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...
February 24, 2021
AZB & Partners is advising Lion Meadow Investment, an affiliate of Warburg Pincus, on the Rs31.26 billion (US$432m) sale of its 20 percent equity stake in Bharti Telemedia to Bharti Airtel. The consideration was paid partly in cash and partly via issuance of equity shares to Bharti Airtel. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was signed on February 17, 2021 and is yet to be completed. AZB & Partners is also advising TPG Dodla Dairy Holdings, as the investor selling shareholder, on Dodla Dairy’s IPO of equity shares with face value of Rs10 (US$0.138) each, comprising a fresh issue of equity shares aggregating up to Rs500 million (US$6.9m) and an offer for sale of up to 10.1 million equity shares, consisting of up to 830,000 equity shares by TPG Dodla Dairy Holdings, up to 416,604 equity shares by Dodla Sunil Reddy, up to approximately 1.04 million equity shares by Dodla Family Trust and up to 327,331 equity shares by Deepa Reddy. Partners Varoon Chandra and Lionel D’Almeida are leading the firm’s team in the transaction, which was filed with the SEBI on February 15, 2021 and is yet to be completed. Further, AZB & Partners is advising Jubilant FoodWorks on its £24.8 million (US$35m) 100 percent acquisition, via its wholly-owned subsidiary Jubilant FoodWorks Netherlands, of Fides Food Systems Coöperatief UA, which holds 32.81 percent equity shares in DP Eurasia, from Turkish Private Equity Fund II. Partners Ajay Bahl and Anant Dang are leading the firm’s team in the transaction, which was signed on February 19, 2021 and is yet to...
February 4, 2021
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