Nagashima Ohno & Tsunematsu, Sullivan & Cromwell, Anderson Mori & Tomotsune and Simpson Thacher & Bartlett have advised on the $8.5 billion initial public offering of Japan Airlines Co (JAL).
The airline’s shares returned to the market on the Tokyo Stock Exchange on Sept. 19, its public relisting after the airline’s bankruptcy. It was the world’s second-largest IPO this year after social networking giant Facebook Inc’s $16 billion offering. The offering included an international offering to institutional investors pursuant to Rule 144A and Regulation S.
The IPO nearly doubled the 350 billion yen injected by a Japanese government-backed fund following Japan Airline's failure with $25 billion in debts in early 2010. The fund, the Enterprise Turnaround Initiative Corporation of Japan, sold its 96.5 percent stake in the airline in the IPO.
The global coordinator for the domestic and international offerings was Daiwa Securities, while the joint lead managers and joint bookrunners for the international offering were Daiwa capital markets Europe, Bank of America Merrill Lynch and Morgan Stanley.
JAL was represented by a Nagashima Ohno & Tsunematsu team led by Hidetake Mihara as to Japanese law, and by an Izumi Akai-led team at Sullivan & Cromwell as to U.S. law. The international managers’ Japanese counsel was Anderson Mori & Tomotsune, its team led by Hironori Shibata, and their U.S. counsel was a Simpson Thacher Tokyo team led by Alan Cannon, David Sneider, Tadashi Okamoto and Nirav Mehta.
Candice Mak is North Asia Editor at ALB. Follow us on Twitter: @ALB_Magazine.
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