|Ali Budiardjo, Nugroho, Reksodiputro has represented Citibank NA Jakarta Branch, PT Bank BNP Paribas Indonesia and Standard Chartered Bank Singapore Branch as creditors in respect of a US$75 million dollar revolving loan facility for PT Toba Bara Sejahtra Tbk in March 2014. The creditors’ commitments in granting the fund consist of US$17.5 million from Citibank, US$37.5 million from PT Bank BNP Paribas and US$20 million from Standard Chartered Bank. Acting as arrangers are BNP Paribas (Singapore Branch), Citigroup Global Markets Singapore Pte Ltd and Standard Chartered Bank (Singapore Branch) whilst acting as agent, security agent and technical bank is BNP Paribas (Singapore Branch). Partner Freddy Karyadi led the transaction.
Allen & Gledhill has advised Keppel REIT and Keppel REIT Management Ltd, as manager of Keppel REIT, in respect of the S$512 million (US$408.2m) sale of its 92.8 percent stake in Prudential Tower, Singapore to a consortium comprising of KOP Ltd, Lian Beng Group, KSH Holdings and Centurion Global. Partners Margaret Soh and Teh Hoe Yue led the transaction.
Allens is advising Pacific Equity Partners (PEP) in respect of the sale of Peters Ice Cream to European ice cream manufacturer R&R Ice Cream. Under the agreement, R&R Ice Cream, which is owned by major European private equity firm PAI Partners, will acquire Peters and its portfolio of iconic ice cream brands, including Drumstick, Peters Original and Maxibon. The sale was undertaken via a dual-track process which entailed a competitive auction and a proposed IPO. The firm also advised PEP in its original acquisition of the Peters business in 2012. Partner and co-head of private equity practice Tom Story, supported by ECM partners Rob Pick and Julian Donnan, led the transaction.
Allens has also advised the Tianqi Group, China’s largest producer of lithium-based chemicals, in respect of its US$1 billion lithium joint venture with Rockwood which closed on 29 May 2014. The firm also advised Tianqi Group on its 2013 acquisition of Talison Lithium, a Western Australia-based producer of lithium concentrates. The current transaction involves the creation of a 51/49 joint venture with US-headquartered specialty chemicals and materials company Rockwood Holdings Inc. In addition, it involves the grant by Rockwood of a three-year call option to invest from 20 to 30 percent in Rockwood Lithium GmbH, which operates the Asian and European arm of Rockwood’s global lithium business, and the sale of its remaining 51 percent interest in Talison to its Shenzen Stock Exchange-listed affiliate Sichuan Tianqi Lithium Industries Inc. Partners Guy Alexander and Marcus Clark, with key support from partners Fiona Crosbie and Mark McAleer, led the transaction. Clifford Chance and King & Wood Mallesons also advised on the deal.
AZB & Partners has advised WestBridge Crossover Fund LLC and Jwalamukhi Investment Holdings in respect of their acquisition of approximately 10 percent of the fully diluted equity share capital of Mayur Uniquoters Ltd. Partner Srinath Dasari led the transaction which was valued at approximately US$18.4 million and completed on 30 April 2014.
AZB & Partners is also advising Tata Steel Ltd and L&T Infrastructure Development Projects Ltd in respect of their sale of 100 percent stake in Dhamra Port Company Ltd to Adani Ports and Special Economic Zone Ltd. The sale is for an enterprise value of approximately US$950 million. Partner Shameek Chaudhuri is leading the transaction which was signed on 16 May 2014 and is yet to be completed.
Baker & McKenzie is advising The Link Management Ltd, the manager of The Link Real Estate Investment Trust (The Link REIT), in respect of the sale of four retail properties by The Link REIT for HK$1.239 billion (US$159.8m). The properties were sold via private tender and comprise the Hing Tin Commercial Centre, the Kwai Hing Shopping Centre, the retail and car park within Tung Hei Court and the Wah Kwai Shopping Centre. Completion of the sales is expected on 31st July 2014. The Link REIT currently has a portfolio of properties with an internal floor area of approximately 11 million square feet of retail space and approximately 79,000 car park spaces. Partners Milton Cheng, head of the REIT practice in Hong Kong/China, and Debbie Cheung in the real estate group led the transaction.
