Key Japanese client opts for US rival over Lovells
Legal Week reports
October 25, 2006 at 08:03 PM
2 minute read
Lovells has sat on the sidelines on a deal for key Tokyo client Softbank after the company instructed US firm Paul Hastings Janofsky & Walker on its offering of €500m (£335m) of high yield notes.
Lovells is still advising the client on issues relating to the telecoms operator's £8.9bn purchase of Vodafone's Japanese business, which began in March.
The firm added that the financing was initially scheduled to be conducted under Asian law but then switched to US law, which Lovells does not advise the company on. Soft-bank also instructs Sullivan & Cromwell for securities work.
Lovells admitted in the summer that it had come close to axing its Tokyo arm but decided against the idea after it secured the Softbank mandate and an instruction from Mitsubishi.
Paul Hastings was instructed on the high yield offering. Its team was led by Hong Kong corporate partner Joe Sevack, who was assisted by Tokyo corporate partner Norifus Hashimoto and Hong Kong corporate partner Neil Torpey.
White & Case advised the underwriter, Deutsche Bank, with London capital markets partner Rob Mathews leading the team alongside banking partner Christopher Kandel.
The deal, which took about two months to complete, is only the second high yield bond issue by a Japanese company – the first also being made by Softbank.
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