March 4, 2021
Below are the latest deals for the week of March 3rd, 2021. Allen & Gledhill has advised Surbana Jurong on the issue of S$250 million (US$187.6m) 2.48 percent sustainability-linked notes due 2031, under its US$1 billion multicurrency debt issuance programme. Surbana Jurong issued the notes under its newly established Sustainable Finance Framework. This is believed to be the first Singapore dollar-denominated sustainability-linked bond, and the first public sustainability-linked bond issuance from a Southeast Asian based company. This is also the first Asian sustainability-linked bond to feature a premium step-up structure at maturity. The framework is prepared in line with the Sustainability Linked Bond Principles (2020) developed by the International Capital Markets Association, and helps boost Surbana Jurong’s efforts to translate the United Nations Sustainable Development Goals, set out in the 2030 agenda, into concrete and measurable actions. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised First REIT Management, as manager of First Real Estate Investment Trust (First REIT), and Perpetual (Asia), as trustee of First REIT, on the S$260 million (US$195m) loan facilities to First REIT, entered into by Perpetual with Oversea-Chinese Banking Corporation and CIMB Bank Singapore Branch. The facilities include a term loan facility of S$178.5 million (US$134m) and a revolving credit facility of S$42.5 million (US$31.9m), with an accordion option for a S$39 million (US$29.3m) increase in commitments. Partners Jerry Koh, Jonathan Lee and Foong Yuen Ping led the firm’s team in the transaction. Ashurst has represented Tyme, a global digital banking group, on establishing a joint venture with JG Group, one of the largest...