Allen & Gledhill has provided Singapore law advice for Malayan Banking Berhad in respect of its issue of a US$2 billion multicurrency medium term note programme. The issuance of its S$1 billion (US$816m) subordinated notes is the maiden issue under the programme. The Singapore dollar subordinated notes were structured on a 10 non-call 5-year basis, priced at 3.8 per cent and will qualify as Tier-2 Capital for Maybank. Partners Tan Tze Gay and Bernie Lee led the transaction. Allen & Gledhill has also provided Singapore law advice for DBS Bank Ltd as the sole lead manager and bookrunner in respect of the issue by Hyflux Ltd (Hyflux) of S$400 million (US$326.4m) in aggregate liquidation preference of 6 per cent cumulative non-convertible non-voting perpetual Class A preference shares. The Class A cumulative preference shares are callable at the option of Hyflux in 2018, with step-up to a dividend rate of 8 per cent per annum on and from 25 April 2018. Hyflux exercised its upsize option in full and increased the total size of the offer from S$200 million (US$163.2m) to S$400 million (US$326.4m), due to overwhelming response from investors. The public offer, the placement and the reserve offer accounted for S$200 million (US$163.2m), S$190 million (US$155m) and S$10 million (US$8.16m), respectively of the total offer size of S$400 million (US$326.4m). Partner Sharon Wee led the transaction. AZB & Partners has advised Sesa Goa Ltd, a majority owned and controlled subsidiary of Vedanta Resources plc, in respect of its acquisition of 200 million shares, amounting to a 10.4 per cent stake in Cairn India, from Petronas International Corporation Ltd through...

Allen & Gledhill has provided Singapore law advice to Wilmar International Ltd (Wilmar) in respect of the grant of US$1.5 billion revolving credit facilities to its wholly-owned subsidiary Wii Pte Ltd to finance the general corporate and working capital requirements of Wilmar and its subsidiaries. The facilities granted to Wii are guaranteed by Wilmar. The mandated lead arrangers and bookrunners are BNP Paribas, Citibank Global Markets Singapore Pte Ltd, DBS Bank Ltd, The Hongkong and Shanghai Banking Corporation Ltd, Oversea-Chinese Banking Corporation Ltd and Sumitomo Mitsui Banking Corporation. Partner Margaret Chin led the transaction. Allen & Gledhill has advised CVC Capital Partners Asia Pacific III Parallel-A LP (CVC), through Asia Link Holdings Ltd, in respect of its agreement with CVC Capital Partners Asia Pacific III LP to invest approximately Rp2.35 trillion (US$272.5m) for an effective equity interest of 49 per cent in PT Link Net. Partners Prawiro Widjaja and Glenn David Foo led the transaction. Allens Arthur Robinson has acted for renewable energy joint venture AusChina Energy Group (AEG), in respect of its establishment between two of China’s largest state-owned renewable energy businesses – China Datang Renewable Power Co (Datang Renewable) and Tianwei Baobian Electric Co (Tianwei Baobian) – and CBD Energy Ltd (CBD), an ASX-listed Australian diversified renewable energy company. Datang Renewable has a 63.75 per cent stake in AEG, while Tianwei Baobian and CBD have 12.50 per cent and 23.75 per cent interests, respectively. AEG, which is a stapled investment JV group, is reported as having a development target of approximately A$6 billion (US$6.45b) worth of renewable energy projects over eight years, which would represent one third...

