Allen & Gledhill LLP has advised joint lead managers and joint underwriters Cazenove & Co (Singapore) Pte Limited and The Hongkong and Shanghai Banking Corporation Limited in relation to the recently completed renounceable underwritten rights issue by Pacific Andes (Holdings) Limited (Pacific). The issuance, which included over 1.39 billion new ordinary shares (rights shares) with more than 278.2 million free detachable warrants, raised approximately S$208.7 million (approx US$145.5m) and was coordinated in tandem with a rights issue in Hong Kong undertaken by Pacific Andes International Holdings Limited, a deemed controlling shareholder of Pacific. Partners Leonard Ching and Shawn Chen advised. Allen & Gledhill LLP has also acted for Oiltanking Odfjell Terminal Singapore Pte Ltd (OOTS) in connection with the company’s signing of a S$200 million (approx US$139.5m) syndicated term loan facility with original lenders and mandated lead arrangers DBS Bank Ltd, Calyon and Oversea-Chinese Banking Corporation Limited. Proceeds from the six year facility, which was signed on 22 June 2009, will be used to refinance existing loans and to finance the construction and development of OOTS’ expansion project on Jurong Island. Partners Julie Sim and Tan Yah Piang led the firm’s advisory team. Allen & Overy LLP has advised the Republic of Indonesia in respect of its issuance of ¥35 billion (US$374m) 10-year Samurai bonds. The yen-denominated bonds carry a guarantee from the government-backed Japan Bank for International Cooperation (JBIC), the international arm of Japan Finance Corporation, which had earlier signed an agreement with the Indonesian Government to guarantee up to US$1.5 billion in Samurai bonds to support the country’s budget and help it diversify its funding channels. Distributed...

Allen & Gledhill LLP has advised South Beach Consortium Pte Ltd (SBC), a joint venture between City Developments Limited, Istithmar and Elad Group. The company has been granted a S$800 million (approx US$553.8m) term loan facility by a group of banks to refinance an existing bridge facility (the Bridge Facility) extended to it for the acquisition of a property that had been awarded by the Urban Redevelopment Authority. In respect of the property, SBC had won a high profile 2-envelope tender process which required all bidders to submit their designs in addition to the bid price. The term loan facility is secured by a first ranking mortgage over the property. Partners Margaret Chin and Jafe Ng were involved. Allen & Gledhill LLP has also advised SBC in respect of its issuance of S$400 million (approx US$276.9m) in principal amount of secured convertible notes, the proceeds of which will also be used to refinance the Bridge Facility. The secured convertible notes are to be subscribed by four investors including three parties associated with the Nan Fung group of companies, one of Hong Kong’s most established property developers. Partners Margaret Chin and Richard Young are advising South Beach Consortium, Istithmar and Elad Group whilst partners Au Huey Ling and Glenn Foo are advising the arranger of the issue. Conyers Dill & Pearman has advised on the Bermuda-related elements of Chinese sportswear manufacturer Xingquan International Sports Holdings Limited’s initial public offering which raised RM165 million (approx US$18.3m) on 10 July 2009. Recent changes introduced by Bursa Malaysia have made it easier for foreign companies to list their shares in Malaysia and Xingquan...

