Allen & Gledhill has advised DBS Bank, Oversea-Chinese Banking Corporation, Standard Chartered Bank (Singapore) and United Overseas Bank, as the dealers, on the issue of S$200 million (US$143.6m) 3.4 percent notes due 2025, under the S$3 billion (US$2.15b) multicurrency medium term note programme by GLL IHT. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Grab Holdings on its acquisition of Bento Invest Holding Company. The acquisition would allow Grab to offer retail wealth management and investment solutions to users, driver-partners and merchant-partners. Partners Lim Chong Ying, Teoh Sze Min, Alexander Yap, Adrian Ang and Elsa Chen led the firm’s team in the transaction.
AZB & Partners has advised Max Estates and Northern Propmart Solutions on the acquisition by Max Estates and New York Life Insurance of Northern Propmart Solutions, such that Max Estates will hold 51 percent stake while New York Life Insurance will hold 49 percent stake in the company. Partners Niladri Maulik and Anisha Shridhar led the firm’s team in the transaction, which was valued at Rs1.75 billion (US$23.6m) and was signed on February 12, 2020.
AZB & Partners has also advised Brookfield Asset Management on the approximately Rs14.5 billion (US$198m) acquisition by BCP V Multiple Holdings of up to 40 percent of Indostar Capital Finance. Partners Ashwath Rau and Medha Marathe led the firm’s team in the transaction, which was signed on January 31, 2020.
Clifford Chance has advised the joint global coordinators, joint book-runners and joint lead managers on the Agricultural Development Bank of China’s (ADBC) Rmb1.5 billion (US$215m) 3.4 percent five-year bonds, which have been consolidated into and form a single series with the Rmb3 billion (US$430m) 3.4 percent five-year bonds issued on November 6, 2019 by ADBC. These are the first dim sum bonds to raise funds to help combat the coronavirus outbreak. The joint book-runners and joint lead managers include the Bank of China, Bank of China (Hong Kong), Standard Chartered Bank, Bank of Communications (Hong Kong Branch), Agricultural Bank of China (Hong Kong Branch), China Construction Bank (Asia), Industrial and Commercial Bank of China (Asia), Shanghai Pudong Development Bank (Hong Kong Branch), China CITIC Bank International, Mizuho Securities Asia, KGI Asia, Crédit Agricole Corporate and Investment Bank and CTBC Bank. Partner Mark Chan, supported by partner David Tsai, led the firm’s team in the transaction.
Davis Polk has advised the lead managers on Mizuho Financial Group’s SEC-registered takedown offering of senior notes, which consisted of US$750 million principal amount of 2.226 percent senior fixed-to-floating rate notes due 2026, US$500 million principal amount of 2.591 percent senior fixed-to-floating rate notes due 2031, and US$1.1 billion principal amount of senior floating-rate notes due 2024. The notes are structured to count as total loss-absorbing capacity (TLAC), under the Japanese TLAC regulations. The notes are listed in Singapore. Mizuho Financial Group is a Japanese bank holding company that is the ultimate parent company of the Mizuho Group, one of the largest financial institution groups in the world. Tokyo partner Jon Gray led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Newborn Town on its IPO of 136 million shares and listing in Hong Kong. Newborn Town is a fast-growing mobile app developer and mobile advertising platform services provider based on AI technologies. The offering, which closed on December 31, 2019, with over-allotment closed on January 21, 2020, raised approximately HK$228.5 million (US$29.4m). Partner Everton Robertson led the firm’s team in the transaction, while Herbert Smith Freehills advised on Hong Kong law and US law, and Jingtian & Gongcheng advised on Chinese law. The sole sponsor, CMBC International Capital, and the underwriters were represented by Reed Smith Richards Butler as to Hong Kong law, and by Grandall Law Firm (Beijing) as to Chinese law.
Maples and Calder has also acted as Cayman Islands counsel to Wynn Macau on its issuance of US$1 billion 5.125 percent senior notes due 2029. The notes are listed in Hong Kong. The issuance closed on December 17, 2019. Wynn Macau is a leading developer, owner and operator of casino gaming and entertainment resort facilities in Macau. Partner Lorraine Pao led the firm’s team in the transaction, while Kirkland & Ellis acted as US and Hong Kong counsel. White & Case acted as US counsel to the initial purchasers, including Deutsche Bank, Banco Nacional Ultramarino and Bank of China.
S&R Associates has represented Bertelsmann India Investments, an existing investor in the operator of Pepperfry, an Indian online marketplace for furniture and home accessories, on a US$40 million financing round led by Pidilite Industries and also involving other existing investors Norwest Venture Partners, Goldman Sachs and State Street Global Advisors. Partner Rachael Israel led the firm’s team in the transaction.