|Clifford Chance has advised AXA Investment Managers SA on the establishment of a fund management joint venture company in China, with Shanghai Pudong Development Bank as the other main joint venture partner and Shanghai Dragon Investment Co, Ltd as a financial investor. The firm has also advised Grosvenor Asset Management Limited and Grosvenor Limited in relation to its investment in the “Yoyogi-koen” luxury residential development by way of an offshore joint venture.
Linklaters has acted for the managers, UBS Investment Bank, CIMB and HSBC Amanah as Joint Bookrunners and Joint Lead Managers on the first Islamic exchangeable Sukuk issue, the US$750 million exchangeable trust certificates issued by the Malaysian Government’s investment arm, Khazanah Nasional Berhad. This is the first Sharia’a compliant Sukuk issue which incorporates the full convertibility features usually seen in conventional equity-linked transactions. The issue is also the largest equity-linked instrument in Asia (excluding Japan) this year.
Lovells acted for Nam Tung (Macao) Investment Limited and Bank of China Macau Branch in the 100% acquisition of Nan Tung Bank Ltd, Zhuhai, by Morgan Stanley International Bank Limited. Nan Tung Bank Ltd., Zhuhai is a wholly foreign owned bank in China under Nam Tung (Macao) Investment Limited, a subsidiary of Bank of China Macau Branch. It is one of the 11 foreign-funded banks in China, and was auctioned off as part of BOC’s restructuring.
Freshfields Brackhaus Deringer has advised Morgan Stanley and JP Morgan on the US$210.5 million placing of 169,200,000 subdivided H shares by Guangzhou R&F Properties. The firm has also advised Morgan Stanley on its acquisition of Nantung Bank in China and KarstadtQuelle on the sale of its international sourcing business to Hong Kong-based Li & Fung.
Baker & McKenzie has closed a groundbreaking transaction establishing the largest ever private sector syndication of a Clean Development Mechanism project in China. The firm acted for and advised Climate Change Capital Limited, the investment banking group, in relation to the establishment of the syndicate that will fund and purchase carbon credits generated by Zhejiang Juhua Co Ltd, a Chinese chemical company.
Allen & Overy Shook Lin & Bok has advised Credit Suisse as private placement agent and the note purchasers in relation to the sale of US$900 million Floating Rate Notes (FRN) due 2011 and 2012 by IndoCoal Exports (Cayman) Limited. The proceeds of the sale were used to refinance the US$800 million fixed rate notes due 2006 issued by IndoCoal Exports in April 2006 and for other corporate expenses. This is the largest bond sale by an Indonesian corporate and the largest FRN private placement out of Indonesia. The deal is also one of the largest securitisations ever from Asia.
Sullivan & Cromwell LLP has advised client ChipMOS Technologies (Bermuda) Ltd on the completion of a Regulation S offering of Convertible Senior Notes Due 2011 with an aggregate principal amount of US$100 million. The firm has also advised The Carlyle Group and other selling shareholders of Focus Media Holding Limited on the completion of a SEC-registered secondary offering of Focus Media ADSs. Focus Media is the largest out-of-home advertising network operator in the People’s Republic of China.
Hadiputranto, Hadinoto & Partners has represented Credit Suisse as the Arranger in PT Bumi Resources’ sale of US$900 million of floating rate notes. This is a landmark transaction, being the largest corporate bond ever from Indonesia, and the largest private placement deal to date from Asia. Bumi is Indonesia’s largest coal exporter. Credit Suisse arranged the sale as a loan-style floating rate and the notes contain a binding aspect, which makes them similar to a loan.
Latham & Watkins LLP has acted as counsel to US private equity firm, Indigo Partners LLC, in connection with its acquisition of a 49 percent stake of PT Mandala Airlines from PT Cardig International Aviation. This is the first foreign acquisition of an Indonesian airline.
Clifford Chance has advised Asia Timber Products Company Limited, a special purpose vehicle established by funds advised by CVC Asia Pacific Limited, on its leveraged buyout of the Chinese timber product business owned by Carter Holt Harvey, the leading New Zealand wood products company. The transaction is CVC’s first leveraged buyout investment in the PRC and one of the first leveraged buyout that has been undertaken in PRC.
Baker & McKenzie has advised Krung Thai Bank, as Thai and US law counsel, on its US$220 million perpetual non-cumulative tier-1 global bond offering. The offering was revived after being withdrawn on 22 September 2006, following the coup in Thailand. The proceeds from the offering will be used for strengthening Krung Thai Bank’s Tier I capital base.
Johnson Stokes & Master has advised Ocean Park on a financing project for its HK$5.55 billion redevelopment plan. The financing arrangement is that 25 percent of the funding will be advanced by the Government of HKSAR on a subordinated basis; and the remaining 75 percent funding will be provided by commercial banks by two separate tranches.
Cleary Gottlieb has represented The Export-Import Bank of Korea in connection with its offerings of US$300 million, 5.375 percent notes due 2016 and US$500 million floating rate notes due 2011. The transaction was a takedown from KEXIM’s US$8 billion Euro Medium Term Note Programme. The notes were listed on the Singapore Stock Exchange.
Rajah & Tann has advised eneral Nice Resources (Hong Kong) Limited on the acquisition of 65 percent of the issued shares in Abterra Ltd for a total consideration of about S$5 million, and also advised General Nice in its mandatory unconditional general offer for Abterra Ltd. The firm has also advised DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited, BNP Paribas Singapore Branch, Citibank N.A. Singapore Branch and Southern Bank Berhad Singapore Branch in a restructuring exercise with its Creditor Banks and the Singapore Investor, Mr Chng Gim Huat, involving a debt size of approximately S$85 million in principal amount.
In-House Community Magazine – May-June 2021 (e-edition) including Projects & Energy Report 2021
The interactive edition of the June 2021 issue of In-House Community eMagazine is now live. Including Energy & Projects Report 2021, Philippine and off-shore jurisdiction updates, and articles exploring IP in NFT's, Singapore's cybersecurity laws, global tax reform and more.