Alliance firms Herbert Smith and Cuatrecasas are acting for Spanish industrial machinery group General de Alquiler de Maquinaria on the issue of 125 million senior unsecured convertible bonds. The notes are convertible into new ordinary shares in 2012, which will be listed on Spain's stock exchanges. Herbert Smith is advising on the English law aspects of the offering and Cuatrecasas is advising on Spanish law matters. The Herbert Smith team is being led by corporate partners Will Pearce and Charles Howarth, with the Cuatrecasas team being led by corporate partners Fernando Torrente and Francisco Martínez Maroto. Credit Suisse and Morgan Stanley are acting as joint bookrunners, advised by Linklaters.