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Latham Advises Unicredit on the Issuance of US$2 Billion in Senior Notes

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 US 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 Advises on DKK 37 Billion Tryg Rights Issue

Latham & Watkins advised the underwriting syndicate consisting of Danske Bank and Morgan Stanley, Citi, HSBC and Nordea in connection with a rights issue by Tryg A/S to raise gross proceeds of DKK 37 billion (£4.3 billion). The offering comprises 352,505,989 new shares at DKK 105 per new share. The rights issue is the largest ever equity raise by a Scandinavian listed company.

Tryg is one of the largest non-life insurance companies in the Scandinavian region. The rights issue enables Tryg to finance its contribution to the cash consideration for its acquisition of RSA Insurance Group plc (RSA), alongside Intact Financial Corporation. Following the acquisition, Tryg will retain RSA’s Swedish and Norwegian businesses, and will co-own RSA’s Danish business on a 50:50 economic basis. Intact Financial Corporation will retain RSA’s Canadian, UK and international operations.

The Latham team was led by London corporate partners James Inness and Anna Ngo, with associate Nick Fisher. Corporate partner Ryan Benedict and capital markets lawyer Irene Pistotnik advised on US securities matters, while London corporate partner Douglas Abernethy advised on UK Takeover Code matters. Advice was provided in conjunction with Bruun & Hjejle in Denmark.

National Infrastructure Awards winners announced

Infrastructure Partnerships Australia (IPA) has announced the winners of the 2019 National Infrastructure Awards.

Convened annually, the Awards recognise excellence in public administration and business, across major projects.

The Awards were overseen by an independent judging panel, comprising:

  • Ms Leilani Frew, Chief Executive Officer, Infrastructure Project and Financing Agency (Chair)
  • Ms Kim Curtain, Interim Deputy Secretary, Trade, Tourism, Investment and Precincts, NSW Treasury
  • Dr Steven Kennedy PSM, Secretary, Federal Department of Infrastructure and Regional Development
  • Mr Jason Loos, Director, Department of Treasury and Finance, Victoria
  • Mr Neil Scales, Director-General, Queensland Department of Transport and Main Roads

The winners and finalists for each category in the 2019 Awards are as follows:

Project of the Year: Westconnex

Winner/s: NSW Treasury and Transport for NSW (Roads and Maritime Services) and their advisors Allens, Ashurst, BIS Oxford Economics, Clayton Utz, GHD, Goldman Sachs, Newgate Australia, Turner & Townsend, and PwC. Sydney Transport Partners (Transurban, AustralianSuper, Canadian Pension Plan Investment Board, and Tawreed Investments) and their advisors; Advisian, Aquasia, Clifford Chance, EY, E3 Advisory, Greenwoods & Herbert Smith Freehills, King & Wood Mallesons, KPMG, Macquarie Capital, Morgan Stanley, UBS, and WSP.

Finalists:

  • Canberra Light Rail – ACT Government (Transport Canberra) and their advisors; Arup, Clayton Utz, EY, HASSEL Studio, RPS Group, Sparke Helmore, Turner & Townsend, and WSP. Canberra Metro Consortium (Aberdeen Infrastructure Investments, CPB Contractors, John Holland, Mitsubishi Corporation, MUFG, Pacific Partnerships and UGL) and their advisors; AECOM, Architectus, CAF, Herbert Smith Freehills, R-Co, and SMEC.
  • Caulfield to Dandenong Level Crossing Removal Project – The Alliance (comprising of Aurecon, CPB Contractors, Lendlease, Metro Trains Melbourne, WSP), Arcadis, Level Crossing Removal Project, and Major Transport Infrastructure Program.
  • Wentworth to Broken Hill Pipeline – GHD, Jacobs, John Holland, MPC Kinetic, TRILITY, and WaterNSW

Advisory Excellence Award: Sydney Metro Martin Place integrated development

Winner/s: Advisors to Transport for NSW; Ashurst, CBRE, KPMG. Advisors to Macquarie Group; Herbert Smith Freehills, Macquarie Capital, MinterEllison, PwC, and Arup.

