Allen & Gledhill has advised Oversea-Chinese Banking Corporation on the issue of US$1 billion 1.832 percent notes due 2030, under its US$30 billion global medium term note program. Partner Glenn Foo led the firm’s team in the transaction.
Allen & Gledhill has also advised the Housing and Development Board on the issue of S$800 million (US$585m) principal amount of fixed rate notes due 2025, as Series 092 under its S$32 billion (US$23.4b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising Warburg Pincus on its acquisition, through an affiliate, of a more than 30 percent stake in Infoblox. Partners Anil Kasturi and Nandita Govind are leading the firm’s team in the transaction, which was signed on September 3, 2020 and is yet to be completed.
AZB & Partners is also advising HighSage Ventures on its Rs4.4 billion (US$59.8m) acquisition of a portion of stake held by Indiabulls Housing Finance in OakNorth Holding, the holding company of OakNorth Bank. Partners Anand Shah and Aditya Singh Chandel are leading the firm’s team in the transaction, which was signed on September 9, 2020 and is yet to be completed.
Davis Polk has advised the joint global coordinators and representatives of additional underwriters on the Rule 144A/Regulation S offering by ENN Energy Holdings of US$750 million 2.625 percent senior notes due 2030. Hong Kong-listed ENN Energy Holdings is one of the first privately-owned clean energy distributors in China. Its principal business is the investment in, and the operation and management of gas pipeline infrastructure, vehicle/ship gas refueling stations, and the sales and distribution of piped gas and LPG. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.
Davis Polk has also advised the initial purchasers on a Rule 144A and Regulation S offering by Canadian Solar of US$230 million principal amount of its 2.5 percent convertible senior notes due 2025, which includes a US$30 million option to purchase additional notes, which was exercised in full. Canadian Solar was founded in 2001 in Canada, and is one of the world’s largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions. Hong Kong partner Gerhard Radtke, supported by partner John Brandow, also led the firm’s team in the transaction.
Herbert Smith Freehills has advised China Road and Bridge Corporation (CRBC) on the development agreement for Rashakai Special Economic Zone in Pakistan. Pakistan’s prime minister Imran Khan witnessed the signing of the agreement on September 14, 2020 by the joint venture formed by CRBC and Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) and the federal government, provincial government and KPEZDMC. The agreement concludes all preparatory negotiations, and marks the commercial closing of the SEZ in Pakistan’s northwestern province, part of the China Pakistan Economic Corridor. Beijing projects and infrastructure partner Ellen Zhang led the firm’s team in the transaction.
Khaitan & Co has advised SWAMIH Investment Fund-I, the Government of India’s special real estate fund, on the issuance of unlisted, secured, redeemable non-convertible debentures of up to Rs3 billion (US$40.8m) by Macrotech Developers. Partner Ashwin Bishnoi, supported by partner Harsh Parikh, led the firm’s team in the transaction, which is one of the largest implemented by the SWAMIH Investment Fund to alleviate stress in the real estate sector.
Khaitan & Co has also acted as Indian counsel to Gateway Distriparks on the issuance of equity shares, on a rights basis, to its eligible equity shareholders, aggregating to approximately US$15.9 million. Partner Abhimanyu Bhattacharya led the firm’s team in the transaction, which was completed on August 20, 2020.
L&L Partners has assisted Baker & McKenzie London on the India leg of KKR’s recent proposed multi-jurisdiction acquisition of a majority stake in multinational cosmetics and beauty company Coty’s professional beauty and retail haircare division businesses. The deal, announced on May 12, 2020 and signed on June 2, 2020, will see KKR acquire 60 percent stake in Coty’s professional beauty and retail haircare division businesses, which includes iconic brands such as Wella, Clairol, OPI and ghd. At the same time, KKR will purchase US$750 million of Series B convertible stock of Coty and a further US$250 million of Series B convertible stock. Partner Damini Bhalla led the firm’s team in the transaction, which had a reported global value of US$4.3 billion. Baker McKenzie, led by London EMEA private equity chair Karen Guch and partner Jannan Crozier, advised KKR.
Maples Group has acted as BVI counsel to CICC Hong Kong Finance 2016 MTN on its issue of US$500 million 1.75 percent notes due 2023, under the US$5 billion medium term note programme guaranteed by China International Capital Corporation (Hong Kong), with the benefit of a keepwell deed provided by China International Capital Corporation. China International Capital Corporation is one of China’s leading investment banking firms that engages in investment banking, securities, investment management and other financial services, primarily with institutional clients. The programme and the notes are listed in Hong Kong. Karen Zhang Pallaras led the firm’s team in the transaction, while Linklaters advised as to English and Hong Kong laws and Haiwen advised as to Chinese laws. The joint arrangers and dealers were advised by Allen & Overy as to English law and by King & Wood Mallesons as to Chinese law.
