|Allen & Gledhill has advised Homerun 28 Ltd, a subsidiary of LaSalle Asia Opportunity III SARL, in respect of a conditional share purchase agreement to sell its 95 percent interest in FirstOffice Pte Ltd to HSBC Institutional Trust Services (Singapore) Ltd, as trustee of CapitaCommercial Trust. FirstOffice owns the property known as Twenty Anson. Partners Steven Seow, Oh Hsiu Hau and Lyn Wee The led the transaction which was valued at approximately S$408 million (US$324.3m).
Allen & Gledhill has also advised Credit Suisse (Singapore) Ltd, JP Morgan (SEA) Ltd and UBS AG Singapore Branch as the joint book-running managers and joint lead managers in respect of MMI International Ltd’s issue of US$300 million 8 percent senior secured notes due 2017. Partners Tan Tze Gay and Bernie Lee led the transaction.
Allens Arthur Robinson has advised ASX-listed real estate investment trust Investa Office Fund in respect of its acquisition from members of Investa Property Group of a 25 percent interest in 126 Phillip Street, Sydney (Deutsche Bank Place), one of the premier CBD office properties in Australia, and a 50 percent interest in 242 Exhibition Street, Melbourne, an A-Grade CBD office property that serves as the Telstra Global Headquarters. As the vendors in relation to both Deutsche Bank Place and the Telstra Global Headquarters were related parties of Investa Office Fund, the proposed acquisitions were subject to IOF unitholder approval which was successfully obtained on 27 March 2012.
Allens Arthur Robinson has also advised FOXTEL, Australia’s largest subscription television provider, in respect of obtaining competition clearance of its proposed acquisition of regional subscription television provider AUSTAR United Communications Ltd. The acquisition, which was subject to clearance by the Australian Competition and Consumer Commission (ACCC), gained the necessary regulatory approval when the ACCC announced that it would not oppose the proposed acquisition of AUSTAR by FOXTEL after accepting court-enforceable undertakings from FOXTEL. Partner Jacqueline Downes led the transaction. Gilbert +Tobin advised Telstra; Freehills acted for Austar; and Allen & Overy represented Liberty.
Akin Gump Strauss Hauer & Feld has advised OAO LUKOIL in respect of a project financing of up to US$500 million for the Khauzak-Shady and Kandym gas fields in Uzbekistan. The transaction was signed on 30 March 2012 with a consortium of lenders consisting of BNP Paribas (Suisse) SA, Crédit Agricole Corporate and Investment Bank, The Korea Development Bank, Asian Development Bank and Islamic Development Bank. The deal represents the biggest financing ever to a private company operating in the fuel and energy sector in Uzbekistan. Partner Robert Aulsebrook led the transaction. Shearman & Sterling advised the lenders.
Amarchand & Mangaldas has advised FID Investments (Mauritius) Ltd, a part of the Fidelity group, in respect of the sale of its entire stake in FIL Fund Management Private Ltd and FIL Trustee Company Private Ltd, the asset management company and trustee company, respectively, of the Fidelity Mutual Fund, to L&T Finance Ltd. The transaction represents the first exit by the Fidelity group of an asset management business in its entire history. Upon completion of the proposed sale, the sponsorship, trusteeship and management of the schemes of the Fidelity Mutual Fund will be transferred to L&T Finance Ltd, L&T Mutual Fund Trustee Ltd and L&T Investment Management Ltd. The combined mutual fund will be the 13th largest in India. Partner Ashwath Rau led the transaction which was signed on 27 March 2012 and is subject to regulatory approvals.
Ashurst is advising the Qantas Group in respect of the establishment of a 50:50 joint venture with China Eastern Airlines to create Jetstar Hong Kong. The new airline will be the first low cost carrier to be based in Hong Kong and will combine the local knowledge of China Eastern and the successful low cost carrier model of Jetstar in Australia to service short haul routes in Asia. Subject to regulatory approval, Jetstar Hong Kong will commence services in 2013 with a fleet of three Airbus A320s, growing to 18 A320s by 2015. Partner Robert Ogilvy Watson is leading the transaction.
Ashurst is also advising Middle East jewellery manufacturer and jewellery and watch retailer Damas International Ltd (Damas) in respect of the US$445 million proposed recommended cash bid by Mannai Corporation and EFG Hermes for the entire issued and to be issued share capital of Damas. Mannai Corporation and EFG Hermes propose to acquire the shares for US$0.45 per share and on completion will hold indirect interests of 66 percent and 19 percent, respectively. Current majority shareholders Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah will reinvest to hold an indirect 15 percent interest in the business. On successful completion, Mannai Corporation and EFG Hermes intend to delist and cancel trading in Damas’s shares. Partner Alastair Holland is leading the transaction.
