Clifford Chance Advises Underwriters On 2014's Largest Closed-End Fund Offering; Advises Blackberry On Acquisition Of Secusmart; Advises On Financing For Airbus A380 To Emirates

Wednesday, August 20, 2014 - 15:50

Clifford Chance has advised the underwriters – led by Wells Fargo Securities, LLC and including Morgan Stanley & Co. LLC, UBS Securities LLC, Raymond James & Associates, Inc. and Ameriprise Financial Services, Inc. – on the successful IPO of Tekla Healthcare Opportunities Fund. Assuming full exercise of the over-allotment, the fund will have raised US$885.5 million, making it the largest closed-end fund offering this year. The offering closed on July 31. 

The Clifford Chance team advising the underwriters on this matter was led by New York capital markets partner Clifford Cone. Associates Jeff LeMaster (Hong Kong), Margaret Mo (New York), Matt Babinsky (New York) and Vivian Tao (New York) also worked on the offering.

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Clifford Chance has advised BlackBerry Limited, Waterloo, Ontario (Canada), on the acquisition of high-security voice and data encryption specialist Secusmart GmbH, Düsseldorf (Germany). The transaction is subject to the approval from the competent authorities. The parties have agreed not to disclose the purchase price.

Secusmart is a leading supplier in the development and implementation of comprehensive anti-eavesdropping solutions for German authorities and organizations with security tasks as well as for government and authorities abroad.

By acquiring Secusmart, BlackBerry will be able to complement its own product range of secure communication channels with anti-eavesdropping technologies. BlackBerry and Secusmart cooperated already in the past to provide customers who have the most demanding security needs with innovative technology for anti-eavesdropping solutions. Last year, Germany’s Federal Office for Information Security decided to use the SecuSUITE for BlackBerry® 10 solution for classified communications for the country’s highest public officials, including the German chancellor.

The Clifford Chance team was led by partner Burc Hesse and comprised partner Jan Wrede, counsel Dr. Bernhard Magg, counsel Gwendolyn Müller, associate ‎Regina Goebel, senior associate Dr. Albrecht Brodhun (all Corporate), counsel Dr. Anette Gärtner, associate Dr. Alexander Weiss (both IP) and associate ‎Annika Schnell (Corporate/Employment Law) – all Munich – as well as partner Marc Besen and senior associate Dr. Dimitri Slobodenjuk (both Antitrust, Düsseldorf).

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Clifford Chance has advised Abu Dhabi Islamic Bank, Dubai Islamic Bank and Commercial Bank of Dubai on a US$425 million Islamic financing and leasing (ijara) to Emirates for two aircraft, including Emirates' 50th Airbus A380, marking a significant milestone for the airline.

Abu Dhabi Islamic Bank acted as security trustee, security agent, investment manager and investor while Dubai Islamic Bank and Commercial Bank of Dubai acted as investors. The 50th A380 was delivered on 9 July 2014.

The UAE-based Clifford Chance team advising the banks was led by Antony Single and included senior associate Shauaib Mirza, associate Asim Arshad and trainee Jack Parker. Antony Single has advised on the majority of all UAE aircraft transactions including for Emirates, flyDubai and Etihad.