May 12, 2022
Allen & Gledhill has advised PSA International and PSA Treasury on the issue of S$650 million (US$486.8m) 2.88 percent notes due 2027, under their US$5 billion global medium term note program. PSA International is the guarantor for the notes. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Sembcorp Industries (SCI) on the issue of S$300 million (US$216.3m) 3.735 percent sustainability-linked notes due 2029 by Sembcorp Financial Services (SFS), under the S$3 billion (US$2.16b) multicurrency debt issuance program established by SCI and SFS. Including the notes, Sembcorp Group will have successfully raised approximately S$1.4 billion (US$1b) of green and sustainable financing within a year to support its strategic transformation from brown to green. Partner Bernie Lee led the firm’s team in the transaction. AZB & Partners is advising Shell Overseas Investments, a wholly-owned subsidiary of Shell, on its Rs119 billion (US$1.54b) acquisition from Actis Solenergi of 100 percent shareholding in Solenergi Power, direct shareholder of the Sprng Energy group of companies in India. Partners Ashwath Rau, Atreya Bhattacharya, Anuja Tiwari, Veena Gopalakrishnan, Nikunj Maheshwari, Hemangini Dadwal and Aditya Singh Chandel are leading the firm’s team in the transaction, which was signed on April 29, 2022 and is yet to be completed. AZB & Partners has also advised WestBridge AIF I, along with co-investors MMPL Trust and Konark Trust, on its Rs2.3 billion (US$29.8m) acquisition, along with other investors, of stake via series B funding round in The WoodenStreet Furnitures. Partners Gautam Saha and Amrita Patnaik led the firm’s team in the transaction, which was...
April 28, 2022
Allen & Gledhill has advised Ascendas Funds Management (S), as manager of Ascendas Real Estate Investment Trust, on the issue of S$208 million (US$151m) 3.468 percent green fixed rate notes due 2029, under the S$7 billion (US$5b) euro medium term securities programme established by HSBC Institutional Trust Services (Singapore), as trustee of Ascendas REIT. Partner Margaret Chin led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on the S$529.7 million (US$384m) term and revolving green loan facilities to SPRINT Plot 1 TM, as trustee-manager of the SPRINT Plot 1 Trust, a joint venture between CapitaLand Group and Ascendas REIT. The proceeds of the facilities were used to, among others, partially finance the land and development cost of a business park development in Singapore. Partner Kok Chee Wai led the firm’s team in the transaction. Ashurst has acted as Hong Kong, New York and Singapore counsel to Hong Kong-listed and Cayman Islands-incorporated MIE Holdings on its successful debt restructuring. This transaction is one of the major restructurings completed in the Hong Kong market this year. The restructuring was implemented via a scheme of arrangement in relation to MIE’s Singapore-listed and New York law-governed notes, along with a fully consensual and inter-conditional restructuring of four separate Hong Kong law-governed secured loan facilities. Hong Kong restructuring partner Sophie Lyall and global head of high yield debt partner Anna-Marie Slot, supported by partners Rob Child, James Comber and Frank Bi, led the firm’s team in the transaction, working closely with Walkers, Stroock, Stroock & Lavan and...
April 28, 2022
Allen & Gledhill has acted as transaction counsel to Mizuho Bank on the ¥20 billion (US$159m) term loan facility to GLP. Mizuho Bank was appointed facility agent, mandated lead arranger and book-runner, and sustainability coordinator. Partner Kok Chee Wai led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Singapore Post and SingPost Group Treasury on the issue of S$250 million (US$183m) 4.35 percent subordinated perpetual securities by SingPost Group Treasury, under its S$1 billion (US$733m) multicurrency debt issuance program. SingPost is the guarantor of the program. Partners Margaret Chin, Ong Kangxin and Sunit Chhabra led the firm’s team in the transaction. Ashurst has advised Sumitomo Forestry, one of the largest real estate developers in Japan, on its formation of a joint venture with Bywater Properties, a prominent property developer in the UK. As its first project, the joint venture company will develop an office building in Lambeth, London, which will be primarily using timber structure and will have an extruded terracotta façade, which is quite unique for a large-scale commercial building in the UK. Sumitomo Forestry is also a distributor of high-quality timbers and building materials. London corporate partner and head of European Japanese practice Hiroyuki Iwamura, supported by real estate partners Jamie Chapman and Ben Patton and tax partner Paul Miller, led the firm’s team in the transaction. Ashurst has also represented Hong Kong-listed Far East Consortium International, an international company mainly engaged in property development and investment, hotel operations and management, on the acquisition of R&F Properties VS (UK), owner of the 133,000 sqm gross floor area mixed use development site...
