International Wrap: HSF advise on billion dollar bond issue and London trainees finally get a raise

by Peter Godfrey19 May 2014
Herbert Smith Freehills advise on US$3.5 billion Chinese bond issue

Herbert Smith Freehills have advised State Grid Corp of China on a US$3.5 billion bond issue.

King & Wood Mallesons served as Chinese counsel, while Walkers advised on British Virgin Islands law.

Linklaters are representing joint global coordinators Hongkong and Shanghai Banking Corp, Goldman Sachs, Morgan Stanley, BOC International and ICBC International. 
Commerce & Finance Law Offices advised the banks on Chinese law. 

Luxury group buys restaurant chain 

WongPartnership are advising L Capital Asia, a private equity fund controlled by French luxury goods group LVMH Moet Hennessy Louis Vuitton on a US$131 million acquisition of a majority stake in Singapore-based restaurant group Crystal Jade Culinary Concepts.

Crystal Jade operates a popular chain of Chinese restaurants in nine countries across Asia.

Virtus Law Corp are representing minority shareholders, as is Lee Bon Leong & Co.

London trainees finally get a raise

Ashurst has broken its two-year pay freeze for London-based trainees and newly-qualified lawyers, upping its junior pay bands by up to 3.3%.

First-year trainees have been given a 2.6% pay rise from £38,000 to £39,000, while second-year trainees saw their salaries bumped up 2.3% from £43,000 to £44,000.

Newly-qualified lawyers saw their pay packets increased from £61,000 to £63,000 – a rise of 3.3%.

Newly-qualified lawyers at Slaughter and May saw their pay increased by 3.2% to £65,000), while Linklaters’ three-year PQE lawyers received a salary boost of £93,500.

Trio of firms to act on £3.6 billion merger

Linklaters, Freshfields Bruckhaus Deringer and Osborne Clarke will take the leading roles in the £3.6bn merger of British retailers Dixons and Carphone Warehouse.

Linklaters is advising Dixons on the deal, fielding a team led by London corporate partner Aedamar Comiskey.

Osborne Clarke is acting for Carphone Warehouse, working alongside the company's in-house legal team led by general counsel Tim Morris.

Freshfields is advising Carphone Warehouse on financing aspects of the deal, led by partner Sean Lacey. 
Linklaters secured its role advising Dixons earlier this year when the company confirmed it was in preliminary talks with the mobile phone retailer over a tie-up.
The combined group will be called Dixons Carphone.