Allen & Gledhill has advised Bayfront Infrastructure Capital III, a wholly-owned subsidiary of Bayfront Infrastructure Management, on the issue of four classes of investment grade rated notes, comprising US$187.9 million Class A1 senior secured floating rate notes due 2044, US$110 million Class A1-SU senior secured floating rate notes due 2044, US$33.4 million Class B senior secured floating rate notes due 2044 and US$43 million Class C senior secured floating rate notes due 2044. Bayfront Infrastructure Management is the sponsor for the transaction and the holder of preference shares issued by Bayfront Infrastructure Capital. BIM Asset Management, a wholly-owned subsidiary of Bayfront Infrastructure Management, is the collateral manager for the transaction. The four classes of notes are backed by cash flows from a portfolio of project and infrastructure loans in the Asia-Pacific, Middle East and Americas regions. The notes were offered to institutional investors and are listed in Singapore. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to PayU Fintech Investments on its participation in the US$13 million Series B financing round of AYO Technology (Ayoconnect), which was led by SIG Venture Capital. PayU is the payment and fintech business of Prosus. Ayoconnect is an open finance platform in Indonesia with more than 200 application programming interface (API) customers and 4,000 embedded finance products. Partner Nicholas Soh led the firm’s team in the transaction.
Ashurst has represented Rego Interactive on its HK$100.7 million (US$12.8m) global offering and listing of its shares in Hong Kong. A marketing service provider based in China, Rego Interactive primarily markets and promotes services, such as advertisement placement and distribution services, virtual goods sourcing and delivery services, and IT solutions, including mobile games, software development and maintenance services, and solutions on lottery-related software systems and equipment. Partner Frank Bi, supported by partner Li Jiang, led the firm’s team in the transaction.
AZB & Partners has acted as Indian counsel to Electronics Mart India on its IPO comprising an issuance of approximately 84.7 million equity shares at Rs59 (US$0.715) each, aggregating to approximately Rs5 billion (US$60.6m). The shares were listed on October 17, 2022. Partners Varoon Chandra and Agnik Bhattacharyya led the firm’s team in the transaction.
AZB & Partners has also advised Internet Fund VII, a fund managed by Tiger Global Management, on its acquisition, along with other investors, of equity stake via Series B fund raise round in Changejar Technologies, provider of an online platform to enable micro-saving and investments in India. Partners Ashwath Rau, Srinath Dasari and Gautam Ganjawala led the firm’s team in the transaction, which was valued at approximately Rs1.79 billion (US$21.7m) and was completed on September 26, 2022.
Cyril Amarchand Mangaldas has advised Vistaar Financial Services and its founders Mr Brahmanand Hegde and Mr Ramakrishna Nishtala on the proposed acquisition by Warburg Pincus of a majority stake in Vistaar, a leading NBFC focused on lending to MSME businesses in India. As a part of the transaction, Warburg Pincus has agreed to acquire a majority stake of Vistaar by purchasing shares from various existing shareholders. Vistaar’s existing investors WestBridge Capital, Omidyar Network, Elevar Equity and Saama Capital will exit as part of the deal. Corporate head partner Reeba Chacko and partner Saurav Samaddar, supported by partners Gazal Rawal and Kirthi Srinivas, led the firm’s team in the transaction, which was signed on October 8, 2022, and is subject to regulatory approval. AZB & Partners, led by partners Srinath Dasari and Nanditha Gopal, advised WestBridge Capital, Saama Capital and Omidyar Network.
Cyril Amarchand Mangaldas has also advised Trust Investment Advisors, as the investor and arranger, on the issuance of listed, secured, rated, redeemable, taxable, non-convertible bonds, with a green-shoe option for an aggregate issue size of Rs34.88 billion (US$423m), by Uttar Pradesh Power Corporation (UPPC), a company wholly-owned by the Government of Uttar Pradesh. The bonds are secured by a charge over the receivables and cashflows of UPPC, and guaranteed by an unconditional and irrevocable guarantee provided by the Government of Uttar Pradesh. Banking and finance partner Leena Chacko led the firm’s team in the transaction, which was signed and closed on October 7, 2022.