Allen & Gledhill is advising Mitsui & Co Ltd (Mitsui) in respect of its share acquisition agreement with Pulau Memutik Ventures Sdn Bhd (a wholly-owned subsidiary of Khazanah Nasional Berhad) and Integrated Healthcare Holdings Sdn Bhd (IHHSB) where Mitsui will subscribe for 989 million new ordinary shares in the capital of IHHSB (representing approximately 18 per cent of the enlarged share capital of IHHSB), and acquire 661 million existing ordinary shares in IHHSB (representing approximately 12 per cent of the enlarged share capital of IHHSB), for approximately RM3.3 billion (US$1b). Upon completion, Mitsui will have a 30 per cent stake in IHHSB. This transaction values IHHSB at a pre-transaction equity value of RM9.022 billion (US$3b), a post-transaction equity value of RM11 billion (US$3.6b) and an enterprise value of RM14.612 billion (US$4.8b). Partners Tan Su May, Francis Mok and Daren Shiau and Chen Lee Won led the transaction whilst Rahmat Lim & Partners led by partner Lim Teong Sit and Linklaters Allen & Gledhill led by partners Stuart Bedford and Sophie Mathur also advised Mitsui. Allen & Gledhill is also advising AMB Property Corporation (AMB) in respect of its joint venture with HIP China Logistics Investments Ltd to form AMB China Logistics Venture I. The JV’s overall equity commitment is US$588 million, of which AMB will contribute US$88 million. The JV’s investment strategy is to develop, acquire, own, operate and dispose of logistics properties in key markets in China. Partners Tan Su May, Long Jek Aun, Danny Tan and Sunit Chhabra led the transaction. Allens Arthur Robinson is advising Leighton Holdings Ltd (Leighton) in respect of its equity capital raising...

Allen & Gledhill has acted as Singapore law counsel for SingTel Group Treasury Pte Ltd (SGT), a wholly-owned subsidiary of Singapore Telecommunications Ltd (SingTel), in respect of its issue in March 2011 of US$600 million 4.5 per cent notes due 2021 pursuant to SGT’s S$10 billion (US$7.9b) Guaranteed Euro Medium Term Note Programme. SingTel will guarantee the notes issued under the programme. Partners Yeo Wico, Glenn David Foo and Sunit Chhabra led the transaction. Allen & Gledhill has also advised Ascendas Funds Management (S) Ltd, as manager of Ascendas Real Estate Investment Trust (A-REIT), in respect of a private placement of new units in A-REIT to raise gross proceeds of approximately S$400 million (US$317.3m). Partners Jerry Koh and Teh Hoe Yue led the transaction. Allens Arthur Robinson has advised a Goodman Group-led consortium in respect of its successful A$1.4 billion (US$1.47b) acquisition of the ING Industrial Fund Ltd (IIF). The acquisition was completed in Sydney on 29 March 2011. Goodman Group is the largest industrial property group listed on the ASX and one of the largest listed specialist fund managers of industrial property and business space globally. The consortium comprised Goodman Group and three global pension/sovereign wealth funds. The acquisition will contribute 61 quality industrial properties, predominantly located in Australia’s key east coast markets, to Goodman Group’s portfolio and will increase Goodman’s assets under management to A$17.5 billion (US$18.3b). Partner Stuart McCulloch led the transaction. Allens Arthur Robinson has also advised independent global asset management firm Henderson Group plc in respect of the acquisition of one of the United Kingdom’s best-known fund managers, Gartmore Group Ltd. Henderson Group plc...

Allen & Gledhill has advised F&N Treasury Pte Ltd (F&NT), a wholly-owned subsidiary of Fraser and Neave Ltd (F&N), in respect of its launch of an offer for bonds comprising S$150 million (US$119m) 2.48 per cent bonds due 2016 and S$150 million (US$119m) 3.15 per cent bonds due 2018. The bonds will be unconditionally and irrevocably guaranteed by F&N. S$50 million (US$39.7m) of each of the 5-year bonds and the 7-year bonds are offered to the public in Singapore and S$100 million (US$79.4m) of each of the 5-year bonds and the 7-year bonds are also offered to institutional and other investors. DBS Bank Ltd is the sole arranger and sole bookrunner of the offer and sole lead manager of the public offer whilst DBS and CIMB Bank Berhad are the joint underwriters of the offer and joint lead managers of the placement. Partners Au Huey Ling and Sharon Wee led the transaction. Allen & Overy has advised the receivers of PwC and – together with Chadbourne and Parke – HSBC Bank USA National Association as trustee in respect of a conditional settlement reached with Lehman Brothers Special Financing Inc on the recovery of minibond collateral for the benefit of the minibond investors of series 10 to 12, 15 to 23 and 25 to 36. Upon becoming unconditional, the settlement will result in the vast majority of minibond investors recovering more than 80 per cent of their original investment from the minibond collateral recovered by PwC, with a further ex gratia payment being made by the sixteen Hong Kong banks who distributed the minibond to the minibond investors, taking the...