Allen & Gledhill has advised Flex on the issue of US$425 million 3.75 percent notes due 2026 and US$325 million 4.875 percent notes due 2030, pursuant to a registration statement on Form S-3 filed with the Securities and Exchange Commission. Nasdaq-listed Flex is a globally-recognised provider of Sketch-to-Scale services, from conceptual sketch to full-scale production. Partners Tan Tze Gay and Bernie Lee led the firm’s team in the transaction.
Allen & Gledhill has also advised DBS Bank, Industrial and Commercial Bank of China, Singapore Branch (ICBC) and Oversea-Chinese Banking Corporation (OCBC) on extending approximately S$730 million (US$521m) green loan facilities to borrowers, which are joint ventures among GuocoLand (Singapore), Hong Leong Holdings and Hong Realty. The green loan facilities were structured by DBS and OCBC as green loan coordinators and OCBC as green financing adviser, and were granted to finance the acquisition and development of a government land sales site in Tan Queen Lan Street, Singapore. Partner Aloysius Ng led the firm’s team in the transaction.
Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel for Citigroup Global Markets, Deutsche Bank Singapore Branch, The Hongkong and Shanghai Banking Corporation, Mandiri Securities and MUFG Securities Asia Singapore Branch, as the joint lead managers, on Hutama Karya’s US$600 million 3.75 percent notes due 2030, which is part of its US$1.5 billion medium term notes programme. Hutama Karya is Indonesia’s state-owned leading infrastructure developer. The transaction was the first sovereign-guaranteed global notes issued by an Indonesian state-owned enterprise, and was oversubscribed by six times. Partner Putu Suryastuti led the firm’s team in the transaction.
Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has also acted as Indonesian counsel for CIMB Bank Labuan Offshore Branch, DBS Bank, Mandiri Securities, MUFG Securities Asia and Standard Chartered Bank, as the dealers, on the second issuance of the euro medium term notes programme by Bank Mandiri, Indonesia’s largest state-owned bank. The notes were priced at US$500 million 4.75 percent due 2025. This issuance marks the first global bonds issuance by an Indonesian bank, since the start of the coronavirus pandemic. Despite the current situation, the issue was oversubscribed by 4.8 times. Partner Putu Suryastuti led the firm’s team in the transaction.
AZB & Partners has advised Platinum Equity, acting through SPV Avatar 360 Holdings, on its acquisition of a more than 30 percent stake into Avatar Growth Capital, for onward investment into SirionLabs. Partners Zia Mody, Ashwath Rau, Prerak Ved, Pallabi Ghosal and Shreya Rao led the firm’s team in the transaction, which was completed on March 18, 2020.
AZB & Partners has also advised Gauge Capital / Schlesinger Global on the acquisition by Schlesinger Global of Market Cube. Partners Ashwath Rau, Prerak Ved, Hufriz Wadia, Veena Gopalakrishnan, Aditya Singh Chandel and Soumit Nikhra led the firm’s team in the transaction, which was completed on February 20, 2020.
CNPLaw has advised a local private real estate fund on its joint venture for a real estate investment project in commercial and industrial property in Singapore. The joint venture leverages on the breadth of expertise of the client’s group of companies to manage assets and property in Singapore. The target property is envisaged to be developed, based on similar concepts and design established by the client in the current property market. Partner Ken Chia led the firm’s team in the transaction.
CNPLaw has also acted as Singapore counsel to a local online e-commerce platform operator on its series B fundraising exceeding S$3.5 million (US$2.5m) from key market players. This strategic investment was completed in May 2020, and allows the client to leverage on the investors’ strong presence in Asia Pacific. Partner Ken Chia also led the firm’s team in the transaction.
Davis Polk has advised the initial purchaser on Sea’s Rule 144A and Regulation S offering of US$1.15 billion principal amount of its 2.375 percent convertible senior notes due 2025, which includes a US$150 million option to purchase additional notes, which was exercised in full. The firm advised also the counterparties to capped call transactions entered into in connection with the offering. Sea operates across digital entertainment, ecommerce and digital payments, and financial services sectors. Partner James Lin, supported by partners John M. Brandow and Yan Zhang, led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on Hong Kong-listed Zhenro Properties Group’s Regulation S offering of US$200 million 8.35 percent senior notes due 2024. Concurrently with the notes offering, the firm also advised the dealer managers on a cash tender offer by Zhenro Properties Group for any and all of its outstanding 10.5 percent senior notes due 2020. Zhenro Properties Group is a property developer that focuses on the development of residential properties, and the development, operation and management of commercial and mixed-use properties in China. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.
Gide has advised PSA Group, the French multinational automaker of Peugeot and Citroën-brand vehicles, on the sale of its 50 percent equity interest in Chang’an PSA Automobiles (CAPSA) to Bao Neng Group. Chongqing Chang’an Group has sold, at the same time through public listing process, the other 50 percent equity interest in CAPSA to Bao Neng Group. CAPSA accomplished the shareholders’ registration alternation and company name change on May 21, 2020. Shanghai partner Fan Jiannian led the firm’s team in the transaction.
Han Kun has acted as China counsel for Vipshop, a leading online discount retailer for brands in China, on a share purchase agreement in Shanghai with Shan Shan Group and Ningbo Xingtong Chuangfu Equity Investment Partnership. Pursuant to this agreement, Vipshop will fully acquire Shan Shan Commercial Group for Rmb2.9 billion (US$408.4m) in cash installments, through Vipshop International Holdings, a Vipshop’s wholly-owned subsidiary in Hong Kong.