Cheung & Lee, in association with Locke Lord (HK), has represented Telecom Digital Holdings Ltd in respect of its HK$100 million (US$12.9m) listing by way of placing on the GEM Board of the HKSE. Telecom Digital, together with its subsidiaries and associate, is a group of companies engaged in the retail sales of mobile phones of various brands and pre-paid SIM cards, distribution of mobile phones, provision of paging and other telecommunications services and provision of operation services to New World Mobility Ltd, a mobile service operator in Hong Kong which is a 40 percent-owned associate of the Telecom Digital group. Roger Wong led the transaction whilst Appleby advised as to Cayman Islands law and Rato, Ling, Vong, Lei & Cortes–Advogados as to Macau law. Hastings & Co acted as Hong Kong law counsel to Guotai Junan Capital Ltd as the sponsor, Guotai Junan Securities (Hong Kong) Ltd as the book-runner and lead manager, and Telecom Digital Securities Ltd as the co-lead manager.
K&L Gates has advised the shareholders of Scott’s Refrigerated Freightways (SRF), including JAT Refrigerated Road Services, in respect of the sale of the business to Automotive Holding Group Ltd (AHG), an ASX 200 listed company, for A$115 million (US$107m). One of the Australia’s leading suppliers of refrigerated logistics, SRF provides refrigerated road and rail line haul, local refrigerated distribution and cold store warehousing. Sydney corporate partners Russell Lyons and Ted Nixey, with assistance from tax partner Betsy-Anne Howe, employment partner Christa Lenard and insurance partner Greg Couston, led the transaction.
Majmudar & Partners has advised the Bank of Tokyo Mitsubishi-UFJ Ltd Singapore Branch in respect of a bill discounting transaction structure involving Singapore exporters and Indian importers. Partner Prashanth Sabeshan led the transaction whilst Rajah & Tann acted as Singapore counsel.
Maples and Calder has acted as Cayman Islands counsel to JD.com Inc, a Cayman Islands company which is a leading online direct sales company in China, in respect of its IPO of approximately 93.7 million American depositary shares (ADSs), each representing two Class A ordinary shares of the company, which closed on 28 May 2014. The ADSs, which were listed on NASDAQ, were priced at US$19 each and the offering raised approximately US$1.78 billion. Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC acted as joint book-runners for the IPO. Partner Greg Knowles led the transaction whilst Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Davis Polk & Wardwell advised the underwriters.
Rahmat Lim & Partners has advised MetLife Inc in respect of the acquisition of a stake in AmLife Insurance Berhad (AmLife) and AmFamily Takaful Berhad (AmTakaful) for a total sum of RM812 million (US$130m). In addition, AmLife and AmTakaful entered into exclusive 20-year bancassurance and bancatakaful agreements with AmBank Berhad and AmIslamic Bank Berhad, respectively, for the distribution of life insurance and family takaful products. The transaction is the largest of its type by a US insurance provider in Malaysia to-date. Partners Moy Pui Yee, Wan Kai Chee, Chia Chee Hoong, Raymond Yong and Ong Boo Seng led the transaction.
Simpson Thacher has represented SSG Capital Management Ltd in respect of the formation of its third Asia-Pacific special situations and distressed investments private equity fund, SSG Capital Partners III LP (Fund III). With US$915 million in capital commitments, Fund III held its final closing on 15 May 2014. Fund III will focus on investments in China, India and Indonesia in deep-value assets that are afflicted by dislocations in pricing and market liquidity. Partners Phil Culhane and Katharine Moir led the transaction.