AZB & Partners is advising Internet Fund III, an affiliate of Tiger Global Management, on the more than US$90 million sale of 91 percent shareholding held by Tiger Global and other shareholders in Moonfrog Labs to Stillfront Group AB. Upon completion of the sale, Stillfront will hold 100 percent shareholding of Moonfrog. Partners Ashwath Rau, Nanditha Gopal and Aditya Singh Chandel are leading the firm’s team in the transaction, which was signed on February 1, 2021 and is yet to be completed.
AZB & Partners is also advising the United States International Development Finance Corporation on the long-term loan facility, via an external commercial borrowing, of up to US$50 million provided to Sitara Solar Energy for setting up a 100 MW solar plant in Rajasthan, India. Partners Gautam Saha and Pallavi Meena are leading the firm’s team in the transaction, which was signed on January 25, 2021 and is yet to be completed.
Clifford Chance has advised ANZ and DBS Bank, as joint lead managers, on the issuance of Surbana Jurong Group’s S$250 million (US$188.3m) bond offering under its US$1 billion multicurrency debt issuance programme. The bond, due 2031, is the first Singapore dollar-denominated sustainability-linked bond and the first public sustainability-linked bond issuance by a Southeast Asia-based company. The transaction represents the first Asian sustainability-linked bond to feature a premium step-up at maturity. If certain sustainability goals are not met, Surbana Jurong Group will pay investors a premium payment of 0.75 percent of the redemption amount at maturity. Partner Gareth Deiner led the firm’s team in the transaction.
Clifford Chance has also advised CMB International, as sole global coordinator, on the first issuance of foreign currency-denominated bonds in the China (Shanghai) Pilot Free-Trade Zone (Shanghai FTZ). The issuance of US$66 million 2.6 percent bonds due 2024 by Hong Kong-incorporated GLP China Holdings, the largest owner and operator of modern logistics facilities in China, is also the first Shanghai FTZ bond issued by a non-PRC incorporated entity. The first-of-its-kind Shanghai FTZ bonds provide companies seeking funding with the option to tap both the onshore and offshore capital markets, and with the ability to remit the US dollar denominated bond proceeds out of the Shanghai FTZ without specific restrictions. With the bonds’ denomination in US dollars and governance under English law, the issuance also represents another step in the harmonisation of China’s domestic and offshore bond markets for institutional investors. Partner David Tsai led the firm’s team in the transaction, while Jingtian & Gongcheng advised on Chinese law.
Davis Polk has advised Adagene on its SEC-registered IPO of approximately 7.35 million American Depositary Shares. Each ADS represents one and one quarter (1.25) ordinary shares, par value US$0.0001 per share. Adagene has granted the underwriters an option to purchase up to an additional approximately 1.1 million ADSs. The total gross proceeds for the offering are approximately US$140 million, assuming the underwriters do not exercise their option to purchase any over-allotment ADSs. The ADSs are listed on the Nasdaq. Adagene is a platform-driven, clinical-stage biopharmaceutical company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Partners Li He and James Lin, supported by partner David Bauer, led the firm’s team in the transaction.
Davis Polk has also advised the sole dealer manager on the offer by Glory Land to exchange at least certain minimum amount of its outstanding US$455 million 13.5 percent senior notes due 2022 for US$323.7 million principal amount of the company’s 14.25 percent senior notes due 2024, and the company’s solicitation of consents from holders of the old notes to certain amendments to the indenture governing the old notes. The exchange notes also have the benefit of share charges, pledging shares of certain Chinese subsidiaries of the company and the personal guarantees provided by the controlling shareholder of the company and his spouse. Founded in Guangdong Province, China, Glory Land, carrying on business in Hong Kong as “Guorui Properties,” develops residential projects and large-scale, mixed-use complex projects in China. Partner Gerhard Radtke led the firm’s team in the transaction.
J Sagar Associates has advised Advent International, a US-headquartered private equity firm, on the sale of its shares worth approximately Rs15 billion (US$205.8m) in publicly-listed Crompton Greaves Consumer Electricals. The sale of shares, which constitutes approximately 6.06 percent stake in Crompton Greaves Consumer Electricals, was executed through bulk deals on the stock exchanges. Partners Vikram Raghani and Bir Bahadur Sachar led the firm’s team in the transaction.
K Law is advising Paragon Partners Growth Fund II on the private placement and further issuance of shares, whereby Paragon Partners Growth Fund II and NABVENTURED Fund I will acquire 32.54 percent, on a fully diluted basis, in GFM Retail. Partner Alok Sonker is leading the firm’s team in the transaction, which is valued at Rs110 million (US$1.5m) and is expected to be completed on March 28, 2021.
WongPartnership has advised Temasek Holdings on the joint venture with Singapore Exchange to boost digital asset infrastructure in capital markets. Partners Mark Choy and Soong Wen E led the firm’s team in the transaction.
WongPartnership has also acted for Metro Holdings, Lee Kim Tah Holdings and Woh Hup Holdings Aurum Investments on the establishment of Paideia Capital UK Trust fund. Partner Felicia Marie Ng led the firm’s team in the transaction.