JSA represented Alcatel-Lucent India, Mformation Software Technologies India and Alcatel-Lucent Managed Solutions India, as the transferor companies, and Nokia Solutions & Networks India, as the transferee company, in proceedings before the National Company Law Tribunal, Delhi Bench (NCLT) seeking sanction of a three-layered composite scheme of arrangement. The NCLT sanctioned the scheme on its order dated September 7, 2022. Partners Shivpriya Nanda and Amar Gupta, supported by partners Gaurav Arora and Divyam Agarwal, represented the clients on the matter.
JSA has also advised National Auto Parts, part of the Petromin Group, on its acquisition of a majority stake (primary and secondary) in Ecarobaar Technologies (SpareIt). Petromin Group is a leading multi-national organization in the Kingdom of Saudi Arabia, focusing on auto-products, services, fuels and EVs, among others. SpareIt is a mobile platform in the auto service sector in India, tailored to link garages with suppliers and logistic providers. Partner Rishabh Gupta led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Chailease Holding on its offering and listing of 12 million global depository shares, each representing five ordinary shares of the issuer. The GDSs are listed in Luxembourg, and the underlying ordinary shares represented by the GDSs are listed in Taiwan. Chailease Holding is a leading finance group with a client focus on small and medium enterprises providing a comprehensive suite of financing services in Taiwan, China, ASEAN countries, the UK and the US. The offering, which closed on July 6, 2022, raised approximately US$388 million. Partner Juno Huang led the firm’s team in the transaction, while Lee and Li advised on Taiwanese law and L&L-Leaven advised on Chinese law. The initial purchasers were advised by Grandall Law Firm (Shanghai) as to Chinese law and by Sullivan & Cromwell (Hong Kong) as to New York State and US federal law.
Maples and Calder has also acted as acted as Cayman Islands counsel to leading online LGBTQ platform BlueCity Holdings on its take-private transaction, representing an equity value of about US$60 million. Completed on August 12, 2022, the transaction was completed as a Cayman Islands statutory merger, under which the existing shareholders of BlueCity had their shares cancelled in exchange for merger consideration of US$3.20 per share or US$1.60 per American depositary shares of the company. As a result of the merger, BlueCity has become a privately held company and de-listed from the Nasdaq. The buyer group comprised of BlueCity director and CEO Baoli Ma, Metaclass Management ELP and CDH Entities, Aviator D, LP and Rainbow Rain. Hong Kong corporate partner Karen Zhang Pallaras led the firm’s team in the transaction.
Rajah & Tann Singapore is advising Tamaris Infrastructure on its exit offer for Moya Holdings Asia, pursuant to a voluntary delisting of the company. Based on the offer price of S$0.092 (US$0.064) per share, the group is valued at approximately S$386.7 million (US$273.5m). Partners Cynthia Goh and Danny Lim, alongside partner Ng Sey Ming, led the firm’s team in the transaction.
Rajah & Tann Singapore is also advising 9R on its acquisition of Compact Sensation. Partners Danny Lim and Tan Mui Hui are leading the firm’s team in the transaction.
WongPartnership has acted for Perennial Shenton Property, as the borrower, on the refinancing of the acquisition of, and the S$3 billion (US$2.12b) green loan syndicated financing of the project development at 8 Shenton Way. Mandated lead arrangers are DBS, OCBC, UOB, Bangkok Bank, Maybank, Shanghai Pudong Development Bank, China CITIC Bank and Hong Leong Finance. DBS and OCBC are also the green loan advisors. Partners Christy Lim and Tan Li Wen, together with partner Serene Soh, led the firm’s team in the transaction, which is the largest syndicated green loan financing in Singapore.