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Rothschild & Co | Annual Report 2017
29
1. Overview
4. Financial statements
3.
Management report
2. Business review
Rothschild & Co advised the following clients on a number of significant financing advisory assignments during the year:
Ant Financial
(China)
Avaya
(United States)
Caesars Entertainment
Operating Company
(United States)
Cerberus/GoldenTree
(Austria)
• Debt advice on debt raising
(US$3.5bn)
• High-profile debt financing,
highlighting our capabilities
in advising Chinese borrowers
on capital raising from the
international loan market
• Adviser to the ad hoc Bondholder
Committee on the company’s
restructuring (US$8.0bn)
• Highly complex and litigious
bankruptcy process resulting
in a consensual deal with all
creditors, new money exit term
loan and listing on the NYSE
postemergence
• Adviser to First Lien Term Loan
Lenders on the company’s
restructuring (US$18.5bn)
• One of the most complex Chapter
11 restructurings in history
• IPO of BAWAG (€1.9bn)
• Largest ever IPO on the Vienna
Stock Exchange and one of the
largest European IPOs of 2017
Codelco
(Chile)
Department of Finance
(Republic of Ireland)
Emaar Properties and Emaar
Development (UAE)
NLFI
(Netherlands, Australia)
• Debt advice on dual-tranche
issuance and associated
liability management exercise
(US$2.75bn)
• Utilised mining sector and
sovereign advisory expertise to
explore all angles and options
• Privatisation IPO of Allied Irish
Banks (€3.4bn)
• Continued our long-standing
relationship following advice on
the bailout of the Irish banking
system post financial crisis
• IPO of Emaar Development
(US$1.3bn)
• First IPO on the Dubai Financial
Market in three years and one of
the largest ever
• Sell-down of a 7% stake in ABN
AMRO (€1.5bn)
• Followed advice on the
privatisation IPO of ABN AMRO
in 2015 – the largest ever Dutch
privatisation and IPO
PDMA
(Greece)
Premier Oil
(United Kingdom)
Royal Dutch Shell
(Netherlands)
Sorgenia
(Italy)
• Debt advice on bond and liability
management exercise (€3bn and
€1.5bn respectively)
• Part of our ongoing role to prepare
Greece for a full return to the
international capital markets
and exit the financial assistance
programme
• Restructuring of Premier Oil
(US$3.8bn)
• One of the North Sea’s most
complex financial restructurings,
implemented via a Scottish
scheme of arrangement and
conversion of German law into
an English law term loan
• Sell-down of the entire remaining
13.28% shareholding in
Woodside Petroleum (US$2.7bn)
• Long-standing relationship with
Royal Dutch Shell, lasting over
100 years
• Debt restructuring (€1.5bn)
• Played crucial role in building
consensus for the new
restructuring proposal amongst
the 20 plus lenders
Teva Pharmaceutical
(Israel)
Ukraine Ministry of Finance
(Ukraine)
Ultra Petroleum
(United States)
U. S. Steel Canada
(Canada)
• Debt advice on equivalent bond
offering (US$20.4bn)
• Involved debt and equity work
streams and dedicated teams
in New York, Tel Aviv, Paris and
London
• 15-year Eurobond issue and
tender offer on outstanding 2019
and 2020 Eurobonds (US$3bn
and US$1.6bn respectively)
• Largest Ukrainian sovereign
issuance ever, constituting the
country’s return to international
capital markets following its
sovereign debt restructuring
in 2015
• Chapter 11 restructuring
(US$6bn)
• Achieved successful emergence
from bankruptcy and raised
US$3bn of exit financing in
the process
• Restructuring and sale to Bedrock
Industries (US$3.3bn)
• Complex multi-stakeholder
negotiation and sale process
which included the debtor, acquirer,
multiple creditors, labour and
government