Allen & Gledhill has advised Singtel Group Treasury (SGT) and Singapore Telecommunications (Singtel) on the issue of US$500 million 3.875 percent notes due 2028, under the S$10 billion (US$7.26m) guaranteed euro medium term note programme by SGT. The programme was guaranteed by Singtel. Partners Yeo Wico, Bernie Lee, Sunit Chhabra, Tan Wee Meng and Yeo Boon Kiat led the firm’s team in the transaction.
Allen & Gledhill has also advised Bank of America National Association Singapore Branch, Commerzbank Aktiengesellschaft Luxembourg Branch, The Hongkong and Shanghai Banking Corporation and United Overseas Bank, as lead arrangers and book-runners, and ING Bank Singapore Branch, as lead arranger, on the US$420 million syndicated loan facility to Agricultural Bank of China Singapore Branch. Partner Aloysius Ng led the firm’s team in the transaction.
AZB & Partners is advising the Aditya Birla Group on the Rs980 million (US$13.5m) acquisition by Varde Partners and its affiliates of a 50 percent joint controlling stake in Aditya Birla ARC. Partners Ashwath Rau (corporate), Kashish Bhatia (corporate), Pallabi Ghosal (funds) and Rahul Rai (competition) are leading the firm’s team in the transaction, which was signed on August 29, 2018 and is yet to be completed.
AZB & Partners has also advised Cotecna Inspection on its acquisition of the 100 percent share capital of Shiva Analyticals (India). Partner Srinath Dasari led the firm’s team in the transaction, which was completed on September 5, 2018.
Baker McKenzie has advised Chong Hing Bank on a rights issue of up to 361.3 million rights shares, on the basis of one rights share for every two shares, at HK$14.26 (US$1.82) per rights share, raising up to approximately HK$5.15 billion (US$656m). Separately, the bank has allotted and issued to Guangzhou Metro Investment Finance (HK), which is wholly-owned by Guangzhou Metro Group, approximately 70.13 million subscription shares at HK$14.26 (US$1.82) per share. A total of up to HK$6.15 billion (US$783.5m) is expected to be raised by both the subscription and the rights issue. The bank intends to use the proceeds to strengthen its capital base and further support the continuing growth of its business. DBS Asia Capital and Nomura International (Hong Kong) are the joint coordinators for the subscription and financial advisers to the rights issue. Hong Kong partners Christina Lee and Dorothea Koo led the firm’s team in the transaction, while Sullivan & Cromwell advised the bank on the subscription of new shares. Norton Rose Fulbright advised DBS Asia Capital and Nomura International (Hong Kong).
Baker McKenzie has advised Perusahaan Listrik Negara (Persero) (PLN) on a revolving credit facility and a term loan facility at a total value of US$1.5 billion, with a greenshoe option of up to US$500 million. This deal is the first large-scale syndicated offshore financing for the Indonesian state-owned power company. The loan facilities will be used by PLN for capital expenditure and general corporate purposes. The original mandated lead arrangers of this deal comprise of Australia and New Zealand Banking Group, Bank of China (Hong Kong), Citigroup Global Markets Singapore, Mizuho Bank, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation (Singapore Branch), Bank Sumitomo Mitsui Indonesia and United Overseas Bank. Partner Mita Guritno at Baker McKenzie’s Indonesian member firm HHP Law Firm and principal Kah Chin Chu at Singapore member firm Baker McKenzie Wong & Leow led their respective firm’s team in the transaction.
Clayton Utz has advised Healthia on the successful merger of its My FootDr Podiatry and Allsports Physiotherapy businesses and the launch of Healthia’s IPO and listing in Australia. Queensland-based Healthia operates an integrated portfolio of allied health businesses Australia-wide, including My FootDr, Allsports Physiotherapy, Extend Rehabilitation, iOrthotics and DBS Medical Supplies. Its chair is well-known entrepreneur Glen Richards, former CEO and founder of veterinary services provider Greencross. The funds raised from the offer will be used to grow the business, which began with a single clinic in 2004, to over 100 clinics operating around Australia. On listing, Healthia will have an indicative market capitalisation of approximately A$63 million (US$44.7m). Corporate partner Stephanie Daveson led the firm’s team in the transaction, which was completed on September 11, 2018.
