Allen & Gledhill has advised Oversea-Chinese Banking Corporation as arranger and dealer; The Bank of New York Mellon Singapore as trustee of the holders of the securities, issuing and paying agent, CDP transfer agent and CDP registrar; The Bank of New York Mellon London as non-CDP paying agent and calculation agent; and The Bank of New York Mellon Luxembourg as non-CDP transfer agent and non-CDP registrar, on the establishment by Hotel Properties of a S$1 billion (US$714.6m) multicurrency debt issuance programme. Partners Margaret Chin, Sunit Chhabra and Magdalene Leong led the transaction.
Allen & Gledhill has also advised Noble Group on its issue of US$750 million 8.75 percent notes due 2022. Partner Bernie Lee led the transaction.
AZB & Partners has advised Muthoot Finance on its public issue of secured and unsecured non-convertible debentures. Partner Srinath Dasari led the transaction, which was valued at Rs14 billion (US$213.8m) and was completed on February 17, 2017.
AZB & Partners has advised Macquarie SBI Infrastructure Investments (MSII) and SBI Macquarie Infrastructure Trustee (SMIT), as trustee for the SBI Macquarie Infrastructure Trust, on the acquisition of 100 percent of the equity share capital and compulsorily convertible debentures of Trichy Tollway held by MSII and SMIT; the acquisition of 48 percent of the equity share capital and 74 percent of the compulsorily convertible debentures of Jadcherla Express held by MSII and SMIT; and the acquisition of 26 percent of the equity share capital of Jadcherla Express held by Ashoka Concessions. Senior partners Bahram Vakil and Ashwath Rau led the transaction, which was valued at Rs9.1 billion (US$139m) and was completed on March 2, 2017.
Clifford Chance has represented Kasikornbank, Krung Thai Bank and CIMB Thai as the lead arrangers on a Thai baht-denominated bond issue in Thailand by The Government Savings Bank. This is the first time The Government Savings Bank has opted for a Thai baht bond issuance under the SEC regime as its fund raising platform, in addition to the issuance of the bonds under its own constitutional law. The bonds may be issued within 2017, with a maximum issue size of Bt50 billion (US$1.44b) and will be guaranteed by the Thai Government under the Government Savings Bank Act. The first issue of the bonds, with an aggregate principal amount of Bt36 billion (US$1b), was on February 23, 2017. Counsel Doungporn Prasertsomsuk led the transaction.
Colin Ng & Partners has acted for Globe International Events Consultancy on the sale of its interest in the “RetailEX ASEAN” event to Clarion Events. “RetailEX ASEAN” is an annual exhibition held in Thailand that focuses on retail in-store equipment and solutions. First launched in 2015, it caters primarily to retailers in the Southeast Asian region. Following the sale, Clarion will work with a local partner to organise future editions of “RetailEX ASEAN”. Partner Pradeep Kumar Singh led the transaction.
J Sagar Associates has advised State Bank of India, IFSC Banking Unit, GIFT City, Gandhinagar Branch (SBI GIFT City) on the US$10 million secured term loan facility made available by SBI GIFT City to Sundaram Clayton. Notably, the lender in this case is an IFSC Banking Unit in the International Financial Services Centre at the Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat, India. This is the first loan origination by the SBI’s GIFT City Branch, pursuant to the Reserve Bank of India regulations. Partner Anish Mashruwala led the transaction.
Khaitan & Co has advised Xander Finance on the Rs1.3 billion (US$19.9m) secured term loan extended to Adarsh Developers and Earnest Constructions. Xander Finance is a non-banking financial company that is part of Xander Group, an institutional investment firm focused on long-term value investing. Xander Finance invests primarily in companies that operate in the infrastructure, hospitality, entertainment, retail and real estate sectors. Partner Sharad Moudgal led the transaction.
Khaitan & Co has also acted as sole counsel to Music Broadcast on its approximately US$74.5 million IPO. Music Broadcast is the first private FM radio broadcaster in India. It owns and operates FM radio stations under the Radio City brand name and has a presence in 39 cities, which includes 11 new radio stations acquired under the Phase III Policy. Executive director Sudhir Bassi and associate partner Aditya George Cheriyan led the transaction.
Kirkland & Ellis is advising Ally Bridge Group as a joint offeror with a consortium established by an affiliate of the target company’s controlling shareholder and GL Capital Group on its proposed HK$2.34 billion (US$301m) privatisation offer for the H-shares of Hong Kong-listed Shandong Luoxin Pharmaceutical Group, by way of a voluntary conditional cash offer. The transaction is conditional on, among others, Shandong Luoxin’s shareholder approval. The voluntary conditional cash offer will be extended only to holders of Shandong Luoxin H shares while no offer will be extended to holders of the company’s domestic shares. Ally Bridge Group is a global healthcare-focused investment group, with a healthcare investment portfolio in China, the US and Europe. Corporate partners Nicholas Norris and Joey Chau, assisted by debt finance partners David Irvine and Daniel Lindsey, led the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands and BVI counsel to China SCE Property Holdings on its issue of US$200 million 5.875 percent senior guaranteed notes due 2022, guaranteed by certain China SCE Property Holdings subsidiaries. The notes are listed in Hong Kong. China SCE Property Holdings is one of the leading real estate developers in Fujian Province. Partner Derrick Kan led the transaction, while Sidley Austin and Jingtian & Gongcheng acted as US and Hong Kong counsel and PRC counsel, respectively. Davis Polk & Wardwell and King & Wood Mallesons acted as US and Hong Kong counsel and PRC counsel to the initial purchasers, which comprised of HSBC, Deutsche Bank, Haitong International Securities, BOCI and ICBC International Securities.
