Annual Report 2017

Rothschild & Co | Annual Report 2017

1. Overview

4. Financial statements

Management report

2. Business review

Rothschild & Co advised the following clients on a number of significant financing advisory assignments during the year:

Ant Financial

(China)

Avaya

(United States)

Caesars Entertainment

Operating Company

(United States)

Cerberus/GoldenTree

(Austria)

• Debt advice on debt raising

(US$3.5bn)

• High-profile debt financing,

highlighting our capabilities

in advising Chinese borrowers

on capital raising from the

international loan market

• Adviser to the ad hoc Bondholder

Committee on the company’s

restructuring (US$8.0bn)

• Highly complex and litigious

bankruptcy process resulting

in a consensual deal with all

creditors, new money exit term

loan and listing on the NYSE

postemergence

• Adviser to First Lien Term Loan

Lenders on the company’s

restructuring (US$18.5bn)

• One of the most complex Chapter

11 restructurings in history

• IPO of BAWAG (€1.9bn)

• Largest ever IPO on the Vienna

Stock Exchange and one of the

largest European IPOs of 2017

Codelco

(Chile)

Department of Finance

(Republic of Ireland)

Emaar Properties and Emaar

Development (UAE)

NLFI

(Netherlands, Australia)

• Debt advice on dual-tranche

issuance and associated

liability management exercise

(US$2.75bn)

• Utilised mining sector and

sovereign advisory expertise to

explore all angles and options

• Privatisation IPO of Allied Irish

Banks (€3.4bn)

• Continued our long-standing

relationship following advice on

the bailout of the Irish banking

system post financial crisis

• IPO of Emaar Development

(US$1.3bn)

• First IPO on the Dubai Financial

Market in three years and one of

the largest ever

• Sell-down of a 7% stake in ABN

AMRO (€1.5bn)

• Followed advice on the

privatisation IPO of ABN AMRO

in 2015 – the largest ever Dutch

privatisation and IPO

PDMA

(Greece)

Premier Oil

(United Kingdom)

Royal Dutch Shell

(Netherlands)

Sorgenia

(Italy)

• Debt advice on bond and liability

management exercise (€3bn and

€1.5bn respectively)

• Part of our ongoing role to prepare

Greece for a full return to the

international capital markets

and exit the financial assistance

programme

• Restructuring of Premier Oil

(US$3.8bn)

• One of the North Sea’s most

complex financial restructurings,

implemented via a Scottish

scheme of arrangement and

conversion of German law into

an English law term loan

• Sell-down of the entire remaining

13.28% shareholding in

Woodside Petroleum (US$2.7bn)

• Long-standing relationship with

Royal Dutch Shell, lasting over

100 years

• Debt restructuring (€1.5bn)

• Played crucial role in building

consensus for the new

restructuring proposal amongst

the 20 plus lenders

Teva Pharmaceutical

(Israel)

Ukraine Ministry of Finance

(Ukraine)

Ultra Petroleum

(United States)

U. S. Steel Canada

(Canada)

• Debt advice on equivalent bond

offering (US$20.4bn)

• Involved debt and equity work

streams and dedicated teams

in New York, Tel Aviv, Paris and

London

• 15-year Eurobond issue and

tender offer on outstanding 2019

and 2020 Eurobonds (US$3bn

and US$1.6bn respectively)

• Largest Ukrainian sovereign

issuance ever, constituting the

country’s return to international

capital markets following its

sovereign debt restructuring

in 2015

• Chapter 11 restructuring

(US$6bn)

• Achieved successful emergence

from bankruptcy and raised

US$3bn of exit financing in

the process

• Restructuring and sale to Bedrock

Industries (US$3.3bn)

• Complex multi-stakeholder

negotiation and sale process

which included the debtor, acquirer,

multiple creditors, labour and

government