Conyers has advised Odfjell Drilling on a preference share and warrant issuance to an affiliate of Akastor, subject to the approval of Odfjell’s shareholders. The proceeds of this transaction will assist Odfjell in purchasing the drilling unit formerly called “Stena MidMax” from Samsung Heavy Industries for US$505 million. The drilling unit, which is purposely built for harsh environment areas, will be renamed “Deepsea Nordkapp”. Odfjell intends to finance the purchase of the drilling unit through the proceeds of a recent US$175 million private placement of common shares, the proceeds of the issuance of the preference shares, and a contemplated US$325 million senior secured term loan facility, as well as a seller’s credit from the ship yard of US$48.25 million. Bermuda corporate director Guy Cooper led the firm’s team in the transaction, which was completed on July 31, 2018.
Cyril Amarchand Mangaldas has advised CreditAccess Grameen as the issuer and CreditAccess Asia as the promoter selling shareholder on CreditAccess Grameen’s IPO of approximately 26.8 million equity shares with face value of Rs10 each (US$0.137) for cash at Rs422 (US$5.81) per equity share, including a share premium of Rs412 (US$5.67) per equity share, aggregating to approximately Rs11.3 billion (US$155.5m), comprising a fresh issue of approximately 14 million equity shares aggregating to Rs6.3 billion (US$86.7m) by the company and an offer for sale of approximately 11.9 million equity shares by the promoter selling shareholder and such offered shares, aggregating to approximately Rs5 billion (US$68.8m). Bangalore capital markets partners Arjun Lall and Vijay Parthasarathi led the firm’s team in the transaction. Clifford Chance and L&L Partners acted as international and domestic counsel, respectively, to ICICI Securities, Credit Suisse Securities (India), IIFL Holdings and Kotak Mahindra Capital as the book-running lead managers.
Duane Morris & Selvam has advised JULES Corporation on its issue of preferred rights securities tokens, making it the first software technology education company in Singapore to issue a unique hybrid securities token offering financing programme. The preferred rights securities tokens are specifically designed to cater to venture capital and private equity funds and accredited investors seeking to invest in companies with blockchain-enabled technology. The multi-million-dollar securities token fundraising programme incorporates both equity type features for investing in early-stage companies and securitised convertible debt features for asset-backed type investments.
J Sagar Associates has advised Stanley Lifestyles and the promoters of the Stanley Group on Stanley Lifestyles’ first round of private equity funding by primary and secondary transactions to Oman India Joint Investment Fund. Stanley Lifestyles makes high-end leather and non-leather furniture and does contract manufacturing for various high-end furniture brands, in addition to making leather and non-leather accessories for the auto industry. Partners Vivek K Chandy and Archana Tewary led the firm’s team in the transaction. AZB & Partners, led by partners Sai Krishna Bharathan, Vivek Bajaj, Nandan Pendsey and Samir R Gandhi, advised Oman India Joint Investment Fund.
J Sagar Associates has also acted for Reliance Infrastructure (RInfra) on its successful completion of the sale of its integrated Mumbai Power Division, comprising of electricity generation, transmission and distribution business, to Adani Transmission for Rs188 billion (US$2.6b), of which Rs138 billion (US$1.9b) received upfront has been utilised for the reduction of debt liabilities of RInfra and the remaining amount of approximately Rs50 billion (US$688m) will flow to RInfra subsequently towards regulatory assets under approval. This is the largest ever debt reduction for any company in India’s power sector. Joint managing partner Dina Wadia and partner Manav Raheja, supported by partners Amitabh Kumar and Vaibhav Choukse, led the firm’s team in the transaction.
Khaitan & Co has advised HIL on the €72.3 million (US$83.7m) acquisition of the entire shareholding of Parador Holdings from its existing shareholders NORD Holding, Deutsche Mittelstandsholding, Lubert Winnecken and Hendrik Voß. Formerly known as Hyderabad Industries, HIL is a flagship group company of CK Birla Group. HIL is a pioneer of green building materials, producing durable roofing solutions, panels, walling blocks, plywood substitutes, high quality pipes and fittings, and industrial insulation. Partners Haigreve Khaitan and Niren Patel, supported by partners Bijal Ajinkya (direct tax) and Peshwan Jehangir (enforcement), led the firm’s team in the transaction.
