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Latham Advises Unicredit on The Issuance of USD 2 Billion in Notes

In finance, senior debt, frequently issued in the form of senior notes or referred to as senior loans, is debt that takes priority over other unsecured or otherwise more “junior” debt owed by the issuer. Senior debt has greater seniority in the issuer’s capital structure than subordinated debt.

UniCredit S.p.A. has successfully issued US$1 billion of Fixed to Fixed Rate Senior Preferred Notes, with a 6 year maturity and a call after 5 years, and US$1 billion of Fixed to Fixed Rate Senior Preferred Notes, with a 11 year maturity and a call after 10 years, targeted to institutional investors under 144A/Reg S for a total amount of US$2 billion.

The transaction was completed under UniCredit’s US$30 billion United States Global Medium Term Note Programme.

BofA Securities, Citi, Goldman Sachs International, J.P. Morgan, Morgan Stanley, TD Securities, and UniCredit acted as Joint Bookrunners for the Notes offering.

Latham & Watkins advised UniCredit S.p.A. in the transaction with a team led by London and Milan partner Ryan Benedict, with Milan partner Antonio Coletti and associates Giorgio Thomson Ignazzi, Marco Bonasso, and Marta Carini. Advice was also provided on US tax matters by New York partners Jocelyn Noll and Aaron Bernstein.

Latham & Watkins Overview

Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, Latham is the second-largest law firm in the world by revenue. As of 2021, Latham is also one of the most profitable law firms in the world, with profits per partner exceeding US$4.5 million.

Latham Advises On Kier Group’s GBP 241 Million Capital Raise

A capital raise is when a company approaches existing and potential investors to ask for additional capital (money) in the form of either equity or debt. Equity. Equity raising is when a company raises funds by issuing new shares.

Latham & Watkins is advising Rothschild as sponsor and Numis and Peel Hunt as joint bookrunners to Kier Group plc (Kier) on Kier’s underwritten firm placing, placing, open offer, and separate directors’ subscription, raising gross proceeds of approximately £241 million.

The capital raise, together with the recent sale of Kier Living Limited, will raise approximately £352.4 million of gross proceeds for Kier.

The proceeds will provide Kier, a leading infrastructure services and construction group, with the financial and operational flexibility to continue to deliver on its strategic objectives.

The Latham team was led by London corporate partner Chris Horton, with associates Sean Meehan and Frederick Gardner. United States securities advice was provided by partner Ryan Benedict and capital markets lawyer Irene Pistotnik.

Latham & Watkins Overview

Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, Latham is the second-largest law firm in the world by revenue. As of 2021, Latham is also one of the most profitable law firms in the world, with profits per partner exceeding US$4.5 million.

Latham Advises On Ukraine’s USD $1.25 Billion Bond

A bond represents a promise by a borrower to pay a lender their principal and usually interest on a loan. Bonds are issued by governments, municipalities, and corporations. The interest rate, principal amount, and maturities will vary from one bond to the next in order to meet the goals of the bond issuer and the bond buyer.

Latham & Watkins advised the joint lead managers and bookrunners on Ukraine’s successful pricing of its new US$1.25 billion notes due 2029 in international capital markets. The issuance was priced at 6.875% annual yield. The proceeds will be used for general budgetary purposes.

Latham continues to be the market leader in Ukrainian capital markets where it regularly acts for issuers and underwriters on a variety of offerings.

Latham’s deal team was led by corporate partners David Stewart and Manoj Tulsiani, with associates Harrison Armstrong, Amina Tsatiashvili, and Clive Wong. Advice was also provided by London litigation partner Oliver Browne.

Ukraine is a country in Eastern Europe. It is the second largest country in Europe after Russia, which it borders to the east and north-east.

Latham & Watkins Overview

Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, Latham is the second-largest law firm in the world by revenue. As of 2021, Latham is also one of the most profitable law firms in the world, with profits per partner exceeding US$4.5 million.

Latham Advises Financial Team in Coinbase Direct Listing

Coinbase is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters.

Latham & Watkins represented the financial advisers to cryptocurrency exchange platform Coinbase Global, Inc. in its direct listing on the Nasdaq Global Select Market under the ticker symbol “COIN” on April 14, 2021.

