Allen & Gledhill has advised the Land Transport Authority of Singapore on the issue of S$1.5 billion (US$1.1b) 3.38 percent notes due 2059, as Series 009 under its S$12 billion (US$8.85b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Lestari Banten Energi, through its Singapore-incorporated sister company LLPL Capital, on the issue of US$775 million 6.875 percent senior notes due 2039. Partner Glenn Foo led the firm’s team in the transaction.
Ashurst has advised Bangladesh’s Roads and Highways Department (RHD) and the Public Private Partnerships Authority of Bangladesh on the project to upgrade the Joydevpur-Debogram-Bhulta-Madanpur (Dhaka By-pass) through a public private partnership. The PPP contract was signed between RHD and Shichuan Road & Bridge (Group), Shamim Enterprise and UDC Construction, as the winning consortium, on December 6, 2018. The Dhaka By-pass project is a key element of RHD’s road strategy and essential to alleviating congestion in Bangladesh’s rapidly growing capital. Partners Matthew Bubb and Anna Hermelin led the firm’s team in the transaction, while Syed Ishtiaq Ahmed & Associates, with a team led by senior partner Nihad Kabir, advised on Bangladesh law.
AZB & Partners is advising JM Financial Products on its public issuance of secured, rated, listed, redeemable, non-convertible debentures with face value of Rs1,000 (US$14.16) each and/or unsecured, rated, listed, redeemable, non-convertible debentures with face value of Rs1,000 (US$14.16) each, for an amount aggregating up to Rs20 billion (US$283m). Partners Varoon Chandra, Lionel D’Almeida and Anand Shah are leading the firm’s team in the transaction, which was signed on February 1, 2019 and is yet to be completed.
AZB & Partners is also advising CentralSquare Technologies on the acquisition by Eagle View Technologies and its related entities of 100 percent of the shareholding of APMSE Software Services from CentralSquare Technologies. Partners Ashwath Rau and Anu Tiwari are leading the transaction, which was signed on February 1, 2019 and is yet to be completed.
Bird & Bird has acted for Rui Er Holdings, a limited company incorporated in the British Virgin Islands, on its mandatory general offer (MGO) for shares of the other shareholders in Hong Kong-listed Summi (Group) Holdings. The MGO was triggered after the client acquired 44.74 percent of the existing issued share capital of Summi from its controlling shareholder. Following the valid acceptances of shares representing approximately 12.05 percent of the total issued share capital of Summi, the general offer closed on December 31, 2018, resulting in Rui Er becoming the controlling shareholder with 56.79 percent share of Summi. Rui Er Holdings is an investment holding company whose owner is mainly involved in real estate development in China, while Summi is principally engaged in the cultivation and sale of fresh oranges, production and sale of frozen concentrated orange juice and its related products in China. Partner Wing On Chui led the firm’s team in the transaction.
Clifford Chance is advising T S Global Holdings (TSGH), a subsidiary of Tata Steel, one of the top 10 steel makers in the world, on the Rs23.2 billion (US$328.4m) sale of NatSteel Holdings and Tata Steel (Thailand) by TSGH to Hebsteel Global Holding, an entity controlled by China’s HBIS Group, which is also among the largest steel makers in the world. TSGH will retain a 30 percent stake in the business, after completion of the transaction. Corporate partners Melissa Ng (Singapore) and Hong Zhang (Beijing), supported by partner Richard Blewitt (Hong Kong), led the firm’s team in the transaction, which was signed on January 28, 2019 and is yet to be completed. AZB & Partners, with a team led by partner Shameek Chaudhuri, is also advising TS Global Holdings.
Clifford Chance has also advised Maoyan Entertainment on its US$250 million IPO and listing in Hong Kong. Beijing-based Maoyan is the top movie-ticketing app in China, set to become the world’s biggest market for movies. China co-managing partner Tim Wang, supported by partners Amy Lo and Fang Liu, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Tushar Mehta, Solicitor General of India, on behalf of respondent banks and financial institutions in the defence of the Insolvency and Bankruptcy Code 2016 (IBC). In a landmark decision on January 25, 2019, the Supreme Court of India in Swiss Ribbons v Union of India upheld the constitutional validity of the IBC in its entirety. Lead petitioner Sanjay Singhal, promoter of Bhushan Power and Steel (BPS), had challenged the constitutionality of various provisions of the IBC. The defence of IBC was led by the KK Venugopal, Attorney General of India, and Tushar Mehta, Solicitor General of India, on behalf of 32 banks and financial institutions forming the Committee of Creditors of BPS. The matter relates to the insolvency proceedings initiated against BPS under the IBC, for resolution of Rs490 billion (US$7b) debt owed to creditors. Finance and projects chair L Viswanathan and partners Bishwajit Dubey and Spandan Biswal led the firm’s team advising the client.
Davis Polk has advised the initial purchasers on the Regulation S offering of high-yield notes by China Evergrande Group of US$1.1 billion seven percent senior notes due 2020, US$875 million 6.25 percent senior notes due 2021 and US$1.025 billion 8.25 percent senior notes due 2022, each to be consolidated and form a single series with the US$500 million seven percent senior notes due 2020, US$598.181 million 6.25 percent senior notes due 2021 and US$1 billion 8.25 percent senior notes due 2022, respectively. Hong Kong-listed China Evergrande Group is one of the largest developers of residential property projects in different cities across China. Partner Gerhard Radtke led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on the US$200 million Regulation S offering by Central China Real Estate of its 7.325 percent senior notes due 2020. The Hong Kong-listed company is a residential property developer in Henan Province, China. Partner Gerhard Radtke also led the firm’s team in the transaction.