Han Kun Law Offices and its Hong Kong associated law firm has acted as China and Hong Kong counsel, respectively, for Yeahka on its IPO in Hong Kong and Rule 144A/Regulation S offering of approximately 98.7 million ordinary shares, prior to the exercise of the over-allotment option, which raised approximately HK$1.6 billion (US$206.4m) in gross proceeds. Yeahka’s ordinary shares are listed in Hong Kong. CLSA Capital Markets, Nomura International (Hong Kong) and ABCI Capital acted as joint sponsors, joint global coordinators and joint book-runners. Yeahka is a leading payment-based technology platform in China. Yeahka was the second largest non-bank independent QR code payment service provider in China, in terms of transaction count in 2019. Simpson Thacher, led by Hong Kong partners Christopher Wong and Yi Gao, represented the underwriters.
J Sagar Associates has advised PepsiCo India Holdings on its exit from its joint venture company, NourishCo Beverages, and the sale of its entire 50 percent shareholding to Tata Consumer Products, a listed entity of the Tata group. NourishCo was a decade-old 50.50 joint venture between PepsiCo and Tata, formed to gain foothold and grow market share in India’s fast-growing category of packaged value-added hydration in the non-carbonated, ready-to-drink beverages segment. PepsiCo’s exit from NourishCo is in line with the long-term strategies of both PepsiCo and Tata groups. Partner Kartik Jain led the firm’s team in the transaction.
Khaitan & Co has advised India-listed Siemens on the Rs85.2 billion (US$1.13b) sale of 24 percent equity shares of India-listed Siemens India (SI) by Siemens Aktiengesellschaft (SAG) to its subsidiary, Siemens Gas and Power Holding (Siemens GP), through the block deal mechanism on the Indian stock exchange. Currently, SAG and Siemens GP are co-promoters of SI. Netherlands-incorporated Siemens GP is part of Siemens’ global gas and power business. Partners Niren Patel and Arindam Ghosh, supported by executive director Sudhir Bassi, director Vinita Krishnan and partners Aravind Venugopal, Moin Ladha and Anisha Chand, led the firm’s team in the transaction, which was completed on May 19, 2020. Clifford Chance Munich, led by partner Markus Muhs, also advised on the deal.
Khaitan & Co has also advised Advent International company Zentiva Group, a high-quality medicines producer in Europe, Middle East and Africa, on the purchase of the API manufacturing facility of Sanofi India situated at Ankleshwar, Gujarat, as a going concern, for approximately Rs3.2 billion (US$42.6m), subject to customary post-closing working capital adjustments. The firm also advised Zentiva India and its foreign equity holder Al Sirona (Luxembourg) Acquisition on Zentiva India’s availment of €21.6 million (US$24m) unsecured foreign currency term loan facility from Al Sirona. The loan was used for the acquisition of the pharmaceutical manufacturing business, as provided in the business transfer agreement executed with Sanofi India and undertaken pursuant to regulatory approvals for the investment. Sanofi India is one of the few healthcare companies in India with an established large-scale manufacturing presence since the 1960s. Partner Surbhi Kejriwal, supported by partners Harsh Parikh, Atul Pandey and Manisha Shroff, led the firm’s team in the transaction, which was completed on May 29, 2020.
Maples and Calder has acted as Cayman Islands counsel to StoneWise on a US$4.3 million Series B round funding, invested by Long Hill Capital and Linear Capital. Founded in 2018, StoneWise is a technology company focusing on development of new drugs driven by AI technology. Partner Everton Robertson led the firm’s team in the transaction, while Hankun Shenzhen acted as onshore counsel.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as Singapore counsel to Wei Yuan Holdings on its listing in Hong Kong. The market capitalisation of Wei Yuan Holdings, as of the date of listing, was approximately HK$510.7 million (US$66m). Partner Hoon Chi Tern led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for the purchaser on the acquisition and financing of the entire issued and paid-up share capital of Midas (Sunview), the registered proprietor of the property situated at Sunview 11 Way, Singapore. Concurrent with the closing of the transaction, a new loan was provided by Oversea-Chinese Banking Corporation to Midas, with the firm acting on the financing for Midas. Partners Benjamin Tay, Loh Chun Kiat and Cindy Quek led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised HDFC Bank on providing financial assistance to Good Host Spaces (Sonipat) to acquire the hostels with the underlying assets of OP Jindal Global University. Partner Debashree Dutta led the firm’s team in the transaction, which closed on March 31, 2020. Good Host Spaces (Sonipat) was advised by Wadia Ghandy & Co, while OP Jindal Global University and Om Prakash Jindal Gramin Jankalyan Sansthan were advised by Zeus Law.
Shardul Amarchand Mangaldas & Co has also advised Torrent Power on its issue of 1,000 redeemable non-convertible debentures. Partner Debashree Dutta also led the firm’s team in the transaction, which was valued at approximately US$13.3 million and closed on March 19, 2020.
Skadden has advised Citigroup Global Markets, Daiwa Capital Markets Europe, Goldman Sachs International and JP Morgan Securities, as the underwriters, on the US$2 billion offering of 0.625 percent guaranteed bonds due 2023 by the Japan Bank for International Cooperation. The bonds were listed in Luxembourg. The offering closed on May 22, 2020. Tokyo partner Kenji Taneda led the firm’s team in the transaction.
Skadden also advised Bilibili, a leading online entertainment platform for young generations in China, on its offering of US$700 million principal amount of convertible senior notes due 2027. The notes have been sold to qualified institutional buyers in reliance on Rule 144A and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act. The company plans to use the net proceeds from the offering to enrich content offerings, research and development, and other general corporate purposes. The offering was priced on May 28, 2020. Partners Julie Gao (Hong Kong), Jonathan Stone (Hong Kong) and Haiping Li (Shanghai) led the firm’s team in the transaction.
WongPartnership is acting for Jungle Ventures as lead investor on the US$12 million Series A funding round of Dathena. Partners Kylie Peh and Kyle Lee led the firm’s team in the transaction.
