7 December – LAWFUEL – The Law News Network – Linklaters has advised Lehman Brothers, as manager, on the first issue of bonds with warrants by a European issuer since 2001.
The EUR500m issue of fixed rate step-up notes with warrants by Espírito Santo Financial Group SA (ESFG) is one of the largest non-mandatory convertible (equity-linked) deals for 2005 and is the first Luxembourg listing of notes with warrants since the implementation of the Prospectus Directive.
ESFG is the Luxembourg holding company of a range of banking and insurance companies based in Portugal, Switzerland, Spain and Brazil, including Banco Espírito Santo SA, Banco International de Crèdito SA, Companhia de Seguros Tranquilidade SA and Companhia de Seguros Tranquilidade SA.
A multi-jurisdictional team in London, Luxembourg and Portugal advised on the issue of the notes and warrants, including the preparation of the prospectus, terms and conditions, subscription agreement, fiscal agency agreement and warrant agency agreement.
The Linklaters team was led from London by partner, Keith Thomson. Other key members included James Southorn, Francisco Almeida, Andrè Júdice Glória and Piers Summerfield.
ESFG was advised by Freshfields.
