|Bahar & Partners has advised a multi-finance company, a joint venture of PT Astra International Tbk and Marubeni Corporation, in securing a syndicated financing facility in the amount of US$30 million arranged by Standard Chartered Bank.
Bahar & Partners has acted as Indonesian legal counsel to Qatar Telecom with respect to the establishment of an alliance with the STT Group of Companies, which includes an interest in PT Indonesian Satellite Corporation Tbk (PT Indosat Tbk).
Bahar & Partners has assisted PT Deutsche Securities Indonesia, PT Indoprimer Securities and PT Evergreen Capital in underwriting the planned Rp.1.5 trillion bond issuance by PT Bank Panin. Bonds to be listed at the Surabaya Stock Exchange.
Bahar & Partners has assisted PT CIMB-GK Securities Indonesia, PT Danareksa Sekuritas, PT DBS Vickers Securities Indonesia and PT Standard Chartered Securities Indonesia in underwriting the planned Rp. 1.5 trillion bond issuance at the Surabaya Stock Exchange by PT Excelcomindo Pratama.
Bahar & Partners was involved in a Rp.650 billion multi series bond issuance by PT Pam Lyonnaise Jaya, part of the business group SUEZ Environnement, a water and waste treatment business. Bonds to be listed at the Surabaya Stock Exchange.
Bahar & Partners has advised East Asia Minerals Corporation, an Asian-based company publicly-listed on the Toronto Stock Exchange, on the acquisition of numerous advanced gold and gold copper projects in Indonesia.
Khaitan & Co has advised the Asian Development Bank (ADB) as the Indian legal advisor in relation to a loan of approximately US$49 million given to Tata Power Company Limited (Tata Power). Tata Power is one of the leading private companies in the power sector in various states in India, particularly Maharashtra and is engaged in production, distribution and transmission of electricity. Tata Power is in the process of setting up wind farms in two districts of Maharashtra to generate renewal electricity. For such purpose, it required additional funds for capital expenditure. Khaitan & Co advised ADB in all aspects of the transaction. The transaction required due diligence of the Borrower, with particular emphasis on its wind projects and review of the transaction documents. The loan is an ECB, though the draw down is in rupees. By a cross currency swap, the dollar loan is converted into a rupee loan. Khaitan & Co also drafted the security documents for a mortgage and hypothecation of certain assets.
Latham & Watkins has represented China Sunergy Co Limited in connection with its initial public offering of 9,775,000 American Depositary Shares, representing 51,000,000 Ordinary Shares, on the Nasdaq Global Market. The offering raised approximately US$107.5 million. Merrill Lynch & Co acted as the lead bookrunner for the offering. China Sunergy is a leading solar cell manufacturer in China.
Latham & Watkins has represented The9 Limited, a leading online game operator in China, in Electronic Arts Inc’s US$167 million equity investment in The9 Limited. Electronic Arts is a leading developer, marketer, publisher, and distributor of computer and video games.
O’Melveny & Myers attorneys recently represented Merrill Lynch, Pierce, Fenner & Smith Incorporated, as the managing underwriter in China Sunergy Co Ltd’s approximately US$108 million initial public offering on the NASDAQ Global Market under the symbol CSUN (China Sunergy). China Sunergy offered 9,775,000 ADSs at $11 per ADS, including 1,275,000 ADSs to the underwriters to cover over-allotments. China Sunergy is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilising crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets.
Simmons & Simmons has advised Parkson Retail Group Ltd. (Parkson) on its US$125 million high-yield bond issue. This follows from Parkson’s US$200 million bond issue in November 2006 and its US$239 million initial public offering in late 2005, both of which Simmons & Simmons also advised on. The high-yield bonds, governed by New York law, were rated Ba1 by Moody’s Investors Service and BB by Standard & Poor’s Ratings Services. The issue was 13 times over-subscribed. Parkson is a Hong Kong listed department store operator. As the China retailing arm of Malaysia-based conglomerate Lion Group, Parkson is one of the largest foreign-owned retailers in the mainland. It owns 26 stores and manages 13 other stores in 26 cities in China. The new funds will be used for acquisitions and certain refinancing.
Skadden, Arps, Slate, Meagher & Flom has represented Publishing and Broadcasting Limited, a diversified gaming and entertainment company in Australia, in the establishment of an approximately US$23 million joint venture, LVTI LLC, with IDM Properties (a real estate developer) and York Capital Management (an investment management firm) to develop, construct and operate Crown Las Vegas, a new casino resort.
Sullivan & Cromwell has represented Goldman Sachs as dealer manager for the tender offer and financial advisor to Singapore Technologies Semiconductor in connection with the cash tender offer for: (i) all outstanding ordinary shares listed on the Singapore Stock Exchange, and all American Depositary Shares representing ordinary shares (ADSs) listed on Nasdaq, of STATS ChipPAC, a service provider of semiconductor packaging design, assembly, testing and distribution solutions headquartered in Singapore; and (ii) all outstanding US$115,000,000 Convertible Notes due 2008 and US$150,000,000 2.5 percent Convertible Subordinated Notes due 2008 issued by STATS ChipPAC. This is a ‘going private’ transaction under the US Federal securities laws, and the fact that STATS ChipPAC is dual listed on both the Singapore Stock Exchange and Nasdaq and subject to the disclosure and corporate governance requirements of these two jurisdictions contributed significantly to the complexity of the structure and timing of the transaction.
White & Case advised leading Indian television broadcaster NDTV on the issue by its indirect subsidiary, NDTV Networks plc., of a $100 million convertible bond. The convertible was privately placed with seven undisclosed international investors. The proceeds will be used to finance NDTV Group’s new entertainment channel NDTV Imagine, which will be controlled, along with four other channels, by NDTV Networks plc.
UAE Ministry of Finance issues guidance on Economic Substance Regulations
Thirteen topics covered in the guidance that may be of interest to businesses affected by the regulations.
David Miles remembered
We mourn the passing of a remarkable lawyer and dear friend.