AZB & Partners has advised Tata Global Beverages Ltd in respect of the acquisition of a 4.17 percent stake in Mount Everest Mineral Water Ltd (MEMW) from the other promoters of MEMW, Foresight Holdings Pvt Ltd and Vinod Sethi. Partner Abhijit Joshi led the transaction which was valued at approximately US$ 5.5 million and was completed on 28 March 2012.
AZB & Partners has also advised HBS Realtors Private Ltd (HBS Realtors) in respect of its issuance of 650,000 rated, secured, redeemable non-convertible debentures in three tranches with the face value of INR1,000 (US$19.43) each on a private placement basis, aggregating to INR650 million (US$13m). These debentures were later listed on the wholesale debt segment of the Bombay Stock Exchange. Partner Sai Krishna Bharathan led the transaction which was completed on 7 March 2012.
Baker & McKenzie.Wong & Leow and Hadiputranto, Hadinoto & Partners, (member firms of Baker & McKenzie International in Singapore and Indonesia), have advised a consortium comprising of PT Supreme Energy, International Power – GDF SUEZ and Sumitomo Corporation in respect of its long term Power Purchase Agreement in respect of the Muara Laboh geothermal power project and the Rajabasa geothermal power project with PT PLN, the Indonesian state-owned electricity utility, and the guarantee provided by Indonesia’s Ministry of Finance in respect of PT PLN’s obligations under that Power Purchase Agreement. The development and construction of these two projects is expected to be financed by the Japan Bank for International Cooperation and other international financial institutions. Luke Devine and Chew Chin led the transaction.
Clayton Utz has acted for Bank of Queensland in respect of its fully underwritten accelerated non-renounceable pro rata entitlement offer and institutional placement to raise approximately A$450 million (US$463.7m). Partner Tim Reid is leading the transaction.
Clifford Chance has advised China Minsheng Bank Corporation in respect of its Hong Kong share sale of US$1.44 billion. With UBS and Haitong as the lead placing agents, 1.65 billion new H-shares at HK$6.79 (US$0.87) apiece were issued and placed. Minsheng Bank, based in Beijing and founded in 1996, is China’s first non-state lender. Partner Tim Wang led the deal.
Clifford Chance has also advised Standard Chartered Bank in respect of its investment, along with three other strategic investors National Council for Social Security Fund, UBS AG and CITIC Capital in China Cinda Asset Management Co. Ltd. (Cinda), one of the earliest-established state-owned financial asset management companies in China. The four strategic investors invested a total of RMB10.37 billion (US$1.64b) and will hold an aggregate of 16.54 per cent of the enlarged share capital of Cinda. All regulatory approvals for the transaction have been obtained. The transaction represents the first-ever foreign investment in a Chinese financial asset management company. Partner Terence Foo led the deal.
Colin Ng & Partners has acted for Parkway East Hospital (operated by Parkway Hospitals Singapore Pte Ltd which is owned by Parkway Pantai Ltd, the largest private healthcare provider in Singapore) in respect of the lease of 30 hospital beds to Changi General Hospital (CGH), a public hospital under MOH Holdings Pte Ltd, the holding company of Singapore’s public healthcare assets, in a collaboration between a private and public hospital in Singapore. The agreement to lease 30 hospital beds for a term of five years is to meet the increasing need for healthcare and to ease the patient load at CGH by housing CGH patients at Parkway East Hospital. CGH patients housed at Parkway East Hospital will continue to be monitored by CGH doctors and pay subsidized rates. Partner Ho Soo Lih led the transaction.
Dhir & Dhir Associates has advised PTC India Financial Services Ltd in respect of the loan funding to Green Venture Private Ltd, a company incorporated under the laws of Nepal, for its proposed 120 MW Likhu IV Hydro Electric Power Project on river Likhu Khola, tributary of Sapta Koshi River in Ramechhap and Okhaldunga districts of Nepal. The loan agreement has been executed and security documents are pending execution. Girish Rawat and Abhijit Shankar Roy advised on the matter.
Dhir & Dhir Associates has also advised AMD Financial Services Private Ltd in respect of its investment into Sesha Tools Private Ltd, a Bangalore based company engaged in the business of manufacturing carbide tools. Girish Rawat advised on the matter.
