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EPA Closes First Loan Under WIFIA Program

Apr 23, 2018

Shearman & Sterling represented the U.S. Environmental Protection Agency (EPA) in connection with the extension of a $134.5 million secured loan to King County, Washington for the development and financing of the Georgetown Wet Weather Treatment Station in Seattle.

Perspective

The International Chambers of the Paris Courts and Their Innovative Rules of Procedure

Apr 23, 2018

The new international divisions of the Paris Commercial Court and the Paris Court of Appeal, also known as the “International Chambers,” will start operating imminently. Under highly innovative rules of procedure (the “Protocoles”), parties appearing before those Chambers are given unprecedented flexibility. Shearman & Sterling proposes an unofficial English translation of each the two Protocoles.

Perspective

Abuse of Dominance Concerning Online Platforms

Apr 23, 2018

Large online platforms such as Amazon, Facebook and Google have a strong presence in Europe. Although general competition law principles apply to them, cases concerning online platforms give rise to a lot of novel questions in respect of the application of Article 102 of the Treaty on the Functioning of the European Union (TFEU) compared to  traditional ‘analog’ markets.

Event

Pharmaceutical Compliance Congress U.S.

Apr 23 - 25, 2018

Global Compliance partner Brian Burke will be speaking on the “Global Compliance ― Emerging Markets and Third-Party Due Diligence” panel at the Pharmaceutical Compliance Congress in Washington, D.C. on April 24, 2018.

Event

City Week 2018 International Financial Services Forum

Apr 23 - 24, 2018

Partner Barnabas Reynolds (London-Financial Institutions Advisory & Financial Regulatory) will participate in a panel on "Brexit: What Does The UK Need From An FS Chapter Of A Free Trade Agreement With The EU?" in London on April 23-24, 2018.

Perspective

China’s Intervention Against Vertical Agreements

Apr 20, 2018

On December 9, 2016, the PRC National Development and Reform Commission (NDRC) handed down its decision against medical device company Medtronic for having concluded and implemented a vertical monopoly agreement by maintaining fixed- and minimum resale price (RPM). NDRC imposed a fine of CNY118 million, which stood for 4% of the revenue for the products involved, and was one of the highest fines imposed by Chinese antitrust administrative authorities in that year.

News

Republic of Uruguay’s Tender Offer and $1.75 Billion Issuance of Bonds

Apr 20, 2018

Shearman & Sterling advised BBVA Securities Inc., Citigroup Global Markets Inc., and HSBC Securities (USA) Inc., on the offer to purchase for cash made by the Republic of Uruguay for its U.S. dollar-denominated 8.000% Global Bonds due 2022, 4.500% Global Bonds due 2024, 6.875% Global Bonds due 2025 and 7.875% Global Bonds due 2033.

News

Coca Cola European Partners’ Exchange Offers and Consent Solicitations

Apr 19, 2018

Shearman & Sterling advised Coca Cola European Partners plc (CCEP) on its offers to exchange certain U.S. dollar-denominated notes issued by its subsidiary, Coca-Cola European Partners US, LLC (CCEP US), for new notes issued by CCEP and guaranteed by CCEP US and cash, as well as related consent solicitations.  Concurrently, Shearman & Sterling also advised CCEP US on its solicitations of consents to substitute CCEP as the issuer and principal debtor and CCEP US as the guarantor under certain euro-denominated notes previously issued by CCEP US.

Perspective

Vertical Agreements in the Online Sales of Goods

Apr 19, 2018

The growth of e-commerce and the resulting increase in price transparency and price competition have a significant impact on companies’ distribution strategies and consumer behavior.

News

Ontario Teachers’ $2 Billion Senior Notes Offering

Apr 19, 2018

Shearman & Sterling advised Citigroup Global Markets Limited, Goldman Sachs International and RBC Capital Markets, LLC, as joint book-running managers, and Barclays Bank PLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC, as co-managers, in connection with Ontario Teachers’ Finance Trust’s (OTFT) U.S. Rule 144A/Regulation S private placement of $2 billion aggregate principal amount of 2.750% Senior Notes due 2021. The notes are guaranteed by OTFT’s parent, Ontario Teachers’ Pension Plan Board.