Allen & Gledhill has acted as transaction counsel for Clifford Capital (CC), a global specialist provider of debt financing solutions, on its successful internal reorganisation of the Clifford Capital group, which involved the incorporation of a new holding company, Clifford Capital Holdings (CCH). The internal reorganisation involved CC’s existing shareholders exchanging their existing shares in CC for new shares in CCH. In addition to the share swap, certain shareholders have agreed to contribute additional funds to CCH from time to time, to support the growth and expansion of the Clifford Capital group. Partners Chiam Tao Koon, Ko Xiaozheng, Yeo Wico, Jeanne Ong and Aloysius Ng led the firm’s team in the transaction.
Allen & Gledhill has also advised StarHub on its entry into a strategic technology partnership with PCCW Solutions to enable StarHub to optimise its information technology operations, lower costs and accelerate its technology transformation. This is part of the overall strategic transformation process by StarHub to accelerate its digitalisation efforts. As part of the partnership, a team of technology talent from StarHub will be transferred to PCCW, and the companies will work together and leverage on each other’s industry and technical domain expertise. Partners Tan Wee Meng, Yeo Boon Kiat, Alexander Yap and Mark Quek led the firm’s team in the transaction.
AZB & Partners has advised Asian Development Bank on its Rs4.44 billion (US$58.8m) subscription of secured, rated, unlisted, redeemable, non-convertible debentures issued by Aavas Financiers for onward lending for the affordable housing sector, with a focus on women borrowers. Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction, which was signed on March 12, 2020 and was completed on March 30, 2020.
AZB & Partners has also advised 91Streets Media Technologies (owner of the ‘PharmEasy’ brand), Ascent Health and Wellness Solutions and API Holdings on the acquisition by MacRitchie Investments of certain stakes in 91Streets Media Technologies, Ascent Health and Wellness Solutions and API Holdings. Partner Bharat Budholia led the firm’s team in the transaction, which was approved by the Competition Commission of India as of June 12, 2020.
Clifford Chance has advised Morgan Stanley, Haitong International Securities and Huatai Financial Holdings, as the lead underwriters, on Hygeia Healthcare Holdings’ US$282 million IPO and listing in Hong Kong. Hygeia Healthcare is a Chinese oncology healthcare group based in Shanghai. The public tranche of this offering attracted more than 300,000 applications, with over 600 times oversubscription, making it one of most sought after IPOs this year. Partners Fang Liu and Tianning Xiang led the firm’s team in the transaction.
Davis Polk has advised Genetron Holdings on its SEC-registered IPO of 16 million American Depositary Shares, each representing five ordinary shares. Genetron has granted the underwriters an option to purchase up to an additional 2.4 million ADSs. The total gross proceeds for the offering are approximately US$256 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the Nasdaq. Genetron is a leading precision oncology platform company in China that specialises in cancer molecular profiling and harnesses advanced technologies in molecular biology and data science to transform cancer treatment. Partners Li He and James Lin led the firm’s team in the transaction. Clifford Chance advised the underwriters, led by Credit Suisse and China International Capital. Partner Fang Liu, supported by New York partners Jonathan Zonis (capital markets), Philip Wagman (tax) and Jefferey LeMaster (regulatory), led the firm’s team in the transaction, which is reportedly the largest precision oncology medicine company IPO.
Davis Polk has also advised China National Petroleum Corporation (CNPC) on the US$600 million principal amount of its 1.125 percent guaranteed bonds due 2023, US$900 million principal amount of its 1.35 percent guaranteed bonds due 2025 and US$500 million principal amount of its two percent guaranteed bonds due 2030, issued by its indirectly wholly-owned subsidiary CNPC Global Capital. The bonds were listed in Hong Kong. CNPC is one of China’s primary oil and gas producers and suppliers, and one of China’s key state-owned enterprises under the direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council. PetroChina, a controlled subsidiary of CNPC, was listed in New York, Hong Kong and Shanghai. Partners Howard Zhang and Gerhard Radtke led the firm’s team in the transaction.