Freshfields Bruckhaus Deringer has advised the placing agents in respect of China Minsheng Banking Corporation Ltd’s share placement. Minsheng, China’s largest non-state-owned bank, has raised US$1.44 billion through issuing and placing 1.65 billion new H-shares in Hong Kong. The placing agents were UBS, Haitong, KBW and Jefferies. Partners Calvin Lai and Richard Wang led the transaction.
Freshfields Bruckhaus Deringer has also advised Citizen Watch Co Ltd in respect of its acquisition of Switzerland-based Prothor Holding SA, a leader in the field of high quality mechanical movements and components for the mechanical watch industry. Prothor Holding SA became a subsidiary of Citizen Watch Co Ltd, a wholly-owned subsidiary of Citizen Holdings Co Ltd, on 2 April 2012. The acquisition is intended to allow Citizen to grow its high-end watch businesses and contribute to the strengthening of Citizen’s R&D ability in the area of Japan-made mechanical movements in the future. Partners Edward Cole and Takeshi Nakao led the transaction.
Fried, Frank, Harris, Shriver & Jacobson has represented Bank of America Merrill Lynch in respect of the placement of US$150 million aggregate principal amount of 4.5 percent convertible bonds due 2017 issued by HKSE listed 361 Degrees International Ltd, a leading sportswear designer and manufacturer in China. The convertible bonds are listed on the SGX. Partners Carolyn Sng and Joshua Wechsler led the transaction.
Hadiputranto, Hadinoto & Partners, the member firm of Baker & McKenzie in Indonesia, has advised DBS Group Holdings Ltd in respect of DBS’s conditional share purchase agreement with Fullerton Financial Holdings Pte Ltd (FFH) to acquire 100 percent of its wholly-owned subsidiary Asia Financial (Indonesia) Pte Ltd (AFI), which holds a 67.37 percent stake in PT Bank Danamon Indonesia Tbk (Danamon), for IDR45.2 trillion (US$4.94b), based on an agreed price of IDR7,000 (US$765) per Danamon share held by AFI. The total consideration would be paid in the form of 439 million new DBS shares at an issue price of S$14.07 (US$11.18) per new DBS share. Credit Suisse and Morgan Stanley have been appointed as the joint financial adviser on the proposed acquisitions of Danamon and Alliance. ING Bank NV will be appointed as independent financial adviser on the proposed acquisition of AFI. The transaction ranks as Asia’s fourth-biggest banking deal. Partner Tuti Hadiputranto led the transaction.
Herbert Smith has advised Export-Import Bank of China (China Eximbank), a state bank solely owned by the Chinese government, in respect of its issuance of RMB4 billion (US$635m) bonds. The bonds, which were issued by China Eximbank in Hong Kong on 5 April 2012, included a tranche of RMB3 billion (US$476m) two-year bonds due 2014 and a tranche of RMB1 billion (US$159m) three-year bonds due 2015. Partner Tom Chau led the transaction.
J Sagar Associates has advised PTC Financial Services (PFS) in respect of the sale of a 14.01 percent equity stake in Indian Energy Exchange Ltd, India’s largest power trading exchange, to private equity firm Multiples Alternate Asset Management floated by former ICICI Venture CEO Renuka Ramnath, for INR70.76 crore (US$7.74m). Prior to this transaction, PFS held 19.01 percent stake on fully diluted basis. Following the transaction, PFS’s shareholding in IEX is 5 percent, in line with the Central Electricity Regulatory Commission norms, under which an entity trading in power cannot hold more than 5 percent equity stake in a power exchange. Partner Rohitashwa Prasad led the transaction.
J Sagar Associates has also advised Rico Auto Industries Ltd, an Indian listed company engaged in manufacturing and supply of auto components to customers globally, in respect of its exit from its joint venture with Continental AG, a German listed company engaged, in manufacturing and supply of braking components and products for the automotive industry. Rico has divested its entire 50 percent stake in the JV, Continental Rico Hydraulic Brakes India Private Ltd, an Indian private Ltd company engaged in manufacturing and supply of components for hydraulic brake systems, to a group company of Continental AG. Partner Venkatesh Raman Prasad led the transaction. Vaish Associates, headed by partner Bomi Daruwala, advised Continental AG and its affiliates involved in the transaction.
