23 December 2015
Clifford Chance advises Credit Suisse, Morgan Stanley, BNP Paribas and other underwriters on $6.8 billion of equity and debt capital markets offerings by Solvay SA in connect with the financing of its acquisition of Cytec Industries, Inc.
Clifford Chance has advised the underwriters in various equity and debt capital markets offerings totalling approximately $6.8 billion by Solvay SA in connection with the financing of its acquisition of Cytec Industries, Inc.
Solvay, headquartered in Brussels, is a leading international chemical group with consolidated net sales of €10,213 million in 2014. As an innovation-driven company dedicated to building a model of sustainable chemistry, Solvay assists its industrial clients in finding and implementing ever more responsible and value-creating solutions. Cytec, headquartered in New Jersey, is a global specialty materials and chemicals company with $2 billion in sales in 2014. Cytec's products serve a diverse range of end markets including aerospace and industrial materials, mining and plastics.
Clifford Chance advised Credit Suisse, Morgan Stanley and BNP Paribas Fortis on Solvay's €1.5 billion rights offering pursuant to Rule 144A and Regulation S in connection with the financing of the acquisition.
In addition, Clifford Chance advised the underwriters on the following debt offerings, also in connection with the financing of acquisition:
- Credit Suisse and Morgan Stanley as joint global coordinators and joint bookrunners and BNP Paribas, Citigroup, Credit Agricole CIB, HSBC and MUFG as joint bookruners on a $1.6 billion offering of senior Yankee bonds pursuant to Rule 144A and Regulation S and governed by NY law
- Credit Suisse and ING as joint global coordinators and joint bookrunners and Morgan Stanley, Commerzbank, Crédit Agricole CIB and KBC as joint bookruners on a €2.25 billion offering of senior Euro bonds pursuant to Regulation S and governed by Belgian law; and
- Credit Suisse, Morgan Stanley and HSBC as joint global coordinators and joint bookrunners and BNP Paribas, Citigroup, Credit Agricole CIB and MUFG as joint bookrunners on a €1 billion offering of hybrid Euro bonds pursuant to Regulation S and governed by English law.
The Clifford Chance team was led by Paris-based partners Alex Bafi, US securities partner, and Cedric Burford, DCM partner.
The Clifford Chance team also consisted of:
- in Paris, Olivier Plessis, senior US associate, Auriane Bijon, senior associate, Ryan Bosch, US associate and Alex Tollast, associate.
- in Brussels, Philippe Hamer, ECM partner, assisted by Niek de Pauw, associate, and Nathan Tulkens, associate, and Wim Aerts, DCM counsel; and
- in London, Simon Thomas, ECM partner, assisted by Christopher Roe, senior associate.
These transactions are part of a number of transactions on which our Paris-based US securities team, working closely with our global equity capital markets team, has advised, including more than $18 billion in securities offerings since January 2015:
- Société Générale and Standard Chartered Bank on the $750 million inaugural offering of 9.50% notes due 2025 by the Republic of Cameroon;
- Deutsche Bank, J.P. Morgan and Standard Chartered Bank on the issuance of $500 million 6.950% notes due 2025 by the Republic of Gabon;
- Société Générale on their €120 million offering of 3.74 million shares in Korian held by certain Covea affiliates;
- Credit Suisse on Eurocastle Investments' €300 million equity offering and Euronext Amsterdam listing;
- OCP S.A. on its US$1 billion offering of 4.50% Notes due 2025, underwritten by Barclays and Morgan Stanley;
- Group Bolloré on its €600 million sale of Havas shares, (BNP Paribas, CM-CIC, Crédit Agricole Corporate and Investment Bank, Mediobanca, Natixis and Société Générale);
- Caisse d'Amortissement de la Dette Sociale in connection with its €65 billion Global Medium Term Note Programme, its US$3.5 billion offering of 1.875% Notes due 2022, underwritten by Barclays Bank, BNP Paribas, Morgan Stanley and RBS, and its US$5 billion offering of 1.250 % Notes due 2018, underwritten by Citigroup, Deutsche Bank, J.P. Morgan Securities and Société Générale ;
- Citi, Bank of America Merrill Lynch and Société Générale on the €450 million IPO and listing on the Madrid Stock Exchange of Saeta Yield; and
- Nicox S.A. on its private placement of shares.