|Cleary Gottlieb represented Credit Suisse and Deutsche Bank as underwriters in a U.S.-registered offering by the Republic of the Philippines of US$500 million 6.375 percent Global Bonds due 2032. The offering closed on February 5, and the bonds were listed on the Euro MTF, the alternative market of the Luxembourg Stock Exchange.
Cleary Gottlieb represented the underwriters, led by Kotak Mahindra Capital Company and UBS Securities India, in an initial public offering by Reliance Power Limited of 260 million equity shares listed on the Bombay Stock Exchange and the National Stock Exchange of India. The US$2.93 billion offering is the largest IPO in Indian history. Reliance Power is developing 13 power projects in India with a combined capacity of over 28 gigawatts at a projected cost of US$28.5 billion. The offering was fully subscribed within one minute of opening, oversubscribed 73 times at closing and received applications from over five million retail investors.
Clifford Chance advised Mobile Telecommunications Company Saudi Arabia (now rebranded as ‘Zain’) on its US$1.9 billion Saudi IPO. Zain was the successful bidder in June 2007 for the third GSM licence to be awarded in Saudi at a cost of US$6.1 billion. As a condition to being granted the licence, the company was required to offer 50 percent of its share capital to investors in Saudi Arabia.
Drew & Napier LLC acted as counsel to the manager and trustee of the Cambridge Industrial Trust (CIT) in the sealing of a S$570 million financing package comprising a S$100 million transferable revolving credit facility and an interest rate swap facility with a gross limit of S$470 million. CIT is established with the objective of investing directly or indirectly in income-producing real estate and real estate-related assets mainly for industrial and warehousing purposes.
Drew & Napier LLC acted as counsel to Cambridge Industrial Trust (CIT) in the acquisition and leaseback of 21B Senoko Loop Singapore 758171. RBC Dexia Trust Services Singapore Limited, in its capacity as trustee of CIT, exercised the call option to acquire the Property on 28 January 2008. The acquisition and leaseback of the Property to Tellus Marine Engineering Pte Ltd was completed on the same day for a purchase price of S$14.6 million. CIT is Singapore’s first independent industrial real estate investment trust listed on the Singapore Exchange Securities Trading Limited.
Johnson Stokes & Master acted as the Hong Kong legal adviser to the Mandated Coordinating Arrangers in relation to a HK$5 million syndicated loan facility to Grand Lisboa – Investimentos em Propriedades, S.A. and guaranteed by Sociedate de Jogos de Macau, S.A. The financing is for the Grand Lisboa, one of the major tourist attractions in Macau.
Mori Hamada & Matsumoto has advised and represented Tokyo Star Bank regarding the takeover bid transaction launched by bidders Japan Blue Sky Capital Partners L.P., Japan Banking Investment Partners L.P., Tokyo Capital Management Partners L.P., Cayman Strategic Partners L.P., Advantage Partners and Daiwa Securities SMBC Co. Ltd. The deal represents a total bid price of JPY254 billion (US$2.4 billion) once successfully tendered.
Paul, Hastings, Janofsky & Walker LLP has advised CapitaRetail China Trust Real Estate Investment Trust (CRCT REIT) on the successful completion of its first acquisition: Xizhimen Shopping Mall in Beijing. The Xizhimen Mall is part of the Beijing’s Xihuan Plaza complex, which also includes three office towers.
Rajah & Tann LLP acted as solicitor to Yongmao Holdings Limited in connection with the listing of Yongmao on the Main Board of the SGX-ST and its approximately S$39.0 million IPO in Singapore. Rajah & Tann LLP also advised Yongmao on its pre-IPO restructuring involving acquisition by Yongmao for approximately S$18.7 million, of 70 percent equity interest in FSYM Construction, a PRC company which designs, manufactures and sells towercranes and towercrane components and accessories, and related convertible loan to Yongmao to fund such acquisition.
Raslan Loong advised Primus Pacific Partners 1 L.P. in its purchase of a 20.2 percent stake in EON Capital Bhd (EON Cap) comprising 140,010,526 ordinary shares for a total cash consideration of RM1.34 billion. Subject to final regulatory and shareholder approvals the stake will be acquired from Hicom Holdings Berhad a wholly owned subsidiary of DRB-Hicom Berhad.
Simpson Thacher & Bartlett LLP is representing Aluminum Corporation of China (Chinalco), the Chinese government-controlled diversified metals and mining company, in the acquisition of a minority stake in Rio Tinto, the dual-listed iron-ore company, for over US$14 billion. This is the largest foreign investment ever by a Chinese entity.
Rules of civility
Introducing the mindful business charter.
Three key skills I wish I'd been taught in my law degree
Legal educators must arm graduates with the tools needed to embark on their legal journey.
Personal Data Protection Act published in the Government Gazette
Business operators should ensure that their businesses comply with the PDPA.