Allen & Gledhill has advised Singapore Post on its establishment of a S$1 billion (US$759m) multicurrency debt issuance programme. Partners Margaret Chin, Ong Kangxin and Sunit Chhabra led the transaction.

Allen & Gledhill has also advised DBS Bank, HL Bank, The Hongkong and Shanghai Banking Corporation, Standard Chartered Bank and Oversea-Chinese Banking Corporation (OCBC), as the dealers, on the issue of S$350 million (US$265.5m) 4.6 percent subordinated perpetual securities comprised in Series 024 Tranche 001 by GLL LHT under its S$3 billion (US$2.28b) multicurrency medium term note programme. The firm also advised OCBC, as dealer, on the issue of S$50 million (US$38m) 4.6 percent subordinated perpetual securities comprised in Series 024 Tranche 002, to be consolidated and form a single series with the Tranche 0Securities 01, under the programme. Partners Margaret Chin, Ong Kangxin and Sunit Chhabra also led the transaction.

AZB & Partners is advising Sanyo Special Steel (Japan) on its Rs1.46 billion (US$22.5m) acquisition of an approximately 22 percent stake of Mahindra Sanyo Special Steel (India) from Mahindra & Mahindra. Post this transaction, Sanyo Special Steel will hold 51 percent in Mahindra Sanyo Special Steel. Partners Aditya Vikram Bhat, Nanditha Gopal and Rahul Rai are leading the transaction, which was signed on February 9, 2018 and is yet to be completed.

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AZB & Partners has also advised Novartis India on its acquisition, by way of buyback, of approximately 25 percent of the aggregate paid-up equity share capital of the company. Partners Sai Krishna Bharathan and Sugandha Asthana led the transaction, which was valued at Rs2.3 billion (US$35.4m) and was completed on January 29, 2018.

Dentons Hong Kong’s corporate finance team and Dentons Rodyk’s corporate team have advised Pan-United (PanU) on the de-merger of Singapore-incorporated Xinghua Port Holdings from PanU and the listing, by way of introduction, of Xinghua in Hong Kong. Xinghua published its listing document on December 29, 2017. Xinghua shares commenced trading on February 12, 2018. Singapore-listed PanU is an Asian multinational corporation focused on concrete and cement and ports. Xinghua, formerly a wholly-owned subsidiary of PanU, operates two multi-purpose ports in Changshu and along the southern bank of the Changjiang River in China, which serve as a transiting point for import and export of cargo in the eastern and central parts of China. The Dentons Hong Kong team was led by partners Gordon Ng and Enoch Wong, while the Dentons Rodyk team was led by partner Chan Wan Hong.

East & Concord Partners advised Shenzhen Deyuan Commercial Factoring as originator on the establishment of an asset-backed special plan, administered by China Investment Securities. The underlying asset was the accounts receivable and the affiliated interests enjoyed by the originator to China Construction Eighth Engineering Division under the commercial factoring contract. The plan was submitted for shelf registration and the intended issuance is Rmb5 billion (US$790m). The team was led by partner Wang Tao in Shenzhen.

Howse Williams Bowers has acted as Hong Kong counsel to AMTD Global Markets, as the placing agent, on the issuance of the US$200 million 7.5 percent guaranteed bonds due 2019 by Hong Kong-listed ZH International Holdings. AMTD is a Hong Kong-based comprehensive financial institution with services coverage across China and the world. ZH is a Hong Kong-based investment holding company. Its main businesses include security investment, property investment and management, as well as hotel businesses. Partners Christopher Yu and Antony Yung led the transaction.

J Sagar Associates has advised Bangalore-based builder Prestige Estates Projects on its strategic partnership with HDFC Capital Advisers to support its business in the mid-income and affordable housing segment. This dedicated real estate platform will have a capital of Rs25 billion (US$385m), which will be a combination of equity and debt. Partners Vivek Chandy and Raj Ramachandran led the transaction.

J Sagar Associates has also advised Zoomcar on the Series C funding of US$40 million, led by Mahindra and Mahindra. Some existing investors also participated in the funding round. Partner Raj Ramachandran led the transaction.

Khaitan & Co has represented Essel Mining & Industries on securing from the Supreme Court of India an order allowing Essel Mining to resume the operations of its Jilling Langlotta Mines and Koira Iron Ore Mines in the State of Orissa. On its judgment dated August 2, 2017, the Supreme Court directed mining companies operating in Odisha to pay compensation for mining without Environmental Clearance and Forest Clearance and, after making such payment and obtaining statutory clearances, the mining companies can resume operations. Essel Mining had made the entire payment of approximately Rs17.17 billion (US$264.6m) and had all statutory clearances with respect to two of its mines. However, the state did not give permission for resumption of operations. Upon hearing the submissions addressed on behalf of the client, the court passed an order allowing the resumption of operations of the aforesaid mines. Partners Vanita Bhargava and Ajay Bhargava represented the client on the matter.

Khaitan & Co has also advised Reliance Aerostructure on obtaining approval from the Competition Commission of India with regards to the joint venture between Reliance Aerostructure and Thales India, which would be known as Thales Reliance Defence Systems. Partner Manas Kumar Chaudhuri led the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands and BVI counsel to CIFI Holdings (Group) on its issue of US$300 million 5.5 percent senior notes due 2023. The transaction, which closed on January 23, 2018, was led by partner Lorraine Pao, while Sidley Austin acted as US and Hong Kong counsel. Davis Polk & Wardwell acted as US counsel to the joint lead managers, which include Guotai Junan Securities, HSBC, Standard Chartered Bank, Citigroup Global Markets, Credit Suisse, Deutsche Bank, Goldman Sachs (Asia) and Haitong International Securities.

Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Future Land Development Holdings on its issue of approximately HK$2.35 billion (US$300.3m) 2.25 percent convertible bonds due 2019. The bonds are convertible into fully paid ordinary shares of the issuer. The shares are listed in Hong Kong. The transaction, which closed on February 12, 2018, was also led by partner Lorraine Pao, while Shearman & Sterling acted as counsel. Linklaters advised the managers, which include Deutsche Bank, Citigroup Global Markets and Huatai Financial Holdings.

Rajah & Tann Singapore has acted as Singapore counsel to Bumi Resources on one of the largest and most complex debt restructuring transactions completed in South East Asia. The restructuring primarily involved the issuance of new loans and securities, comprising of senior notes, mandatory convertible bonds and contingent value rights (CVRs), in exchange for US$4.5 billion of Bumi’s financial debt. Notably, the firm worked with Withers on the first ever CVRs (contingent on the price of coal) to be listed in Singapore. Partners Abdul Jabbar, Sim Kwan Kiat and Lee Xin Mei led the transaction.

Rajah & Tann Singapore is also acting for Elidom Investment on the voluntary conditional cash offer by RHT Capital, for and on behalf of Elidom, to acquire all the issued and paid-up ordinary shares in the capital of CWG International, other than those already held by CWG as treasury shares and those already held by Elidom as of the date of the offer. Partner Sandy Foo led the transaction, which was valued at S$24.43 million (US$18.5m).


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