Firm Represents Lehman Brothers in $4,325,000,000 Offering of Puttable Floating Rate Notes by Banque Fédérative du Crédit Mutuel
09.11.08
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Simpson Thacher recently represented Lehman Brothers as bookrunning lead manager in connection with an offering by Banque Fédérative du Crédit Mutuel of $4.325 billion aggregate principal amount of Puttable Floating Rate Notes due 2010. The terms of the Notes provide that holders are entitled to require BCFM to repurchase the Notes at their principal amount on a quarterly basis. Interest on the Notes is calculated based on LIBOR plus a spread, which increases each quarter. The offering was conducted under Rule144A and Regulation S. The Firm had also represented Lehman Brothers in 2006 in a $3.5 billion offering by BFCM of floating rate notes.
Banque Fédérative du Crédit Mutuel is the largest regional banking group in France, with approximately four million clients and 681 local branches.
The Simpson Thacher attorneys working on this transaction include Walt Looney, Bart Gombert and Jenny Marsh (Corporate) and Meredith Jones and Seojung Park (Tax). All are based in London other than Walt Looney, who is based in New York.