Shearman & Sterling LLP multinational law firm headquartered in New York City, United States.

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Republic of Uruguay’s Tender Offer and Bond Issuance

Jul 10, 2020

Shearman & Sterling advised Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Itau BBA USA Securities, Inc., as dealer managers in connection with an offer to purchase for cash made by the Republic of Uruguay for its 4.250 percent Global UI Bonds due 2027, 4.375 percent Global UI Bonds due 2028 and 4.000 percent Global UI Bonds due 2030.

Perspektive

Key Considerations for Midstream Contracts in Today’s Distressed Environment

Jul 10, 2020

Partner Omar Samji and counsel Angela M. Heywood Bible published an article in Currents, the newsletter of the Corporate Counsel section of the State Bar of Texas. The article describes how midstream oil and gas companies can find provisions in their midstream contracts that may provide remedies and relief in light of the downturn the energy industry is experiencing.

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Sunac China Holdings Limited’s $1 Billion Senior Notes Offering

Jul 10, 2020

Shearman & Sterling represented  the initial purchasers including China CITIC Bank International Limited, China Industrial Securities International Brokerage Limited, Credit Suisse (Hong Kong) Limited, Guotai Junan Securities (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley & Co. International plc and Nomura International (Hong Kong) Limited in connection with Sunac China Holdings Limited’s offering of $600 million 6.5% senior notes due 2023 and $400 million 7.0% senior notes due 2025. 

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ArcelorMittal and Nippon Steel’s Joint Venture Acquisition of Essar Steel Selected as S&P Platts 2020 Global Metals Deal of the Year

Jul 09, 2020

ArcelorMittal and Nippon Steel's joint venture, AM/NS India, won the Deal of the Year Award from the S&P Platts 2020 Global Metals Awards for completing the $5.7 billion acquisition of Essar Steel India Limited, a fully integrated steel producer in India that entered insolvency in 2017. The acquisition provides both ArcelorMittal and Nippon Steel a sizeable entry into the high-growth Indian steel market, where steel consumption is expected to grow on average around 6% annually over the next 10-15 years. Neither joint venture partner had any production capability in India before the acquisition.

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Shearman & Sterling Honored With Proximo Awards

Jul 09, 2020

Shearman & Sterling won 10 Proximo Deal of the Year Awards, demonstrating the firm’s expertise on advising clients on global, complex energy and infrastructure transactions.

Perspektive

UK Corporate Insolvency and Governance Act 2020

Jul 09, 2020

On 26 June 2020 the Corporate Insolvency and Governance Act 2020 ("the Act") introduced the biggest reforms in a generation of UK insolvency law.  It also implemented several temporary changes to both insolvency and company law to deal with solvency and governance pressures resulting from the coronavirus pandemic ("COVID-19".  These reforms were fast-tracked through the legislative process in the UK, representing a clear move towards a more debtor-friendly, "rescue culture" for companies facing financial difficulty.  In some respects they align UK insolvency law more closely with US insolvency law, in particular Chapter 11 proceedings under the US Bankruptcy Code. Our earlier briefing, COVID-19 Changes Announced to UK Insolvency Law and for AGMs, provided some background to these new reforms.

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Interbank’s $300 Million Notes Offering

Jul 09, 2020

Shearman & Sterling represented Banco Internacional del Perú S.A.A. - Interbank in connection with its 144A/Regulation S issuance of $300 million aggregate principal amount of 4.000 percent subordinated notes due 2030. The subordinated notes qualify as Tier 2 capital pursuant to Peruvian banking regulations.

Perspektive

UK Government’s Summer Statement Introduces Temporary VAT and Stamp Duty Reductions

Jul 09, 2020

On 8 July 2020, the UK Chancellor of the Exchequer delivered a Summer Statement setting out the UK Government's 'Plan For Jobs', a package of measures intended to protect jobs and provide relief to sectors particularly hard-hit by COVID-19. The tax measures include cuts to VAT for the hospitality and tourism sectors and a temporary extension of the stamp duty land tax ("SDLT") nil-rate band for purchases of residential property in order to stimulate the UK housing market. There were also incentives to employers to create and retain jobs, particularly for 16–24 year olds at risk of long-term unemployment.

Event

Family Office Asset Allocation Perspectives – A Look Forward

Jul 09, 2020

The Shearman & Sterling Family Office Group held a discussion with Rael Gorelick, partner and Chief Investment Officer at Biltmore Family Office, led by Private Client partner Anna Salek about how family offices increasingly have to navigate the complexities of the unpredictable environment that we are currently in.

Event

Knowledge Group Webinar - CEO Pay Ratio Rule: What You Need to Know

Jul 09, 2020

Partner Gillian Emmett Moldowan and associate Melisa Brower presented a live webcast sponsored by the Knowledge Group entitled, “CEO Pay Ratio Rule: What You Need to Know.” The webcast took place on Thursday, July 9, 2020, from 12:00 pm to 1:00 pm ET. Gillian and Melisa provided an analysis of the recent trends and compliance issues concerning the CEO pay ratio rule, as well as the best practices and strategies to help companies avoid legal risks and pitfalls.