Jones Day has advised Kotak Mahindra Capital Company Ltd (Kotak Mahindra) and UBS Securities India Private Ltd (UBS) in respect of the US$95 million private placement of equity shares of the Indian real estate company Godrej Properties Ltd (GPL) which closed on 30 March 2012. GPL is the first company to complete a placement through the recently enacted Institutional Placement Programme (IPP). IPPs have been introduced to enable publically listed companies to comply with the minimum public shareholding requirements of the securities laws of India. The IPP allows promoters to sell up to 10 percent of the company’s equity shares to institutional investors. Partner Manoj Bhargava led the transaction. S&R Associates, led by Sandip Bhagat, acted as domestic counsel to the lead managers while Amarchand & Mangaldas & Suresh A Shroff & Co, led by Yash Asher, acted as the domestic counsel to the issuer.
Khaitan & Co has advised Madhya Pradesh State Industrial Development Corporation Ltd (MPSIDC) in respect of a Scheme of Arrangement & Compromise under Sections 391 to 394 of the Companies Act, 1956 of MPSIDC with its secured and unsecured creditors and 14.4 percent bond holders, including creditors who had filed winding up petitions, approved by the Ministry of Corporate Affairs, Government of India. Through this Scheme, MPSIDC has received a relief of over about INR450 crores (US$87.4m) from its creditors. Partner Sharad Vaid led the transaction.
Khaitan & Co has also advised Berenson Mauritius Ltd in respect of the acquisition of a minority stake in Violet Arch Capital Advisors Private Ltd. Berenson Mauritius Ltd is a wholly owned subsidiary of Berenson and Company USA. Berenson & Company is an independent financial advisory and investment management firm. Partner Haigreve Khaitan led the transaction.
KhattarWong has advised TRF Ltd in respect of its acquisition of a 49 percent stake in York Transport Equipment (Asia) Pte Ltd (York Singapore) from Baker Technology Ltd for approximately S$22.2 million (US$17.6m). TRF Holdings Pte Ltd, a wholly owned subsidiary of TRF Ltd, completed the acquisition on 27 March 2012. Prior to this acquisition, the firm also advised TRF Ltd in its acquisition of 51 percent stake in York Singapore through TRF Singapore Pte Ltd for approximately S$16.6 million (US$13.2m). Partner Nicholas Lim led the transaction.
King & Wood Mallesons has acted for the joint book-runners for the convertible notes offer and the underwriters for the equity offer in respect of Beach Energy’s new combined capital raising of A$345 million (US$355.6m) non-renounceable entitlement offer and issue of convertible notes. The deal structure involved a fully underwritten one-for-eight pro-rata accelerated non-renounceable entitlement offer, at A$1.40 (US$1.44) a share to raise A$195 million (US$201m) with a parallel A$150 million (US$154.6m) offer of senior, unsecured convertible notes which are primarily being offered in Asian markets. Partners John Sullivan and Shannon Finch led the transaction whilst Linklaters advised the joint book-runners on the offshore elements and Skadden Arps, Slate Meagher & Flom advised the joint book-runners and joint underwriters on the US law aspects of the transaction. Piper Alderman and Sidley Austin acted for Beach Energy.
King & Wood Mallesons has also acted for Xstrata plc and Glencore International plc in respect of Xstrata plc’s all-share merger with Glencore. Upon completion, the merger will be the largest of its kind in the mining industry to date and the largest M&A deal (in money terms) worldwide this year. Under the deal, Glencore, the world’s largest commodities trading company, will acquire all of the remaining 65 percent shareholding in Xstrata which it does not currently own. Glencore will offer 2.8 new shares to each shareholder in Xstrata, representing a 15.2 percent premium to Xstrata shareholders. The new entity, to be called Glencore Xstrata, will be one of the world’s largest diversified mining houses and have a combined market capitalisation of US$90 billion spanning mining, agriculture and trading. Partner Nicholas Pappas led the transaction.
Majmudar & Co has advised the administrators of MF Global Overseas Ltd in respect of the sale of a majority stake in its Indian broking joint venture, MF Global Sify Securities India Private Ltd, to PhillipCapital, a leading financial services provider based in Singapore. MF Global Sify Securities India Private Ltd is one of the few existing profitable operations of MF Global since MF Global’s collapse into what has become the largest bankruptcy since Lehman Brothers in 2008 and the eighth largest in US history. In addition, the firm also advised the administrators of MF Global Overseas Ltd on the sale of its Indian subsidiaries to PhillipCapital. Partners Akil Hirani and Rukshad Davar led the transaction whilst Weil, Gotshal & Manges advised on English law. PhillipCapital was advised on Indian law aspects of the transaction by DSK Legal and on Singapore law by Rajah & Tann.
