Allen & Gledhill has advised Clifford Capital Holdings on the establishment of a US$500 million euro-commercial paper programme by Bayfront Infrastructure Management, under which Bayfront may issue notes. The Government of Singapore is the guarantor for the programme. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation and MUFG Bank, as the mandated lead arrangers, on the S$633.8 million (US$471m) term and revolving credit facilities to BPH Propco, a joint venture of OUE Commercial REIT and ACRE Angsana (an SPV managed by Allianz Real Estate Asia Pacific), to finance its acquisition of OUE Bayfront. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction.
Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel to the Republic of Indonesia on its issuance of Japanese yen-denominated bonds (samurai bonds) on May 27, 2021. Indonesia issued ¥100 billion (US$1b) samurai bonds in six series, ranging between three years to 20 years. Partner Mohammad Renaldi Zulkarnain led the firm’s team in the transaction.
AZB & Partners is advising Dewan Housing Finance, the financial service provider undergoing corporate insolvency resolution process, and the Reserve Bank of India-appointed administrator of Dewal Housing Finance, on the Rs342.5 billion (US$4.6b) acquisition by Piramal Capital & Housing Finance of 100 percent shareholding in Dewal Housing Finance. Partners Bahram Vakil, Nilang Desai, Suharsh Sinha, Anindita Roy Chowdhury and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on January 15, 2021 and is yet to be completed.
AZB & Partners has also advised SBI Capital Markets, Axis Capital and ICICI Securities, as the book-running lead managers, on the further public offering of equity shares with face value of Rs2 (US$0.027) each of Ruchi Soya Industries for cash, amounting up to Rs43 billion (US$579m). Partners Agnik Bhattacharyya and Varoon Chandra led the firm’s team in the transaction, which was completed on June 13, 2021.
Baker McKenzie has advised Far East Horizon (FEH) and its wholly-owned subsidiary Universe Trek on Universe Trek’s issuance of US$250 million zero coupon guaranteed convertible bonds due 2026, guaranteed by FEH. A leading integrated financial service provider in China, FEH is committed to providing customers with customized, one-stop financial solutions through financial leasing and other value-added services. China International Capital Corporation Hong Kong Securities, CMB International Capital and UBS Hong Kong Branch were the joint global coordinators, joint lead managers and joint book-runners, while DBS Bank was a joint lead manager and joint book-runner for the transaction. Partner Hang Wang of Baker McKenzie (Beijing) and senior counsel Bing Han of FenXun Partners (Beijing) led the firm’s team in the transaction, which closed on June 15, 2021.
Baker McKenzie is also acting as Hong Kong counsel to ABCI Capital, China Securities (International) Corporate Finance, CCB International Capital and Yue Xiu Capital, as the joint sponsors, on Yuexiu Services Group’s global offering and listing in Hong Kong, which commenced on June 16, 2021. Yuexiu Services is an urban operation service provider in China, and a key market player offering integrated property management services in the Greater Bay Area. The company offers non-commercial property management and value-added services and commercial property management and operational services. ABCI Capital, China Securities (International) Corporate Finance Company, CCB International Capital, Yue Xiu Securities and BOCOM International Securities are the joint global coordinators of the global offering. Beijing capital markets partner Hang Wang, supported by Hong Kong private equity/ M&A partner Dorothea Koo, also led the firm’s team in the transaction.
Clifford Chance has advised on the international aspects of the Republic of Indonesia‘s recent issuance of a US$3 billion global sukuk across three tranches, consisting of US$1.25 billion 1.55 percent trust certificates due 2026, US$1 billion 2.55 percent trust certificates due 2031, and US$750 million 3.55 percent trust certificates due 2051. The 30-year tranche is a green sukuk, which is also the longest green sukuk issuance in the world. Proceeds will be used to fund Indonesia’s infrastructure and green projects to spur economic growth. The trust certificates were listed in Singapore and in NASDAQ Dubai. Partners Johannes Juette (Singapore) and Qudeer Latif (Dubai) led the firm’s team in the transaction.
Davis Polk has advised the dealer managers on the cash tender offer for any and all of Fantasia Holdings Group’s outstanding 7.375 percent senior notes due 2021. Fantasia is a property developer and property-related service provider in China. It commenced its property development business in Shenzhen in 1996, and has subsequently expanded into and currently focuses its real estate activities in four of the fastest-growing economic regions in China, and has recently expanded into and plans to also focus on Central China. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
Davis Polk has also advised the arrangers on the establishment of the US$1 billion medium-term note program of Haitong UT Brilliant, guaranteed by Haitong Unitrust International Financial Leasing (HUIFL). The firm also advised the joint lead managers on the drawdown of US$100 million three percent notes due 2024. Established in 2004 as a foreign-invested enterprise, HUIFL is a large and steadily growing financial leasing company in China. Headquartered in Shanghai, it operates six specialized business departments, namely Public Services, Information and Environmental Protection, Construction, Advanced Manufacturing and Institutional Development, Health Care Business and MSE Business. Hong Kong partners Gerhard Radtke and Yang Chu also led the firm’s team in the transaction.
J Sagar Associates has represented Tata Power on three separate filings before the Competition Commission of India (CCI), seeking approval for its acquisition of 51 percent of the equity share capital of Western Electricity Supply Company (WESCO) of Orissa, Southern Electricity Supply Utility (SOUTHCO) of Odisha, and Central Electricity Supply Utility (CESU) of Orissa. A part of the Tata Group, public-listed Tata Power engages in power generation, transmission and distribution in India. WESCO, SOUTHCO and CESU are three of the four power distribution companies in the State of Odisha. The acquisitions were made via a bidding process initiated by the Odisha Electricity Regulatory Commission. Partners Farhad Sorabjee and Anupam Varma, supported by partners Vaibhav Choukse and Rahul Kinra, led the firm’s team in the transaction.
