News & Events

Simpson Thacher represented JPMorgan as initial purchaser in connection with an offering of $700 million 10-year 6.625% senior notes issued by Noble Group Ltd., a leading global diversified natural resources merchant providing a value-added service by integrating each step of the global commodities supply chain from sourcing to delivery. The transaction, which closed on March 17, 2005, was upsized from $500 million due to significant investor demand and represents the largest ever non-investment grade corporate debt issue in Asia.

The landmark transaction features the lowest spread ever achieved by a non-investment grade Asian corporate issuer and a high grade covenant package combined with a standard high yield call feature.

The Simpson Thacher team who worked on the offering included Phil Culhane, Eugene Lee, Irene Law and Zhengming Pan in the Hong Kong office and Gary Sellers, Adam Rosenzweig (tax), Noah Beck (tax) and Mark Lab (blue sky) in the New York office.