J Sagar Associates has advised the State Bank of India and the Union Bank of India on a secured term loan facility of up to Rs66.1 billion (US$875m) to IRB MP Expressway. The proceeds of the facility will be used for O&M of the Mumbai Pune Expressway. Partners Dina Wadia and Soumitra Majumdar led the firm’s team in the transaction, which is the largest financing transaction for a single road project in India.
J Sagar Associates has also advised Service Lee Technologies (Servify) on its Series C fund raise led by Iron Pillar Top Up Fund, Blume Ventures and Tetrao SPF. Servify designs and develops solutions for after sales customer engagement and experience to manufactures, retailers or end customers by providing a technology platform to deliver customer care solutions for electronic devices, gadgets and appliances. Partners Vikram Raghani and Birbahadur Sachar led the firm’s team in the transaction.
L&L Partners has advised AES India and AES OPGC Holding, both held by The AES Corporation, on their sale of 49 percent stake in Odisha Power Generation Corporation (OPGC) to Adani Power. The Odisha State Government holds the balance of 51 percent stake in OPGC. Headquartered in Arlington, Virginia, AES is one of the world’s leading power companies, generating and distributing electric power in 15 countries. OPGC operates a 1,740 MW thermal power plant at Banharpalli in Odisha, which is the mainstay of the state’s base load power supply and among the lowest cost power generated in the state. The transaction moves AES closer to its decarbonisation goals, by reducing its coal generation from 45 percent to 35 percent of total generation. AES aims to reduce its generation from coal to below 30 percent by the end of this year, and to less than 10 percent by the end of 2030. Senior partner Mohit Saraf, assisted by partners Apurva Jayant, Arjun Rajgopal and Pallavi Bedi, led the firm’s team in the transaction, which is subject to customary approvals and the consent of the Odisha State Government.
Majmudar & Partners has acted as Indian counsel for Finicity, a leading North American provider of real-time access to financial data and insights, on its sale to New York-listed Mastercard for US$825 million, plus an earn out up to US$160 million, if performance targets are met. The addition of Finicity’s complementary technology and teams strengthens the existing Mastercard open banking platform to enable and safeguard a greater choice of financial services, reinforcing the company’s long-standing partnerships with and commitment to financial institutions and fintech companies across the globe. Open banking gives people and businesses more control over their financial data. Managing partner Akil Hirani, supported by partner Amrit Mehta, led the firm’s team in the transaction.
Simpson Thacher has represented a consortium of investors led by KKR, including Temasek, on its US$650 million investment, by acquiring ordinary shares equivalent to six percent equity stake, in Vinhomes. A subsidiary of Vingroup, Ho Chi Minh City-listed Vinhomes is the largest real estate developer in Vietnam. It develops and trades integrated residential, commercial and industrial real estate, and provides real estate management and related services. Temasek is an investment fund under the Government of Singapore, managing a US$231 billion portfolio, as of March 31, 2019. Partners Jin Park (M&A-Hong Kong), Katharine Moir (tax-Palo Alto) and Shahpur Kabraji (credit-London) led the firm’s team in the transaction, which closed on June 15, 2020.
WongPartnership has acted for DBS, OCBC and Maybank on the grant of a S$350 million (US$251.4m) green loan to Frasers Property for the Fernvale Lane executive condominium project. Partner Alvin Chia led the firm’s team in the transaction together with partner Angela Lim.
WongPartnership has also acted for DBS and UOB, as joint lead managers, on Starhill Global Reit MTN’s issuance of S$100 million (US$72m) 3.15 percent notes due 2025, unconditionally and irrevocably guaranteed by HSBC Institutional Trust Services (Singapore), as trustee of Starhill Global Reit. Partners Hui Choon Yuen and Trevor Chuan led the firm’s team in the transaction.