and Canada Life Assurance Company
Sophia Greaves, Director, and Jessica Harris, Associate

Advised TigerRisk Partners LLC in connection with its partnership with private equity firm Flexpoint Ford, LLC.
Chiara Nannini, Director

Advised White Mountains Insurance Group, Ltd. on its acquisition of Ark Insurance Holdings Ltd.
Chris Garrod, Director, and Associates Jacqueline King and Cathryn Minors

Acted as special counsel to Bellemeade Re 2019-4 Ltd. in connection with its US$577.2 million establishment and licensing as a special purpose insurer
Alexandra Macdonald, Director, and Associates William Cooper, Katie Martin and Davina Hargun

Cayman Islands Deals:

Acted for Ivy Re Limited in connection with the establishment of Ivy Co-Investment Vehicle LLC, sponsored by Global Atlantic Financial Group Limited, designed to co-invest approximately US$1 billion with Global Atlantic and its subsidiaries in qualifying reinsurance transactions
Derek Stenson, Partner, Jarladth Travers, SVP Conyers Services, and Associates Philippa Gilkes, Michael O'Connor and Rory O'Connor

Advised Oxford Risk Management Group on the formation, structure and related regulation of two complex heterogeneous group captive portfolio insurance companies
Rob Humphries, Counsel, and Paul Scrivener, Consultant

Advised RBC on the establishment of a new Class D licensed reinsurer in the Cayman Islands, RBC Insurance Company (Cayman) Limited
Derek Stenson, Partner, and Philippa Gilkes, Associate

INVESTMENT FUNDS

Despite the Covid-19 pandemic, government mandated lockdowns and the adjustment to remote working, the hedge fund and private equity industry has been active and we have continued to launch international funds, particularly those with opportunistic strategies.

To remain in compliance with international requirements, all three jurisdictions made changes to their various Investment Funds laws this year, introducing new regulatory regimes which brought closed end funds under the scope of regulation in Bermuda, the Cayman Islands and the BVI for the first time.

Deals:

Advised Kawa Group in connection with its BVI domiciled funds, which have approximately US$1.5 billion under management, in particular the establishment of two new real estate funds of US$76.5 million and US$55 million.
BVI: Anton Goldstein, Partner, and Associates Eric Flaye and Isabel Dwan

Advised ACE & Company in connection with its US$500 million establishment of private equity vehicles
BVI: Anton Goldstein, Partner

Providing BVI regulatory advice for Orbimed Partners, Ltd, which has US$14 billion in assets under management
BVI: Audrey Robertson, Counsel
Bermuda: Elizabeth Denman, Director

Advised Adler Real Estate Partners in connection with its formation and final closing of its US$138 million Fund IV and ongoing matters
BVI: Anton Goldstein, Partner

Advised Marwyn Investment Management on the launch of three new vehicles (still fund raising) to take advantage of pandemic-related, distressed opportunities.
BVI: Anton Goldstein, Partner

Ongoing advice to a global real estate investment manager, and its group of funds, acting as Cayman Islands legal counsel in relation to the formation and ongoing operations of a number of private equity investment fund structures and holding entities.
Cayman: Matthew Stocker, Partner

MARITIME

Shipping and offshore energy remain important sectors for Conyers' corporate practice. In 2020, with the cruise industry severely impacted by the Covid-19 pandemic, Conyers provided Bermuda law advice in connection with several major deals involving some of the largest cruise companies in the industry. The firm also advised on some significant notes offerings for clients in the oil & gas sector. IPO activity in the shipping and offshore energy sectors was slow in 2020, with the firm involved in just one listing - BW Energy's IPO on the Oslo Börs in February.

Deals:

Advised Carnival Corporation on a private offering of US$6 billion in two tranches of notes
Bermuda: Victor Richards, Director, and Alexis Haynes, Associate
Sector: Travel & Tourism

Advised Textainer Marine Containers VII Limited on its issuance of an aggregate of US$1.28 billion of fixed rate asset backed notes
Bermuda: Sophia Greaves, Director, and Associates Andrew Barnes and Jacari Brimmer-Landy
Sector: Transportation

Advised CAL Funding IV Limited on its issuance of an aggregate of US$743 million fixed rate asset backed notes
Bermuda: Sophia Greaves, Director, and Associates Andrew Barnes and Jacari Brimmer-Landy
Sector: Transportation

Advised Viking Cruises Ltd. in connection with its US$675 million senior notes due 2025
Bermuda: Jason Piney, Director, and Andrew Barnes, Associate
Sector: Travel & Tourism

Advised L Catterton in connection with its US$400 million investment by way of private placement by Norwegian Cruise Line Holdings Limited
Bermuda: Directors Neil Henderson and Victor Richards, and Robert Alexander, Counsel
Sector: Travel & Tourism

Advised Sinopec Group Overseas Development (2018) Limited on its US$3 billion senior notes offering
Hong Kong: David Lamb, Consultant, and Felicity Lee, Associate
Sector: Oil & Gas

Advised Tengizchevroil Finance Company International Inc. on its US$1.25 billion bond issuances
Bermuda: Guy Cooper, Director and Katie Martin, Associate
Sector: Energy

Advised Nabors Industries Ltd. on its US$1 billion notes issuance
Bermuda: Chiara Nannini, Director
Sector: Oil & Gas

Advised Weatherford International Plc on its US$500 million asset backed senior secured notes issuance
Bermuda: Edward Rance, Karoline Tauschke, Robert Alexander, Associates
Sector: Energy

Acted as special legal counsel to BW Energy Limited in connection with its US$143.8 million initial public offering and listing on the Oslo Stock Exchange
Bermuda: Directors Sophia Greaves and Jennifer Panchaud, and Katie Martin, Associate
Sector: Oil & Gas

Corporate Digest: Notable Deals and Transactions – Winter 2020

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.