Maples and Calder has acted as Cayman Islands counsel to BNY Mellon Asset Management Japan Ltd in respect of the establishment of Nikko Insight Emerging Market Corporate Bond Fund, a series trust of Mellon Offshore Funds. The investment objective of the fund is to seek to achieve an attractive yield by investing mainly in the global emerging market corporate debt asset class whilst maintaining or growing the capital of the fund. As at launch, approximately US$267 million was raised. Nick Harrold and Terence Ho led the transaction whilst Japanese legal advice was provided by Mori Hamada & Matsumoto.
Maples and Calder has also acted as Cayman Islands counsel in respect of the establishment and launch of Macquarie Short Term Currency Alpha Trust for qualified institutional investors. The investment objective of the Fund is to add value by primarily trading in forwards in the Group of Ten (G10) currencies, namely the United States Dollar, Euro, Japanese Yen, Canadian Dollar, Swiss Franc, British Pound, Australian Dollar, New Zealand Dollar, Norwegian Krone and Swedish Krona. The fund may also invest in G10 currency options. As at launch, subscriptions totalling approximately US$20 million were received. Spencer Privett and Garry Manley led the transaction.
Ogier has acted for Naibu, the 10th largest local sportswear brand in China, in respect of its recent £68 million (US$108m) listing on the AIM Market. Naibu Global International Company plc and its subsidiaries design, manufacture and supply Naibu branded clothing and accessories through around 2,800 Naibu stores and sales outlets across China. It is a newly incorporated Jersey holding company for the existing Naibu group of companies and was listed on the AIM Market on 5 April 2012, raising approx £6 million (US$9.54m) in new equity. Partner Nathan Powell led the transaction. Pinsent Mason acted as lead advisers to Naibu.
Rahmat Lim & Partners has advised Lumayan Indah Sdn Bhd in respect of its plans to develop and construct a building in Kuala Lumpur comprising, among others, 441 units of private residences which are to be provisionally known as Banyan Tree Signatures Kuala Lumpur. The gross development value of the project is approximately RM1.4 billion (US$454m). Partner Lee Yee Ling led the transaction.
Rahmat Lim & Partners has also advised Mapletree Logistics Trust Management Ltd as manager of Mapletree Logistics Trust, via a Malaysian special purpose vehicle, Semangkuk Berhad, in respect of two separate sale and purchase agreements for the acquisition of two industrial warehouses in Senai, Johor and a storage warehouse facility in Pasir Gudang Industrial Estate, Johor at RM27.5 million (US$8.9m) and RM31.5 million (US$10.2m), respectively. Partner Lee Yee Ling also led the transaction.
Rajah & Tann has advised Oversea-Chinese Banking Corporation Ltd and United Overseas Bank Ltd as mandated lead arrangers in respect of the approximately S$272 million (US$216.3m) syndicated term loan facilities to part finance PLC 8 Development Pte Ltd’s purchase of an industrial site and the costs of constructing a development of mixed industrial and commercial buildings on the property. The deal was completed on 22 February 2012. Partner Angela Lim led the transaction. Allen & Gledhill advised PLC 8 Development Pte Ltd, PLC 8 Holdings Pte Ltd and Soilbuild Group Holdings Ltd.
Rajah & Tann has also advised China Paper Holdings Ltd (China Paper) in respect of its S$32.69 million (US$26m) rights issue. In connection with the rights issue, China Paper proposes to undertake a capital reorganisation to reduce the par value of its shares. Rights issue proceeds will be used to fund the construction, installation and operation of an in-house power generation facility for China Paper’s paper production facilities in the PRC. SAC Capital Pte Ltd acted as manager of the rights issue. Partners Chia Kim Huat and Danny Lim led the transaction whilst Tianyuan Law Firm advised on PRC law. Appleby advised on Bermuda law in the rights issue and the capital reorganization.
Robert Wang & Woo has acted as Singapore law counsel for SGX-ST listed LionGold Corp Ltd in respect of its takeover offer for all the shares of ASX listed Signature Metals Ltd. The takeover offer was done in conjunction with LionGold seeking and obtaining approval in general meeting for the change of its core business activity. The takeover offer, which was valued at approximately A$54 million (US$55.7m), is to be satisfied by an allotment and issue of up to approximately 80 million new shares of LionGold. Signature Metals Ltd is in the business of gold exploration and production and is the first acquisition by LionGold following the change in LionGold’s core business activity. Partner Raymond Tan led the transaction.