Maples Group has also acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings on its issuance of US$200 million 6.25 percent senior notes due 2024. The notes are listed in Singapore. The issuer is a property developer in China, specialising in large-scale retail and residential complexes. Karen Zhang Pallaras also led the firm’s team in the transaction, while Dorsey & Whitney advised as to US and Hong Kong laws. The purchasers were advised by Skadden, Arps, Slate, Meagher & Flom as to US laws.
Nishimura & Asahi has advised Tokyo-listed Lixil Viva, a home improvement center operator and subsidiary of Tokyo-listed Lixil Group, on a tender offer by Tokyo-listed Arcland Sakamoto, a Japanese retailer/wholesaler of DIY and consumer products, for 45.45 percent of its issued common shares, as part of a transaction to make Lixil Viva a wholly-owned subsidiary of Arcland Sakamoto. Partners Mitsuhiro Harada, Tatsuya Nakayama and Kazumaro Kobayashi led the firm’s team in the transaction.
Nishimura & Asahi has also advised Tokyo-listed Sompo Holdings, a Japanese insurance holding company, on its acquisition of a stake in Tokyo-listed Renaissance, a Japanese fitness and sports club operator. Partners Tatsuya Tanigawa and Tatsuya Nakayama led the firm’s team in the transaction.
Norton Rose Fulbright has advised Qube Holdings, Australia’s largest integrated provider of import and export logistics, on the sale of its Minto industrial site to Charter Hall. The sale of the 30.6-hectare Minto site was first announced in July 2020 and, with approval from the Foreign Investment Review Board, settled on September 15, 2020 for approximately A$207 million (US$147.6m), reflecting an initial yield of 4.76 percent. The site is strategically located close to the South Sydney Freight Line, the M5, M7 and Hume Highway in NSW, and will now form part of Charter Hall’s expanded industrial and logistics property portfolio, the A$5.2 billion (US$3.7b) Prime Industrial Fund. The site is fully leased to four automotive logistics tenants, and is currently used for car import, storage and distribution, and has the potential to be developed as an intermodal rail terminal. Real estate partner Deanne Ogilvie led the firm’s team in the transaction.
Paul Hastings has represented Contemporary Ruiding Development (CRD) on its debut offshore bond issuance. The offering involved US$1 billion 1.875 percent guaranteed bonds due 2025 and US$500 million 2.625 percent guaranteed bonds due 2030, guaranteed by Contemporary Amperex Technology (CAT). The firm advised both the issuer and the guarantor, as to Hong Kong Law and English Law on the transaction. The Hongkong and Shanghai Banking Corporation, Merrill Lynch (Asia Pacific), ICBC International Securities and CMB International Capital acted as the joint global coordinators, joint book-runners and joint lead managers. Barclays Bank, Bank of China, CCB International Capital, China CITIC Bank International, China Everbright Bank Hong Kong Branch, China Minsheng Bank Hong Kong Branch, China PA Securities (Hong Kong), Citigroup Global Markets, Shanghai Pudong Development Bank Hong Kong Branch and Standard Chartered Bank acted as the joint book-runners and joint lead managers. CRD is an indirect wholly-owned subsidiary of CAT, a leading manufacturer of lithium-ion battery based in the Fujian Province in China. CAT is the largest electric vehicles battery brand in China, based on market share in 2019. The proceeds from this offering will be used for financing its offshore project construction and working capital. Global partner and chair of Greater China Raymund Li and corporate partner James Ma led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has acted for Vedanta, Ravva Oil (Singapore) and Videocon Industries, through their resolution professional, as the award holders in proceedings against the Government of India. The Supreme Court upheld the enforcement of the foreign award rendered by the Delhi High Court on February 2020, stating that the limitation period for enforcement of a foreign award is three years. Partners Anirudh Das and Aashish Gupta advised the clients.
Trilegal has advised the Government of India on the offer for sale, through the stock exchange, of the equity shares of Hindustan Aeronautics. The President of India, acting through the Department of Defence Production, sold approximately 15 percent of its stake in Hindustan Aeronautics, aggregating to approximately Rs49.3 billion (US$670m). Partner Bhakta Patnaik led the firm’s team in the transaction, while Herbert Smith Freehills acted as international counsel.
WongPartnership has acted for SCHS International on the co-management agreement for managing an international school within Guangzhou Knowledge City. Partners Joseph He and Miao Miao led the firm’s team in the transaction.
WongPartnership has also acted for Timing on successfully obtaining a provisional garnishee order on the joint accounts of Singaporean businessman Jeff Tay and his wife, Cindy Iwasaki Tay: Timing Limited v Tay Toh Hin & Anor  SGHC 169. The case is the first reported decision by the Singapore High Court to hold that, as a question of law, a joint account can be garnished, subject to certain requirements, where there is a strong prima facie basis for concluding that all the moneys in the joint account belong to the judgment debtor. Partner Koh Swee Yen led the firm’s team, comprising Lin Chunlong, Goh Mu Quan and Dana Chang, in the application.
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