Khaitan & Co has acted as lead counsel for Emami on the acquisition of German personal care brand Creme 21. Emami is one of the leading FMCG companies in India in the personal and healthcare sector, and is the flagship company of the diversified Emami Group of Companies. It manufactures and markets personal care, healthcare and beauty products, with a portfolio of more than 300 products. Emami’s leading brands are Navratna, Boroplus, Zandu, Fair and Handsome and Kesh King. Creme 21 is a German brand with strong presence in the MENA region. Creme 21 was launched in 1970 as a personal care brand and offers skin care and body care products. All the Creme 21 products are developed and produced in Germany. Over 80 percent of the brand’s business is contributed by MENA region, and the balance by Germany and other focused countries. Partner Surbhi Kejriwal led the firm’s team in the transaction.
Khaitan & Co has also advised Hindustan Composites on the creation of mortgage of premises in favour of Hindustan Composites for total consideration of US$2.4 million. This was done pursuant to an inter-corporate loan agreement executed between the parties. Hindustan Composites develops, manufactures, and markets friction materials in India. Partner Gaurav Dasgupta led the firm’s team in the transaction.
L&L has advised Triveni Turbine on its buyback of equity shares, which was undertaken through the tender offer process. The merchant banker to the transaction was HDFC Bank. Partner Manshoor Nazki is leading the firm’s team in the transaction.
L&L has also advised the Emerson group on its acquisition of General Electric’s (GE) Intelligent Platforms Business, GE’s automation and control products software division. The transaction closed on January 31, 2019. Headquartered in Charlottesville, Virginia, USA, the Intelligent Platforms Business has approximately 650 employees worldwide and sales of around US$210 million. The business has a 25-year track record as an industrial automation innovator. The acquisition is an important investment in Emerson’s global portfolio of automation technologies and will enable Emerson, a world leader in automation for process and industrial applications, to become an even stronger player in the automation space. Partner Vikrant Kumar, supported by partners William Vivian John, Gunjan Mishra and Lokesh Shah, led the firm’s team in the transaction, working very closely with Baker & McKenzie as international counsel. General Electric was represented by DLA Piper as international counsel and Trilegal as Indian counsel.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to China SCE Group Holdings on its issuance of US$500 million 8.75 percent senior notes due 2021. The notes are listed in Hong Kong. The transaction closed on January 15, 2019. China SCE Group Holdings is a property developer and property investor in China. Juno Huang led the firm’s team in the transaction, while Sidley Austin acted as Hong Kong and US legal counsel, and Jingtian & Gongcheng as China counsel. Davis Polk & Wardwell acted as US counsel while King & Wood Mallesons acted as China counsel to the initial purchasers.
Maples and Calder (Hong Kong) LLP has also acted as Cayman Islands and BVI counsel to Weimob on its IPO of 301.7 million shares and listing in Hong Kong. Weimob is the leading provider of cloud-based commerce and marketing solutions and targeted marketing services on Tencent’s social networking service platforms for small and medium businesses in China, in terms of revenue in 2017. The offering, which closed on January 15, 2019, raised approximately HK$845 million (US$107.7m). Partner Derrick Kan led the firm’s team in the transaction, while Clifford Chance acted as Hong Kong and US counsel, and JunHe as China counsel. Paul Hastings acted as Hong Kong and US counsel and Jingtian & Gongcheng acted as China counsel to Deutsche Securities and Haitong International, as the sponsors, and to the underwriters.
Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has acted for Gaw Capital Partners on the S$710 million (US$523.8m) acquisition of the entire issued and paid-up share capital in Arch Investment, a Cayman Islands company whose wholly-owned Singapore subsidiary is the registered proprietor of the property situated at 77 Robinson Road, Singapore. The transaction also involved taking banking facilities from a syndicate of two banks. Partners Norman Ho, Tan Chon Beng and Cindy Quek led the firm’s team in the transaction.
Rajah & Tann Singapore and Christopher & Lee Ong, member firms of Rajah & Tann Asia, has also acted for Royal Hiranandani on the S$93 million (US$68.6m) acquisition of the property situated at 12 Orange Grove, Singapore, from the Malaysia-listed Sime Darby Property. Located in one of Singapore’s most prestigious precincts, the six-storey Darby Park Executive Suites comprises 75 exclusive serviced apartments. The transaction also involved taking banking facilities from Malayan Banking Singapore Branch. Partners Norman Ho, Gazalle Mok, Cindy Quek and Yau Yee Ming led the firm’s team in the transaction.
TT&A has acted as Indian counsel to Green Climate Fund (GCF) on the US$100 million financing to the National Bank for Agriculture and Rural Development (NABARD) to be on-lent by NABARD to Tata Cleantech Capital for setting up solar energy systems in India. GCF is a multilateral entity set up under the UN Framework Convention on Climate Change, while NABARD is a development bank set up in India to support environmentally friendly development. Mumbai partner Sonali Mahapatra led the firm’s team in the transaction. LInklaters, with a team led by finance partner Narayan Iyer, also advised on the deal.
WongPartnership is acting for CapitaLand on its proposal to acquire the Ascendas-Singbridge group of companies controlled by Temasek Holdings. Valued at S$11 billion (US$8.1b), the deal would make CapitaLand the largest diversified real estate group in Asia, with more than S$116 billion (US$85.6b) in assets under management. Partners Ng Wai King, Andrew Ang, Chan Sing Yee, Tan Teck Howe, Joyce Ang, Anna Tan, Lydia Ong and Chan Jia Hui are leading the firm’s team in the transaction.
