Allen & Gledhill has advised Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, on the establishment of a S$1 billion (US$733m) multicurrency debt issuance programme by Keppel Infrastructure Trust. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Medco Energi Internasional on the issue of US$650 million 7.375 percent senior notes due 2026 by its wholly-owned subsidiary Medco Oak Tree. The proceeds are to be used for payment of the acquisition of Ophir Energy. Partners Glenn Foo and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised GlaxoSmithKline on its acquisition of a majority controlling equity interest of 68 percent in GlaxoSmithKline Consumer Healthcare Holdings, which will combine both GlaxoSmithKline and Pfizer’s consumer healthcare businesses. Partner Samir Gandhi led the firm’s team in the transaction, which was completed on May 22, 2019.
AZB & Partners has also advised ECL Finance, the NBFC credit business of the Edelweiss Group, on the Rs18 billion (US$259.5m) acquisition by CDPQ Private Equity Asia of a more than 10 percent stake in ECL. Partners Ashwath Rau and Anu Tiwari led the firm’s team in the transaction, which was completed on May 7, 2019.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to 21Vianet Group, a Cayman Islands company listed on Nasdaq and a leading carrier- and cloud-neutral internet data centre services provider in China, on its tender offer for US$300 million of its outstanding seven percent senior notes due 2020, and its concurrent offering and issuance of US$300 million of new 7.875 percent notes due 2021. The new notes are listed in Singapore. Partner Richard Spooner led the firm’s team in the transaction, which closed on April 15, 2019. Skadden, Arps, Slate, Meagher & Flom and Han Kun Law Offices acted as US and China counsel, respectively. Davis Polk & Wardwell and Jun He Law Offices acted as US and China counsel, respectively, to the joint book-runners and lead managers, including Credit Suisse (Hong Kong), Barclays Bank and Orient Securities (Hong Kong).
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Huya, a Cayman Islands company, on its follow-on offering of 18.4 million American depositary shares, representing its Class A ordinary shares, and the listing of such ADSs in New York. Huya is a leading game live streaming platform in China. The offering, which closed on April 12, 2019, raised approximately US$313.8 million. Partners Greg Knowles and Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Kirkland & Ellis acted as US counsel to Credit Suisse Securities (USA), Goldman Sachs (Asia), Citigroup Global Markets and Jefferies, the representatives of the underwriters.
Milbank has acted as US counsel to BNP Paribas Securities, as the sole sponsor, and China International Capital Corporation Hong Kong Securities, The Hong Kong and Shanghai Banking Corporation and Kingsway Financial Services Group, as the joint global coordinators and underwriters, on the Hong Kong IPO, with a Rule 144A/ Reg S offering, of Xinyi Energy Holdings. Approximately 1.9 billion shares were sold for HK$1.94 (US$0.247) each, raising US$468.5 million. This marks the second biggest first-time share sale in Hong Kong to date in 2019. This IPO is a spin-off listing from parent company Xinyi Solar, a Hong Kong-listed solar glass manufacturer. One of the leading solar farm owners and operators in China, Xinyi Energy plans to use the proceeds to add another 540MW of generation capacity to its portfolio. The solar company currently operates a 954 MW portfolio of PV plants in China. Global capital markets partner David Kuo led the firm’s team in the transaction.
Simpson Thacher & Bartlett has represented Mulsanne Group on its IPO and Rule 144A/Regulation S offering of 200 million shares, prior to the exercise of the overallotment option. The total offering size was HK$878 million (US$112m). The shares of Mulsanne Group are listed in Hong Kong. Credit Suisse, Citi and CMB International acted as joint sponsors and joint global coordinators. A leading fashion menswear company based in China, Mulsanne Group operates a new rail platform that focuses on providing customers with a seamless and integrated shopping experience and identifying customers’ needs, by integrating offline retail stores with online channels through the support of big data analytics. Partner Christopher Wong led the firm’s team in the transaction.
Skadden has represented Uxin, the largest used car e-commerce platform in China, on its US$230 million issuance and sale of convertible notes, through a private placement. The investors include 58.com, Warburg Pincus and TPG. Hong Kong partner Julie Gao led the firm’s team in the transaction, which was announced on May 29, 2019.
S&R Associates is representing ArcelorMittal on its Rs502.31 billion (US$7.24b) joint takeover bid with Nippon Steel for Essar Steel India, under the Insolvency and Bankruptcy Code 2016.
S&R Associates has also represented the broker in the Rs13.59 billion (US$196m) offer for sale, through the stock exchange mechanism in India, of 33.03 million shares of HDFC Life Insurance Company by a promoter, Standard Life (Mauritius Holdings) 2006. Partners Sandip Bhagat and Juhi Singh led the firm’s team in the transaction.
Weerawong C&P has represented F&N Retail Connection, a joint venture between ThaiBev and Fraser and Neave, on its joint venture with Maxim’s Group of Hong Kong, whereby the joint venture company, Coffee Concepts Thailand, acquired all existing Starbucks outlets in Thailand and became the country’s sole franchisee for 40 years. The US$650 million acquisition closed in May 2019. Partner Sunyaluck Chaikajornwat led the firm’s team in the transaction.
White & Case has advised the initial purchasers on the US$1.5 billion senior notes offering of MGM China Holdings, a consolidated subsidiary of MGM Resorts International. The offering, which was the debut 144A/ Regulation S bond issuance by MGM China, consisted of US$750 million 5.375 percent senior notes due 2024 and US$750 million 5.875 percent senior notes due in 2026. Hong Kong partner Jessica Zhou led the firm’s team in the transaction.
