|Baker & McKenzie advised Mermaid Maritime Public Company Limited, a Thai company, on the international initial public offering and the listing on the Singapore Stock Exchange of its shares. Baker & McKenzie acted as US, Thai and Singapore law counsel on this US$170 million global offering. The shares commenced trading on the Singapore Stock Exchange on October 16, 2007. Mermaid Maritime is a leading provider of drilling and sub-sea engineering services. Incorporated in Thailand, Mermaid Maritime is active in Thailand, Indonesia, Malaysia and Vietnam. Mermaid Maritime plans to use the IPO proceeds to finance the purchase of additional new-build tender rigs and vessels, and other assets to support its drilling and subsea engineering services businesses and for working capital.
Clifford Chance has advised Telefónica Internacional S.A.U., a wholly owned subsidiary of Telefónica S.A., on agreements to acquire from four PRC state owned entities, an additional 2.22 percent stake in China Netcom, one of the mainland’s leading broadband communications and fixed-line telecoms operators. Telefónica first invested in China Netcom in 2005, and is one of a very small number of foreign investors to have successfully taken a stake in a major China telecoms operator.
Clifford Chance has advised Citi as lead manager and Citibank, N.A., London Branch, as trustee in connection with the US$125 million of convertible bonds issued by Indian software provider Geodesic Information Systems, the first Indian foreign currency convertible bond of 2008. The bonds were listed on the Official List of the Singapore Exchange Securities Trading Limited. The funds raised from the deal will be used mainly for overseas acquisitions and investments in joint ventures.
Harry Elias Partnership advised ST Aerospace in its US$78 million joint venture with Xiamen Aviation Industry Company Ltd to provide aviation-related technology and engineering solutions in Xiamen, PRC. ST Aerospace is the aerospace arm of ST Engineering operating a global MRO (engine maintenance, repair and overhaul) network with facilities in America, Asia Pacific and Europe. It is the world’s largest airframe MRO provider with a global customer base that includes many of the world’s leading airlines, airfreight operators and military operators.
Sidley Austin LLP represented Indonesian telecom company PT Indosat Tbk in obtaining US$228.5 million in financing to construct and launch a new satellite, the Palapa-D. The satellite is under construction by Thales Alenia France and will be launched into orbit by a Chinese launch vehicle manufactured by Beijing Talentway Technology Corporation. The financing was arranged by The Hongkong and Shanghai Banking Corporation Limited and is being made available through two 12-year export credit facilities and a third nine-year commercial credit facility. Negotiation of the financing involved coordination with export credit agencies and suppliers in France and China.
WongPartnership LLP acted for Pacific Star Investment and Development Pte. Ltd. as sponsor of Asia Real Estate Prime Development Fund, an opportunistic private equity real estate fund that invests in a diverse portfolio of prime residential apartments, serviced residences and mixed developments located mainly in the prime urban locations of key cities in Asia such as China, Hong Kong, Macau, Japan, Korea, Thailand, Malaysia and Singapore. The Fund together with a parallel vehicle aim to attract up to US$600 million in Commitments by the Final Closing Date.