|Hadiputranto, Hadinoto & Partners’ securities/capital markets team recently advised Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, Indonesia’s state-owned electricity company, in the sale of US$1 billion in bonds through its wholly-owned subsidiary, Majapahit Holding BV. This was Indonesia’s largest ever corporate debt sale overseas, and PLN’s first ever offshore bond offering.
Dorsey & Whitney has acted as special US counsel and Richards Butler has acted as Hong Kong counsel to Computime Group Limited, an electronic control and automation device company, in its initial public offering on the Stock Exchange of Hong Kong and global offering. The IPO and global offering closed with a total offering of 200 million shares at a price of HK$2.28 per share for a total amount raised of HK$456,000,000 (approximately US$58,000,000).
Paul, Hastings, Janofsky & Walker has advised Citigroup and Macquarie as joint arrangers of a three year US$145 million commercial mortgage-backed securitisation (CMBS) transaction. The deal was the first cross-border CMBS transaction in China.
DLA Piper announced today that the firm represented PT Bakrie Sumatera Plantations Tbk, one of Indonesia’s leading producers of natural rubber, latex and crude palm oil, in a US $110,000,000.00 offering of senior secured notes. BSP will use the net proceeds of the offering to repay certain existing indebtedness and for working capital and general corporate purposes.
Paul, Hastings, Janofsky & Walker has represented ABN AMRO Bank and The Royal Bank of Scotland, the lead arrangers of financing for the leveraged buyout of Plantation Timber Products by funds advised by CVC Asia Pacific Limited. The deal marks the first true management buyout to be completed in the PRC.
Johnson Stokes & Master has represented the majority owners in the successful application for a compulsory order for sale of Nos. 20A, 20B and 20C Shan Kwong Road, Hong Kong. Pursuant to the order, the property was sold by public auction on 12 October 2006 at a price of HK $661 million.
Morrison & Foerster has represented the Hong Kong Stock Exchange-listed Sino Biopharmaceutical Limited in the formation of a joint venture in the PRC which will undertake a US$620 million project utilising specialised technology to refine coal into olefin products. The project will be located in the coal-rich Shaanxi province in China, and targets to exploit the increased price differential between coal and petroleum as the base raw material for olefin products. The joint venture is capitalised at US$215 million, with Sino Biopharmaceutical taking up a 43 per cent stake.
Heller Ehrman LLP has served as counsel to SAIC Inc in its recently completed US $1.3 billion initial public offering and as counsel to its principal operating subsidiary, Science Applications International Corporation, in its related corporate restructuring, including the declaration of a US $2.45 billion dividend.
Milbank, Tweed, Hadley & McCloy LLP has represented Indonesia’s biggest retailer PT Matahari Putra Prima Tbk in its recently closed US $150 million 9.75 percent Regulation S bond offering. PT Matahari, the largest retailer in Indonesia, operating department stores, hypermarkets, supermarkets and specialty stores in 38 cities across the country, will use the funds for capital expenditure to expand its retail footprint. UBS and Credit Suisse were joint bookrunners for the offering, with PT Ciptadana Capital as financial advisor.
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