Allen & Gledhill LLP has advised Singapore Technologies Engineering Ltd (ST Engineering) and its wholly-owned subsidiary ST Engineering Financial I Ltd (STEF-1) in respect of STEF-1’s issuance of US$500 million 4.8 percent notes due 2019, under its US$1.2 billion multicurrency medium term note programme. The notes are unconditionally and irrevocably guaranteed by ST Engineering. Partners Tan Tze Gay and Glenn Foo led the firm’s team in advising both parties as to Singapore law regarding the establishment of the programme and the issue of the notes. Allen & Gledhill LLP has also acted for CapitaCommercial Trust Management Limited (CCTML), the manager of CapitaCommercial Trust (CCT), in connection with the fully underwritten renounceable rights issue which raised gross proceeds of approximately S$828.3 million (approx US$573.8m). Unitholders of CCT, the largest listed commercial REIT in Singapore, were entitled to subscribe for one new unit in CCT for every one existing unit held as at the book’s closure date, at a value of S$0.59 per rights unit. Partners Jerry Koh and Chua Bor Jern were involved. Allens Arthur Robinson has acted for multinational textile technology and chemical company Royal Ten Cate (RTC) in connection with its sale of a 50 percent joint venture interest to JV partner Noel P Hunt International Limited. The sale of the interest, valued at A$40 million (approx US$35.5m), includes RTC’s Australian geofabrics business and required involvement from parties in various jurisdictions including the United States, the Netherlands, South Africa, Austria and Australia. Melbourne-based partners Steve Clifford and Tim Golder worked on the transaction. Allens Arthur Robinson has also acted for the lenders in respect of two recent major...

Allens Arthur Robinson has advised fully integrated real estate company Investa Property Group (Investa) on the sale of the largest development site in Sydney, Kindersley House, to EnergyAustralia (EA), one of Australia’s largest energy suppliers. The sale, valued at approximately A$75 million (approx US$59.8m), will assist EA in building a substation as part of its A$800 million (approx US$638m) City Grid project and building several substations throughout the CBD. Investa has retained the right to build a 21,000 square-metre office tower in the airspace above the substation. Partner Mark Stubbings worked on the transaction. Blake Dawson acted for EnergyAustralia. Azmi & Associates has acted as Malaysian counsel to Nautilus Maritime Services J/S Company, a major Vietnamese company providing offshore marine services to the oil and gas industry in South East Asia, in respect of its agreement to purchase a newly built vessel from a Malaysian company. The vessel, which had originally been registered by another Malaysian company with the Malaysian Marine Authorities, was at the time of the sale being built in Jiangsu, China. Completion of the agreement was effected by payment of US$15 million to the seller in Malaysia, with simultaneous delivery of the vessel to the buyer in China. Clifford Chance has advised the joint lead managers HSBC and CITIC Securities Corporate Finance (HK) Limited in connection with the issue by HSBC Bank (China) of the first RMB bond in Hong Kong by a foreign bank’s China subsidiary. HSBC and Bank of East Asia received permission from China’s State Council in May 2009 to issue RMB bonds in Hong Kong through their Mainland subsidiaries. The transaction involved...

Allen & Gledhill LLP has advised Flextronics International Ltd (Flextronics) in respect of its completed tender offer, which consisted of purchasing for cash up to an aggregate of US$100 million in principal amount of its US$400 million 6.5 percent senior subordinated notes due 2013, and up to an aggregate of US$100 million in principal amount of its US$500 million 6.25 per cent senior subordinated notes due 2014. Under the offer, Flextronics also solicited consent from the holders of the aforementioned notes to certain proposed amendments to the indentures relating to the notes. Partners Au Huey Ling and Sunit Chhabra led the advisory team. Allen & Gledhill LLP has also advised the joint placement agents and the joint lead managers JP Morgan (SEA) Limited and ABN AMRO Bank NV, Singapore branch, in respect of the launch by Yanlord Land Group Limited (Yanlord) of a concurrent placement of 110 million new shares and up to S$375 million (approx US$256.5m) convertible bonds, and the sale by Yanlord Holdings Pte Ltd, a substantial shareholder of Yanlord, of 10 million ordinary shares. The placement of the new shares and sale of the ordinary shares were completed on 23 June 2009 and raised gross proceeds of S$249.6 million (approx US$170.7m). The largest dual offering of equity and convertible bonds in Singapore this year, the combined proceeds are anticipated to reach S$624.6 million (approx US$427.2m). Partners Tan Tze Gay and Rhys Goh led the firm’s team. Offshore firm Appleby has acted as Bermuda counsel for Bain Capital (Bain) in respect of its investment in GOME Electrical Appliances Holding Limited, the leading retailer of household appliances and...