Finalists:

  • Infrastructure Victoria’s Advice on Automated and Zero Emissions Vehicles Infrastructure – Infrastructure Victoria
  • Sydney Metro Northwest OTS – Turner and Townsend
  • WestConnex Transaction – Advisors to the NSW Government; Allens, Ashurst, BIS Oxford Economics, Clayton Utz, GHD, Newgate Australia, PwC, and Turner & Townsend. Advisors to Sydney Transport Partners; Advisian, Clifford Chance, EY, E3 Advisory, Greenwoods & Herbert Smith Freehills, King & Wood Mallesons, KPMG, and WSP

Financial Excellence Award: Westconnex transaction

Winner/s: Financial Advisors to the NSW Government; Goldman Sachs, and NSW Treasury. Financial Advisors to Sydney Transport Partners; Aquasia, Macquarie Capital, Morgan Stanley, and UBS.

Finalists:

  • Agribo, Centre for Agribioscience Refinancing – Plenary Group
  • for Darling Harbour Live Refinancing – Capella Capital
  • Kwinana Waste to Energy – Macquarie Capital

Government Partnership Excellence Award: The Caulfield to Dandenong Level Crossing Removal Project

Winner/s: The Alliance (comprising of Aurecon, CPB Contractors, Lendlease, Metro Trains Melbourne, WSP), Level Crossing Removal Project, and Major Transport Infrastructure Program.

Finalists:

  • Canberra Light Rail – ACT Government (Transport Canberra), and Canberra Metro Consortium (Aberdeen Infrastructure Investments, CPB Contractors, John Holland, Mitsubishi Corporation, MUFG, Pacific Partnerships and UGL)
  • Metro Tunnel Project: Rail Projects Victoria and PwC Indigenous Consulting Partnership – PwC’s Indigenous Consulting and Rail Projects Victoria
  • Sydney Metro Martin Place Integrated Station Development – Macquarie Group, Sydney Metro, Transport for NSW

Contractor Excellence Award: Wentworth to Broken Hill pipeline

Winner/s: John Holland and MPC Kinetic

Finalists:

  • Bruce Highway Boundary Road Interchange – BMD Constructions
  • Caulfield to Dandenong Level Crossing Removal Project – CPB Contractors and Lendlease
  • M80 Ring Road Upgrade: Sunshine Avenue to Calder Freeway – Fulton Hogan

Operator and Service Provider Excellence Award: TasWater for the Regional Towns Water Supply Program – Stages 2 and 3

Winner/s: KBR, TasWater, and TRILITY

Finalists:

  • Queensland Schools Project – Plenary Schools Consortium (Plenary Group, DeltaFM and Watpac) and Queensland Department of Education
  • Incident Management Response – Transurban and Ventia

Innovation Excellence Award: uninterruptible power supply for Melbourne’s railway signalling network

Winner/s: AECOM, AEG, Metro Trains Melbourne, Public Transport Victoria, and Thycon

Finalists:

  • Dynamic Speed Management Trial – Transurban and VicRoads
  • Kwinana Waste to Energy – Acciona, Dutch Infrastructure Fund, Keppel-Seghers, Macquarie Capital, Phoenix Energy Australia, and Veolia
  • M80 Ring Road Upgrade: Sunshine Avenue to Calder Freeway – Cowri and Fulton Hogan

In addition, John Holland’s Simon Lehman won the Future Infrastructure Leader of the Year Award. Infrastructure Partnerships Australia said that Mr Lehmans’ profile stood out to the judging panel amongst all the other entries because of his extraordinary commitment to the infrastructure sector.

The judges found that Mr Lehman has proven to be a major asset and path-breaking engineer for the John Holland rail team. His on-the-job mentoring of younger team members and his exceptional work at the forefront of infrastructure delivery was exemplary.

Moreover, Major Road Project Victoria’s Alexis Davidson won the Award for Women’s Achievement in Infrastructure.

Ms Davidson has had a long and successful career in infrastructure over the last two decades. The judging panel said they were particularly impressed by her strong leadership and mentorship of other female engineers in the sector.

The judges praised Ms Davidson for consistently delivering outstanding business cases for Major Road Project Victoria and developing an impressive reputation for her innovative thinking and professionalism as a female engineer at the forefront of infrastructure delivery.