Pillsbury Winthrop this month represented QBE Insurance Group in a US$220 ($286) million Rule 144A offering of ABC Custodial Receipts representing ABC Securities due 2009 of Mantis Reef II Custody Arrangement. The initial purchasers for the transaction were Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. The funding arrangements under this transaction will be used to contribute towards QBE’s funds at Lloyd’s requirements for 2005. QBE is an Australian-based general insurance and reinsurance group that underwrites commercial and personal lines in countries around the world.
Skadden represented Sempra Energy LNG (Sempra) in connection with its execution of a 20-year liquid natural gas (LNG) sale and purchase agreement with BP plc and its Tangguh LNWilliams, RobertG partners for the purchase by Sempra of 3.7 million tons of LNG per year. Sempra is a subsidiary of California-based Sempra Energy, a Fortune 500 energy services holding company. The firm said the deal is estimated to be worth between US$15.5 ($19.4) billion and US$18 billion.