Allen & Gledhill has advised DBS Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch, Oversea-Chinese Banking Corporation and United Overseas Bank, as the joint lead managers, on the issue of S$250 million (US$186m) 5.375 percent subordinated perpetual securities by HSBC Institutional Trust Services (Singapore), as trustee of AIMS APAC REIT. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill (Vietnam) has acted as transaction counsel to SP Group company SPI Energy Investments on a joint venture with BCG Energy to invest in rooftop solar and other renewable energy projects in Vietnam. BCG Energy is a wholly-owned subsidiary of Bamboo Capital Group. The partnership is a key milestone for SP Group to grow its sustainability footprint in Vietnam. The JV will support Vietnam’s green ambitions to become a carbon-neutral economy and increase the ratio of electricity produced from renewable sources to 30 percent by 2030. The JV sets out multiple phases of developments, and an initial target of 500 MW of rooftop projects by 2025. As part of its first rooftop solar projects, the JV will work with Vinamilk, Vietnam’s largest dairy production company, to install a combined 25 MW of rooftop solar power across nine factories and seven farms. Managing partner Oh Hsiu-Hau and partners Tran Thi Phuong Thao and Jonathan Lin led the firm’s team in the transaction.
AZB & Partners is advising HIG Capital, acting through HIG Taurus EAL, HIG Capital Partners VI and HIG Taurus SG, on its acquisition from Take Solutions Global Holdings and Take India subsidiary Take Solutions of 75 percent of the total issued and paid up share capital of Ecron Acunova, which holds the Indian leg of the CRO business of Take India, and Navitas Life Sciences SG, which holds the offshore leg of the CRO business of Take India. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was valued at Rs7.52 billion (US$102m) and is yet to be completed.
AZB & Partners has also advised Warburg Pincus, acting thru its affiliate Yellow Bell Investment, on its sale to Augment India I Holdings of more than 30 percent stake in Clean Max Enviro Energy Solutions. Partners Anil Kasturi and Ashish Pareek led the firm’s team in the transaction, which was valued at Rs16.5 billion (US$224m) and was completed on August 20, 2021.
Clifford Chance has advised China Merchants Bank, through its Luxembourg branch, on the issuance of a US$600 million landmark dual-tranche sustainability and carbon neutrality bonds, the first such bond from a Chinese issuer to be listed in Luxembourg. The offering was also China Merchants Bank’s first carbon neutrality-themed green bond to help drive China’s emission and carbon neutrality commitments. Equally split at US$300 million each, the green bonds included a two-year floating-rate sustainability bond linked to the secured overnight finance rate. The second tranche was a five-year fixed rate carbon neutrality themed green notes due 2026. Credit Agricole CIB, JP Morgan, Citigroup, CMB International, CMB Wing Lung Bank and Agricultural Bank of China (Hong Kong branch) acted as underwriters. Partner Angela Chan led the firm’s team in the transaction.
Clifford Chance has also advised JOLT Charge Holding, an electric vehicle (EV) charging network provider in Australia, on a fundraising transaction by BlackRock Real Assets, the real assets arm of global investment firm BlackRock. Post transaction, BlackRock Real Assets will hold a significant minority stake in JOLT, its first investment in the EV sector in the Asia Pacific Region. JOLT contracts with councils and electricity network providers to install and operate EV chargers on urban infrastructure, such as substations. This year, JOLT announced a long-term contract with Ausgrid to transform existing street-side kiosks into EV charging stations, which the firm also advised on. The funding will assist JOLT to finance the rollout of 1,000 EV charging stations across Adelaide and Sydney, and targeting major cities, including Brisbane, Melbourne and Perth. Following this roll-out, JOLT will become the largest EV charging network provider in Australia, and has plans to build 5,000 EV charging stations across Australia by 2030. Partner Reuben van Werkum led the firm’s team in the transaction.
Davis Polk has advised the underwriter on Helens International Holdings’ IPO and listing in Hong Kong, and the Regulation S international offering. The net proceeds from the offering amounted to approximately HK$2.51 billion (US$322.7m), prior to the exercise of the over-allotment option. Helens International operates China’s largest bar chain network under the brand “Helen’s”. In 2018, 2019 and 2020 and the first quarter of 2021, Helens is the market leader in China’s bar industry, as measured by the number of bars. Partners Yang Chu and Li He led the firm’s team in the transaction.