J Sagar Associates has also advised ICICI Securities, JP Morgan India, HSBC Securities and Capital Markets (India), Axis Capital and Citigroup Global Markets India, on the qualified institutional placement of Rs20 billion (US$269m) by Shriram Transport Finance, one of the largest commercial vehicle financiers and a deposit-taking NBFC registered with the Reserve Bank of India. Shiram Transport Finance is a part of the Shriram group of companies, which has a presence in various aspects of financial services in India. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has acted as Cayman Islands counsel to JD Logistics on its IPO of approximately 609.2 million shares and its listing in Hong Kong. JD Logistics is the leading technology-driven supply chain solutions and logistics services provider in China. The offering, which closed on May 28, 2021, raised approximately HK$24.6 billion (US$3.2b). Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom advised as to Hong Kong and US laws, and Shihui Partners advised as to Chinese laws. The joint sponsors, Merrill Lynch (Asia Pacific), Goldman Sachs (Asia) and Haitong International Capital, and the underwriters were advised by Cleary Gottlieb Steen & Hamilton (Hong Kong) as to Hong Kong and US laws, and by Han Kun Law Offices as to Chinese laws.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has also acted as Cayman Islands counsel to Jiuzi Holdings on its IPO of 5.2 million ordinary shares and its listing on Nasdaq. Jiuzi Holdings franchises and operates retail stores under the brand name “Jiuzi” to sell new energy vehicles in third-fourth tier cities in China. The offering, which closed on May 20, 2021, raised approximately US$26 million. Partner Everton Robertson led the firm’s team in the transaction, while Ortoli Rosenstadt acted as US counsel. Sichenzia Ross Ference acted as US counsel to Boustead Securities, as the underwriter.
Paul Hastings has acted as the sole international counsel to the initial purchasers on Hana Bank’s issuance of US$600 million 1.25 percent senior secured sustainability notes due December 2026. The proceeds from the offering will be used to support eco-friendly and social projects. Citigroup, Credit Agricole, HSBC, MUFG and Standard Chartered acted as joint book-runners and joint lead managers, while Hana Financial Investment and KEB Hana Global Finance acted as co-managers in the transaction. As the flagship company of Hana Financial Group, Hana Bank is a leading South Korean commercial bank engaged in a broad range of banking activities and services for individual, corporate and governmental customers. The firm also advised on Hana Bank’s update of its US$10 billion global medium term note program, which was completed in May 2021. Seoul partner Iksoo Kim led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for Singapore-listed QT Vascular, on its S$7.3 million (US$5.4m) placement of shares to investors and on its S$7.65 million (US$5.7m) acquisition of shares in Asia Dental Group. Partners Danny Lim and Cheryl Tay are leading the firm’s team on both transactions.
Shearman & Sterling has represented the initial purchasers on the debut offering of Shinsun Holdings (Group) of US$200 million 10.5 percent senior notes due 2022. Haitong International Securities, CCB International Capital, CMB International Capital, Deutsche Bank Hong Kong Branch, Guotai Junan Securities (Hong Kong), Valuable Capital, BOCOM International Securities, China CITIC Bank International, China International Capital Corporation Hong Kong Securities, CRIC Securities Company, Freeman Securities and HeungKong Securities acted as the initial purchasers. Shinsun Holdings is a comprehensive real estate developer in China focusing on the development of quality residential properties in select regions in China. Hong Kong capital markets partner Alan Yeung led the firm’s team in the transaction.
Shearman & Sterling has also represented CCB International Capital, CMB International Capital, Guotai Junan Securities (Hong Kong), CRIC Securities, Silk Road International Capital, Kaisa Financial Group and Golden Rich Securities, as the initial purchasers, on Skyfame International Holdings’ US$100 million 13 percent senior notes due 2023, unconditionally and irrevocably guaranteed by Skyfame Realty (Holdings). Skyfame International Holdings is a subsidiary of Skyfame Realty (Holdings), which engages in property development, investment, management and commercial operations in China. Hong Kong capital markets partner Alan Yeung also led the firm’s team in the transaction.
Weil has represented Mr Rick Yan, the CEO of 51job, and the consortium on the signing of an agreement and plan of merger with Garnet Faith. Upon completion, 51job will be acquired by a consortium of investors, including Mr Rick Yan, DCP Capital Partners II and Ocean Link Partners, in a transaction implying an equity value of approximately US$5.7 billion. Recruit Holdings, the company’s largest shareholder, is also participating in the transaction, which is expected to close in the second half of 2021 and is subject to customary closing conditions. Hong Kong private equity partners Tim Gardner and Chris Welty led the firm’s team in the transaction.
WongPartnership has acted for Olam International on both the issuance of S$100 million (US$74.3m) subordinated perpetual securities and an additional S$50 million (US$37m) subordinated perpetual securities, which were consolidated and form a single series with its existing S$250 million (US$185.8m) subordinated perpetual securities issued on January 18, 2021, under the US$5 billion euro medium term note programme. The perpetual securities will bear a 5.375 percent distribution rate for the first five and a half years from and including January 18, 2021. Partner Khoo Yuh Huey led the firm’s team in the transaction.
WongPartnership has also acted for Cityneon Holdings and chairman-CEO Mr Ron Tan on the company’s S$235 million (US$174.6m) private fundraising round. Managing partner Ng Wai King and partner James Choo led the firm’s team in the transaction, together with partner Hui Choon Yuen.