Latham previously represented Spotify in its ground-breaking direct listing on the NYSE in 2018 and the financial advisers in the direct listings of Slack and Asana on the NYSE in 2019 and 2020, respectively.

Latham represented the financial advisers to Coinbase in its direct listing with a capital markets team led by New York partners Marc Jaffe, Greg Rodgers, and Benjamin Cohen, with New York associates Brittany Ruiz, Jonathan Hernandez, and Darby Dietrich.

Advice was provided on corporate matters by Chicago partner Max Schleusener; on financial regulatory and cryptocurrency matters by New York partner Stephen Wink, with London associate Shaun Musuka; on financial regulatory, payments, and AML matters by Washington, D.C. partner Todd Beauchamp and London partner Stuart Davis, with Washington, D.C. associates Charles Weinstein and Loyal Horsley and London associates Gabriel Lakeman, Sam Maxson, and Sidhartha Lal; on bank regulatory matters by New York partner Alan Avery and New York counsel Pia Naib; on FCPA & sanctions matters by Washington, D.C. partner Eric Volkman, with Washington, D.C. associate C.J. Rydberg; on CFTC regulatory, enforcement, and litigation matters by New York partner Yvette Valdez and Chicago partner Eric Swibel, with New York associates Ashley Weeks, Adam Fovent, and Iris Xie; on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Seung Hyun Yang; on benefits and compensation matters by New York partner Bradd Williamson, with New York associate Anne Bracaglia; on data privacy and security matters by Washington, D.C. partner Jennifer Archie, with Washington, D.C. associate James Smith and London partner Fiona Maclean and London counsel Danielle van der Merwe, with London associate Liz Longster.

Latham Secures Major Victory for Ukraine in USD 6 Billion Arbitration

Latham & Watkins has secured a significant victory defending Ukraine in a landmark arbitration brought by three Cypriot companies – Littop Enterprises, Bridgemont Ventures, and Bordo Management – before the Stockholm Chamber of Commerce in connection with the Energy Charter Treaty.

The companies are minority shareholders in Ukrnafta, Ukraine’s largest producer of oil and associated gas, alongside the main shareholder, Naftogaz, a Ukrainian State-owned company. Despite holding only a minority stake, the Cypriot companies exercised operational control over Ukrnafta until 2015, when Ukraine adopted legislation that limited the ability of minority shareholders to exercise control of companies in Ukraine.

The Cypriot companies subsequently brought an ECT claim for payment of damages in excess of US$6 billion, believed to be the largest ever treaty claim brought against Ukraine.

They claimed that the changes in Ukraine’s corporate governance legislation was unlawful, and alleged that Natftogaz and Ukraine’s energy regulator sought to fix the price at which Ukrnafta sells gas to Naftogaz at a level below Ukrnafta’s cost of production and had prevented Ukrnafta from selling its natural gas on the open market.

On February 4, 2021 the SCC Tribunal unanimously dismissed the case for lack of jurisdiction and in doing so handed Ukraine the largest investment arbitration win in the country’s history.

The Latham & Watkins team was led by Hamburg partner Sebastian Seelmann-Eggebert and London partner Charles Claypoole, with London associates Tom Lane and Olivia Featherstone.

Three London Partners Named in The Lawyer’s Hot 100 2021

The Lawyer Magazine has recognised London finance partner Jennifer Brennan, corporate partner Shing Lo, and litigation partner Oliver Middleton in its Hot 100 2021. The annual report identifies the UK lawyers working on the “biggest trials and deals of our time”, and those who through their efforts are “making the legal profession better in one way or another: more sophisticated, more innovative, more diverse, more fair”.

Brennan was celebrated for her work on a number of significant restructurings in 2020, including Swissport, New Look, Doncasters, and Deoleo, and for her role as the co-chair of the London finance department. Lo was credited for helping founders to receive cash injections, her granular knowledge of both start-ups and investors, and facilitating a number of fundraisings for companies in the fintech, media and healthtech sectors last year. Middleton was recognised as a “disputes dynamo” and won praise for his work in banking disputes and class actions. His tech-related expertise was also noted.

The Lawyer’s annual Hot 100 list is compiled following extensive research into candidates’ client work and contribution to their firms, companies, and the wider legal profession.