K&L Gates has advised Hong Kong-listed BC Technology Group on its investment in Philippine Digital Asset Exchange (PDAX). BC Technology is Asia’s leading listed digital asset and fintech company, and parent company of the SFC-licensed OSL digital asset platform. OSL provides digital asset prime brokerage, exchange, custody and software-as-a-service for institutions and professional investors. Philippines-based PDAX is a leading digital currency exchange platform that enables trading and settlement of digital assets against the Philippine Peso. Hong Kong corporate partner William Ho and K&L Gates Straits Law Singapore partner Christopher Tan led the firms’ team in the transaction.
Maples and Calder has acted as BVI counsel to Universe Trek on its issue of an aggregate of US$250 million zero coupon guaranteed convertible bonds due 2026, which closed on June 15, 2021. Listed in Hong Kong, the bonds are convertible into shares of, and guaranteed by, Far East Horizon. Partner Derrick Kan led the firm’s team in the transaction. Universe Trek and Far East Horizon were advised by Baker & McKenzie on English law. The managers, namely CICC, CMB International, UBS and DBS, were advised by Clifford Chance on English law and by Tian Yuan Law Firm on Chinese law.
Maples and Calder has also acted as Cayman Islands counsel to Towngas China on the establishment of US$2 billion medium term note programme by its direct wholly-owned subsidiary TCCL (Finance). Guaranteed by Towngas China, the programme is listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, while Linklaters advised on Hong Kong law. Allen & Overy and Commerce & Finance Law Offices advised the dealers on English law and Chinese law, respectively.
Paul Hastings has represented Contemporary Ruiding Development (CRD) and Contemporary Amperex Technology (CAT) on CAT’s issuance of US$500 million 1.5 percent bonds due 2026, unconditionally and irrevocably guaranteed by (CAT). The Hongkong and Shanghai Banking Corporation, Merrill Lynch (Asia Pacific) and ICBC International Securities acted as the joint global coordinators, joint book-runners and joint lead managers. Barclays Bank, BNP Paribas, China CITIC Bank International, China Minsheng Banking Corp Hong Kong Branch, Citigroup Global Markets and CMB International Capital acted as the joint book-runners and joint lead managers. Contemporary Ruiding Development is an indirect wholly-owned subsidiary of CAT, a leading manufacturer of lithium-ion battery based in Fujian, China. Proceeds from the issuance are intended to be used for general corporate purposes. Global partner and chair of Greater China Raymond Li and corporate partner James Ma led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has advised Doctor Anywhere, a regional tech-led healthcare company, on its US$65.7 million Series C fundraising round led by Asia Partners, with investors including Novo Holdings, Philips, OSK-SBI Venture Partners and other existing investors. Partners Tracy Ang and Lee Jin Rui led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is also acting for XM Studios on its S$4.5 million (US$3.35m) tokenised offering of six percent exchangeable notes issued by its parent company, XM Holdco, on ADDX, a platform to enable private market investing in unicorns, pre-IPO companies, hedge funds and other opportunities. Partners Danny Lim and Tan Mui Hui are leading firm’s team in the transaction.
WongPartnership has acted for DBS and OCBC on the grant of the US$250 million sustainability-linked loan facility to Manulife US Real Estate Investment Trust (Manulife US REIT). This is Manulife US REIT’s first sustainability-linked loan, which will be used for its general corporate and working capital purposes, including those in connection with its green buildings in the US. Partners Susan Wong and Bernadette Tan led the firm’s team in the transaction.
WongPartnership has also acted for Lendlease, as joint venture partner of Certis Cisco, on the establishment of the Certis & Lendlease Property Trust, which entered into a sale and purchase agreement to acquire Certis Cisco Centre for S$150 million (US$112m). Partners Low Kah Keong and Teo Hsiao-Huey led the firm’s team in the transaction, together with partner Angela Lim.