Maples and Calder (Hong Kong) has also acted as BVI counsel to Horsepower Finance, a wholly-owned subsidiary of ICBC International Holdings, on its issue of US$650 million 2.35 percent guaranteed notes due 2020 under the US$1.2 billion medium term note programme guaranteed by Industrial and Commercial Bank of China Hong Kong Branch. Partner Derrick Kan led the transaction, while Linklaters and Jun He acted as English and PRC counsel, respectively.
Rajah & Tann Singapore has acted for Singapore-listed Keppel Land on the acquisition by its subsidiary of an additional 16 percent stake from Southern Waterborne Transport in five joint venture entities established for the development of Saigon Centre in Ho Chi Minh City, Vietnam. The total consideration for the acquisition is Vnd845.9 billion (US$37m), satisfied fully in cash. Partners Brian Ng (Rajah & Tann Singapore) and Nha Nguyen (Rajah & Tann LCT Lawyers) led the transaction.
Shearman & Sterling has advised The Export-Import Bank of China, China Development Bank, Silk Road Fund and International Finance Corporation (IFC) on the development and financing of the US$1.69 billion (approved total investment) 720 MW Karot hydropower plant in Pakistan, the largest hydropower plant in Pakistan to be financed on a limited recourse basis. The project represents one of the three multi-stage hydropower projects in Pakistan being developed by China Three Gorges South Asia Investment, an independent power company established by China Three Gorges, IFC and Silk Road Fund, which was structured as a scalable investment platform to develop and own renewable power projects in Pakistan. Karot is located on the Jhelum River and the Province of Punjab, Pakistan and is expected to achieve commercial operations by 2021. The project is also listed as one of the priority projects of the China Pakistan Economic Corridor, a key component of China’s One Belt One Road initiative. Partner Bill McCormack led the transaction.
Skadden is advising Citigroup on Wirecard’s announcement that it will purchase the customer portfolio of Citi’s merchant-acquiring business in 11 markets in Asia Pacific. The purchase includes the entire customers for merchant-acquiring services in Singapore, Hong Kong, Macau, Malaysia, Taiwan, Indonesia, Philippines, Thailand, India, Australia and New Zealand. In addition, the firm has advised Citi on the completion of Wirecard’s acquisition of the business of Citi Prepaid Card Services, announced on March 9, 2017. A leading global group of companies in the area of payment processing and card issuing, Wirecard now has more than 100 new employees in Conshohocken, Pennsylvania and an additional 20 employees in various international locations. With this acquisition, Wirecard has expanded its global presence in its core business of payment processing into the North American market. Partners Rajeev Duggal and Jonathan Stone led the transaction.
Vaish Associates has acted as lead transactional counsel to Idea Cellular and Aditya Birla Group (ABG) on the merger, through a scheme of amalgamation, of Idea Cellular with Vodafone India and its subsidiary Vodafone Mobile Services (VMS). The transaction is subject to various approvals of shareholders, creditors and governmental authorities. Once effective, the entire cellular mobile telecommunication business of Vodafone India and VMSL, other than Vodafone India’s investment into Indus Towers, its international network assets and information technology platforms, will vest into Idea Cellular; the promoters of Vodafone India will hold 45.1 percent of the merged entity while promoters of Idea Cellular will hold 26 percent of the merged entity, with the balance to be held by public shareholders. Partner Bomi Daruwala, supported by principal associates Krishna Kishore, Amitjivan Joshi and Yatin Narang, led the transaction. Bharucha & Partners, led by partner Alka Bharucha, and AZB & Partners, led by partner Nisha Kaur Uberoi, also advised Idea Group. S&R Associates, led by partner Rajat Sethi; Slaughter and May, led by partner Susannah Macknay; and Shardul Amarchand Mangaldas, led by partner Pallavi Shroff, advised the Vodafone Group.
White & Case has advised Saudi Arabian Oil Company (Saudi Aramco) on its share purchase agreement with Petronas, under which Saudi Aramco will acquire a 50 percent equity interest, valued at approximately US$7 billion, in a joint venture with Petronas to develop the Refinery and Petrochemical Integrated Development (RAPID) project in the southern Malaysian state of Johor. Scheduled to start up in 2019, the RAPID project comprises a refinery, cracker and integrated petrochemical complex. It will have the capacity to process 300,000 barrels of crude oil per day and produce Euro 5 gasoline and diesel and other refined products, as well as feedstock for the production of 3.5 million tons of petrochemical products annually. The RAPID project is part of Petronas’ Pengerang Integrated Complex, which includes associated facilities, such as a co-generation plant, an LNG re-gasification terminal, a raw water supply project, a deep water terminal and centralised and shared utility facilities. Singapore partner and head of the South East Asia energy practice Steve Payne and Abu Dhabi partners Michael Watson, supported by partners Wendell Maddrey (New York), Jean Shimotake (New York), Luke Robottom (Abu Dhabi), Paul Harrison (Tokyo), Pontus Lindfelt (Brussels) and Jon Bowden (Singapore), led the transaction, which was signed on February 28, 2017 and is subject to regulatory approvals and execution of associated agreements.