April 28, 2022
Allen & Gledhill has advised United Overseas Bank and DB International Trust (Singapore) on the establishment of a S$500 million (US$366m) secured medium term note program, and issue of S$109 million (US$80m) 2.85 percent Class A1 sustainability-linked notes due 2026 and S$36 million (US$26.3m) 3.65 percent Class A2A sustainability-linked notes due 2026 by M&T Investments. The notes are backed by proceeds received from the sale, deregistration and/or lease of vehicles sold by Lion City Rentals, making them the first auto asset-backed securitization in Singapore. The notes are also the first sustainability-linked asset-backed securities in Singapore. UOB acted as sole arranger and program dealer in respect of the program, and the dealer for the notes. DB International Trust acted as note trustee and security trustee. Partners Magdalene Leong, Fabian Tan, Andrew Chan, Jo Tay, Kelvin Wong and Daselin Ang led the firm’s team in the transaction. Allen & Gledhill has also advised CLI Treasury and CapitaLand Investment on the issue of S$400 million (US$293m) 3.33 percent notes due 2027 by CLI Treasury, under its S$6 billion (US$4.4b) euro medium term note program. The notes are unconditionally and irrevocably guaranteed by CapitaLand Investment. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction. Assegaf Hamzah & Partners has acted for GoTo Gojek Tokopedia, the largest technology group in Indonesia, through the Gojek, Tokopedia and GoTo Financial brands, on its IPO. The total amount raised from the group’s IPO is approximately US$1.1 billion, comprising US$954.7 million in proceeds, plus US$146.3 million from treasury shares for over-allotment, representing a market capitalization of approximately US$28 billion. Partners Bono Daru Adji and Intan Paramita (Mita) led...
April 7, 2022
Allen & Gledhill has acted as transaction counsel to CDL Constellation on the S$313.2 million (US$230.8m) acquisition of the leasehold interest from Far East H-REIT, through DBS Trustee, as trustee of Far East H-REIT, and reversionary interest from OPH Riverside, a wholly-owned subsidiary of Far East Orchard, via put and call option agreements, in the property known as Central Square in Singapore. Partner Ernest Teo led the firm’s team in the transaction. Allen & Gledhill advised DBS Trustee Limited (in its capacity as trustee of BHG Retail REIT) (“DBS Trustee”), certain of its subsidiaries and BHG Retail Trust Management Pte. Ltd. (“BHG Reit Manager”) on the S$252 million offshore facility agreement (“Offshore Facility”), and RMB297.0 million onshore facilities agreements in relation to obtaining secured term loan facilities. Such onshore-offshore facilities were granted for the purposes of, among others, refinancing existing facilities and to finance general corporate and working capital purposes. A separate team from Allen & Gledhill, as transaction counsel, advised the offshore lenders on the Offshore Facility. Advising DBS Trustee and BHG Reit Manager was Allen & Gledhill Partner Daselin Ang. Advising the offshore lenders was Allen & Gledhill Partner Aloysius Ng. AZB & Partners is advising Bharti Airtel on its Rs24 billion (US$317m) acquisition, together with its wholly-owned subsidiary Nettle Infrastructure Investments, of approximately 4.7 percent equity stake in Indus Towers, a joint venture between Bharti Airtel and Vodafone Group, from Euro Pacific Securities, an affiliate of Vodafone Group. Partners Gautam Saha, Amrita Patnaik and Punita Gupta are leading the firm’s team in the transaction, which was signed on February 25, 2022 and is yet to be...