Clifford Chance advised the joint lead managers J.P. Morgan, The Royal Bank of Scotland and Standard Chartered Bank in relation to Emaar Properties P.J.S.C.’s (“Emaar”) US$500,000,000 7.5 per cent convertible notes due 2015, listed on the Euro MTF Market of the Luxembourg Stock Exchange. The convertible is the first such issuance in the Middle East since April 2008 and has been awarded the EMEA Structured Equity Issue of the Year Award by International Financing Review. The issue was made by Pyrus Limited, a wholly owned subsidiary of Emaar and is fully guaranteed by Emaar.
Clifford Chance also advised the joint lead managers Barclays Capital, Citi and Deutsche Bank in relation to Lukoil’s issuance of U.S.$1.5 billion 2.625 per cent, senior unsecured convertible bonds due June 2015. The bonds are convertible into American Depositary Receipts listed on the London Stock Exchange and were issued by Lukoil International Finance B.V. with a limited guarantee by Lukoil.
Clifford Chance also advised Electra Private Equity’ on its issuance of £100 million 5 per cent subordinated convertible bonds due 2017. The issue was conducted by way of a placing and open offer to shareholders and the bonds were listed on the London Stock Exchange and cleared through CREST.
Tim Morris, capital markets partner said:
“These deals evidence a strong resurgence of the convertible bond market and demonstrate the breadth and depth of our convertible bond practice, its geographical spread and our ability to combine technical equity-linked expertise with in-depth local knowledge.”
Simon Sinclair, capital markets partner added:
“The Clifford Chance equity-linked team has had a very successful 2010 and we were pleased to be able to finish the year with three such significant convertible bond issues.”
The Clifford Chance team on the Emaar Properties issue was led by Dubai partner Debashis Day. London partners Tim Morris and Simon Sinclair led the LUKOIL and Electra Private Equity teams respectively.
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