Shook Lin & Bok has acted for SGX-listed Delong Holdings Ltd, a hot-rolled steel coil manufacturer in China, in respect of its acquisition, through its wholly owned subsidiary Tianjin Qiruicheng International Co Ltd, of an 80 percent equity interest in Laiyuan County Aoyu Steel Co Ltd from the vendor Hebei Aowei Group Co Ltd for approximately RMB264 million (US$41.85m). Partner Teo Yi Jing led the transaction.
Stamford Law is advising Mainboard-listed Ocean Sky International Ltd in respect of a S$372 million (US$295.7m) reverse takeover of the ChiwayLand Group, one of the leading property developers in the Yangtze River Delta region of the PRC. The transaction will also involve the proposed disposal of some of Ocean Sky’s existing businesses for a maximum consideration of S$63 million (US$50m) and is subject to the entry into of definitive documentation. Bernard LUI and LIM Swee Yong led the transaction.
Stamford Law is also advising Prime Partners Corporate Finance in respect of the reverse take-over of Lankom Electronics Ltd by Sinocom Pharmaceutical for approximately US$298 million. Sinocom is a Nevada corporation with subsidiaries in China. It distributes a wide range of traditional Chinese medicine products to third and fourth-tier cities in China. The deal involves cross-border aspects involving elements of US law and Chinese law, particularly regulations relating to the Chinese pharmaceutical industry, Singapore securities laws and listing rules, as Lankom is listed on the SGX.
Sullivan & Cromwell is representing Frank McCourt and his entities in respect of the more than US$2 billion sale of the Los Angeles Dodgers professional baseball team to Guggenheim Baseball Management. The purchasing group includes Guggenheim Partners LLC chief executive officer Mark R Walter as its controlling partner, as well as Earvin “Magic” Johnson, Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly. Chairman Joseph Shenker led the transaction which was announced 27 March 2012.
Sullivan & Cromwell is also representing Justice Holdings Ltd and Pershing Square Capital Management LP, co-founder of Justice, in respect of Justice’s entering into a definitive business combination agreement with Burger King Worldwide Holdings Inc on 3 April 2012. Under the agreement, 3G Capital, Burger King Worldwide’s principal stockholder, will receive approximately US$1.4 billion in cash and continue as the majority shareholder while Justice shareholders will own approximately 29 percent of the combined company. Partners Alan Sinsheimer and Andrew Mason led the transaction.
Weerawong, Chinnavat & Peangpanor has advised Thai Reinsurance Public Company Ltd (THRE), Thailand’s sole professional reinsurer, in respect of THRE’s capital increase from approximately THB1.2 billion (US$39.6m) to approximately THB3.5 billion (US$117m) by issuing over 2.3 billion new ordinary shares. Up to nearly 1.6 billion of the newly issued shares at an offering price of THB3 (US$0.10) per share have been allocated to existing THRE shareholders in proportion to their shareholding and up to 742 million of the newly issued shares have been allocated to HWIC Asia Fund under the private placement scheme. The transaction closed on 22 March 2012 and was led by Partner Paradorn Leosakul.
White & Case has advised a consortium of Chinese banks in respect of a syndicated secured financing of approximately US$1 billion to Reliance Communications Ltd, India’s second largest telecoms operator by subscriber numbers. The funds will be used to refinance outstanding Foreign Currency Convertible Bonds (FCCBs) which the company issued in 2007. The deal represents the largest refinancing of FCCBs by any Indian corporation to date. The consortium included Industrial and Commercial Bank of China, China Development Bank Corporation and Export Import Bank of China. Partner John Shum led the deal. Advising the banks on Indian law were partners Gayatri Bhandari, Dina Wadia and Aashit Shah.
WongPartnership has acted for Cargill Incorporated (Cargill) in respect of the refinancing of a US$1.25 billion equivalent US Dollar and multicurrency global syndicated financing arranged by Australia and New Zealand Banking Group Ltd, The Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas, Deutsche Bank AG London branch, The Hongkong and Shanghai Banking Corporation Ltd, The Royal Bank of Scotland PLC and Standard Chartered Bank. The deal represents the refinancing of Cargill’s first global syndication exercise in Asia. Partner Christy Lim acted on the matter.
WongPartnership has also acted for George Goh, through his investment vehicle Zhong Yong Holdings Ltd, in respect of the proposed privatisation of Singapore-listed company Meiban Group Ltd by way of a scheme of arrangement under Section 210 of the Companies Act (Chapter 50) of Singapore and the Singapore Code on Take-overs and Mergers. Partners Ng Wai King, Andrew Ang and Christy Lim acted on the matter.
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