Khaitan & Co has also advised Reliance Nippon Life Asset Management (RNAM) on the subscription to the first secured, listed, rated, redeemable, non-convertible debt securities, on private placement basis, issued by India Grid Trust an INVIT, aggregating to Rs2.5 billion (US$34.4m). Security included charge over receivables from its investments in various power transmission subsidiaries. The transaction is the first issue of debt securities by an infrastructure investment trust registered with the SEBI. The deal paves the way for other infrastructure investment trusts and real estate investment trusts to undertake issue of debt securities, both on public and private basis, in the future. Formerly known as Reliance Capital Asset Management, RNAM is the asset manager of Reliance Mutual Fund (RMF). Reliance Capital and Nippon Life Insurance are the promoters of RNAM and currently hold 85.75 percent of its total issued and paid-up equity share capital. Equity shares of RNAM are listed in India. Partner Manisha Shroff led the firm’s team in the transaction.
Norton Rose Fulbright is advising POSCO on its US$280 million acquisition of a package of Argentinean lithium tenements from Galaxy Resources. POSCO and Galaxy executed binding definitive documentation on August 27, 2018, with completion of the transaction expected to occur in Q4 2018. Korea-listed POSCO, one of the world’s largest steel producers, will acquire the tenements in the northern basin of the Salar del Hombre Muerto region of Argentina. Australia-listed Galaxy will retain the tenements located in the southern portion of its Sal de Vida Project. Perth M&A partner Adam Edelman and Vancouver corporate partner John Kim, supported by Vancouver securities partner David Hunter, are leading the firm’s team in the transaction.
Rajah & Tann Singapore is advising social media giant Facebook on its S$1.4 billion (US$1b) first-in-Asia data centre in Singapore. The landmark Singapore data centre is located in Tanjong Kling (formerly known as Data Centre Park) and will be an 11-storey, 1.8 million square feet facility estimated to start operations in 2022, and is completely powered by renewable energy and new statepoint liquid cooling system, which minimises power and water consumption. It also features a facade made out of a perforated lightweight material. The negotiations involve Jurong Town Corporation, Public Utilities Board, Info-communications Media Development Authority and the Economic Development Board. Partners Rajesh Sreenivasan, Norman Ho and Shemane Chan are leading the firm’s team in the transaction.
Rajah & Tann Singapore has also advised TEE International on its joint venture with the private equity arm of Dymon Asia Capital (Singapore) to acquire the biohazardous waste, cytotoxic waste and pharmaceutical waste treatment business of SembCorp Environment. The TEE group is principally focused on engineering, real estate and infrastructure businesses. Partners Danny Lim and Chia Lee Fong led the firm’s team in the transaction.
Shook Lin & Bok has acted for Shanghai Decent Investment (Group), a Tsingshan group company, on its collaboration with Nickel Mines to, inter alia, construct and operate a two-line rotary kiln electric furnace plant within the Indonesia Morowali Industrial Park, situated in Sulawesi, Indonesia. The total plant investment is expected to be US$200 million. Partner Johnny Lim led the firm’s team in the transaction.
S&R Associates has advised HT Media on its Rs100 million (US$1.37m) investment in ten percent of the equity shares of Editorji Technologies, a company promoted by Vikramaditya Chandra, that owns and operates a platform for creation and distribution of personalised video, news and related content through electronic means. Partner Radhika Iyer led the firm’s team in the transaction.
Wong & Partners, the member firm of Baker McKenzie in Malaysia, has advised WeChat Pay Malaysia, a subsidiary of Tencent Holdings, on its successful application to the Central Bank of Malaysia for an e-money licence for its landmark and innovative ringgit-denominated mobile wallet platform in Malaysia. WeChat Pay Malaysia enables users to conduct peer-to-peer transfer of funds and to make payments to partner merchants and many other functionalities. WeChat has over one billion daily monthly users worldwide. The Malaysian market is the first market in the world, beyond China and Hong Kong, to issue local currency denominated WeChat Pay e-wallet. Partner Brian Chia led the firm’s team in the transaction.
WongPartnership is acting for WL Holdco, an affiliate of Navis Capital Partners, on the S$13.3 million (US$9.6m) sale to CES WL, a wholly owned subsidiary of Chip Eng Seng Corporation, of 70 percent of the issued share capital of White Lodge Education Group Services. Partners Vivien Yui and Anna Tan led the firm’s team in the transaction.