Latham and Davis Polk drive through BMW's $4bn debt issue
US firms win mandates to advise on German carmaker's offering of loan notes to the market
April 27, 2016 at 10:32 AM
2 minute read
Latham & Watkins and Davis Polk & Wardwell have won mandates advising on German carmaker BMW Group's $4bn (£2.7bn) debt offering.
The debt issue earlier this month comprised $1.5bn (£1bn) of notes due 2019, $1.5bn of notes due 2021 and $1bn (£0.7bn) of notes due 2026.
Davis Polk advised the German car manufacturer with a London-based team led by corporate partner John Banes alongside European counsel John Taylor providing UK advice and London tax counsel Alon Gurfinkel.
Latham represented the joint bookrunners: Barclays Capital, Citigroup Global Markets, Credit Suisse Securities and JP Morgan Securities.
The Latham team was led by London capital markets partners Tracy Edmonson and Lene Malthasen and Frankfurt capital markets partner Marcus Funke. New York partner William Lu provided US tax advice.
BMW in-house lawyers Carola Langenhein and Carsten Lammers also advised on the deal.
Davis Polk is also advising the bookrunners on China's largest online direct sales company's first public debt offering. Skadden Arps Slate Meagher & Flom is advising the company making the offering JD.com.
In 2011 Norton Rose and Linklaters advised on BMW's €700m (£604m) acquisition of ING's car leasing and fleet management business. Norton Rose advised longstanding client BMW while Linklaters acted for ING.
BMW Group recorded its best sales month on record in March, selling more than 200,000 cars for the first time in its 100 year history due to a jump in sales to China and South Korea.
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