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.