Allen & Gledhill has advised Singapore Airlines on the establishment of a S$2 billion (US$1.48b) medium term bond programme and its issue of S$750 million (US$554m) 3.03 percent bonds due 2024 under the programme. DBS Bank was appointed arranger and dealer of the programme and global coordinator for the bonds. Oversea-Chinese Banking Corporation and United Overseas Bank were appointed dealers of the programme. DBS, OCBC and UOB were appointed joint lead managers and book-runners for the bonds. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also advised The New Yangon Development Company, established by the Yangon Regional Government, on the US$1.5 billion phase 1 development of the New Yangon City in the western Yangon region of Myanmar. The Yangon Regional Government is seeking to develop the New Yangon City in two phases. Scheduled for completion by 2020, the first phase will include the development of roads, bridges, utilities and telecommunication infrastructure, public transport, as well as residential, industrial and commercial zones. Singapore partners Kelvin Wong, Tan Wee Meng, Sathiaseelan Jagateesan and Jonathan Lin and Myanmar managing partner Minn Naing Oo and partner Oh Hsiu-Hau led the firm’s team in the transaction.

AZB & Partners has acted as India law counsel to GIC on its Rs12.98 billion (US$186.7m) sale of approximately 68 million equity shares of DFL. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was completed on April 9, 2019.

AZB & Partners has advised the Asia Development Bank on its acquisition, together with other entities, of certain compulsorily convertible debentures and certain equity shares of Avaada Energy. Partners Gautam Saha and Heena Singh led the firm’s team in the transaction, which was valued at Rs3.5 billion (US$50.3m) and was completed on April 8, 2019.

Clifford Chance has advised multinational commodity trading and mining company Glencore on the key refinancing and extension of its revolving credit facilities effective May 24, 2019, with an aggregate value of approximately US$14.43 billion. The firm acted for a syndicate of lenders, with Citi leading as coordinating bank, on a new revolving credit facility totalling US$9.8 billion. The transaction comprised a total of 53 banks and 31 mandated lead arrangers and book-runners. The firm also advised on amending and restating Glencore’s existing revolving credit facility to reduce to US$4.65 billion, from US$5.1 billion, and extending the term to May 2024, with two 12-month extension options. Australia managing partner Richard Gordon, London partner and global head of energy Russell Wells and New York partners David Brinton (corporate) and Jay Gavigan (banking) led the firm’s team in the transaction.

Conyers Dill & Pearman has acted as Cayman Islands counsel to Golden Wheel Tiandi Holdings on its tender offer to purchase its outstanding US$300 million principal amount of 8.25 percent senior notes due 2019. China-based Golden Wheel Tiandi Holdings is an investment holding company engaged primarily with property related businesses. It undertakes property development and property leasing, and is also involved in property operation management, through its subsidiaries. Hong Kong partner Richard Hall, working alongside Norton Rose Fulbright, led the firm’s team in the transaction, which closed on March 8, 2019.

Conyers Dill & Pearman has also acted as BVI and Cayman Islands counsel to Binjiang Service Group on its HK$464 million (US$59m) IPO of 66.67 million shares in Hong Kong. Founded in 1995 and headquartered in Hangzhou, China, Binjiang Service Group provides property management services, focusing on high-end residential properties in China. Hong Kong partner Richard Hall, working alongside Simpson Thacher & Bartlett, led the firm’s team in the transaction, which closed on March 15, 2019.

J Sagar Associates has advised B Capital on its Series D investment in Zinka Logistics Solutions, a logistics solutions provider to other businesses through www.blackbuck.com, a technology-enabled platform for line-haul transport in India and other allied services. The investment also saw participation from its existing investors, Goldman Sachs and Accel. The total amount raised by the company is US$80 million. B Capital is a logistics unicorn (US$1+ billion valuation) and is currently present in over 1,000 locations across India, has more than 200,000 trucks and over 8,500 shippers on its network. Partner Manvinder Singh led the firm’s team in the transaction.

J Sagar Associates has also advised B Capital on its Series E investment in Mswipe Technologies, a hardware and software solutions provider for financial transaction processing. The investment was part of an internal fund raise by the company from its existing investors, which also saw participation from Falcon Edge, Epiq Capital and DSG Group. The total amount raised by the company is US$32 million. B Capital intends to use the proceeds of the round to enlarge its footprint and products portfolio, among other purposes. Partner Manvinder Singh also led the firm’s team in the transaction.

Khaitan & Co has acted as Indian counsel to GMR Hyderabad International Airport on its US$300 million Regulation S offering of five year 5.375 percent high yield senior secured bonds. Citigroup and HSBC were the joint global coordinators and joint book-runners, while Axis Bank, BofA Merrill Lynch, JP Morgan and YES Bank were the joint book-runners for the bonds. The proceeds will be used for capital expenditure, particularly the expansion of the Rajiv Gandhi International Airport at Hyderabad, increasing its capacity to 34 million passengers per annum. This the first foreign high yield bond under the revamped currency external commercial borrowings framework. This is GMR’s second high yield bond issuance, with the first issuance used to refinance its entire rupee debt. Partners Manisha Shroff, and Gautham Srinivas, supported by partner Ritu Shaktawat, led the firm’s team in the transaction.

Khaitan & Co has also advised Reliance Industrial Investments and Holdings, a wholly-owned subsidiary of Reliance Industries, on the acquisition of equity shares of C-Square Info Solutions from existing shareholders for not more than Rs220.4 million (US$3.2m) in cash and acquisition of shares amounting to not more than Rs600 million (US$8.6m) for the primary investment in C-Square Info Solutions. Partner Supratim Chakraborty led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has acted as BVI and Cayman Islands counsel to Link 2019 CB on its issue of HK$4 billion (US$510m) 1.6 percent guaranteed green convertible bonds due 2024, guaranteed by Link Real Estate Investment Trust and subsidiaries. The deal closed on April 3, 2019. Partner Derrick Kan led the firm’s team in the transaction, while Baker & McKenzie acted as Hong Kong counsel to the issuer and the guarantors. Linklaters acted as English counsel to the joint lead managers and the trustee.

Maples and Calder (Hong Kong) has also acted as BVI counsel to Vertex Capital Investment on its issuance of US$500 million 4.75 percent guaranteed notes due 2024. The notes are listed in Hong Kong and guaranteed by Guangzhou Industrial Investment Fund Management. The guarantor is a state-owned company wholly-owned by Guangzhou City Construction Investment Group, which in turn is wholly-owned by the Guangzhou Municipal Government. The group is a leading investment and financing company, through which the Guangzhou Municipal Government promotes the transformation and upgrading of local industries and urban development in Guangzhou. The deal closed on April 3, 2019. Juno Huang led the firm’s team in the transaction, while Deacons acted as English counsel and Global Law Office acted as China counsel. Latham & Watkins acted as English and Hong Kong counsel and Zhong Lun Law Firm acted as China counsel to the joint lead managers, including Guotai Junan International, DBS Bank, BOC International and ABC International.

Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has acted for data centre start-up AirTrunk on the Singapore real estate aspects of its S$450 million (US$399m) debt and equity financing and acquisition of land to build its first state-of-the-art facility, which will be the largest carrier neutral 60+ megawatt hyperscale data centre in Singapore. Partners Benjamin Tay, Jared Kok, Regina Liew and Tanya Tang led the firm’s team in the transaction.

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