Allen & Gledhill has advised Sembcorp Industries (SCI) on the issue of the inaugural S$400 million (US$301.3m) 2.45 percent fixed rate green bonds due 2031 by Sembcorp Financial Services (SFS), under the S$3 billion (US$2.26b) multicurrency debt issuance programme established by SCI and SFS. This is the first green bond issuance by the Sembcorp group. With the completion of this offering, SFS will have successfully issued the first certified green bond under the Climate Bonds Standard by a Singapore-based energy company. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, on the issue of S$300 million (US$226m) 4.3 percent perpetual securities, under its S$2 billion (US$1.5b) multicurrency debt issuance programme. Partners Bernie Lee and Sunit Chhabra also led the firm’s team in the transaction.
Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted as Indonesian counsel to Sarana Multi Infrastruktur (SMI), a special mission vehicle under Indonesia’s Ministry of Finance that is engaged in the financing and preparation of infrastructure projects. SMI issued its debut US-dollar bond offering of US$300 million five-year senior unsecured fixes rate notes, under its newly established US$2 billion euro medium term note programme. The notes were listed in Singapore on May 4, 2021. Partner Putu Suryastuti led the firm’s team in the transaction.
AZB & Partners has advised Internet Fund V, a fund managed by Tiger Global Management, on the acquisition of equity stake, via Series A funding round, in Plum Benefits Technologies, which operates a technology platform that facilitates health benefit programs, by Tiger Global, along with Surge Ventures II, IF India II Investment Partnership, Tanglin Venture Master Fund II, AL Trust (acting through its trustee Vistra ITCL (India)), Abhijit Manohar Gupta, Ramachandran Sahasranam, LOGX Venture Partners and other individual investors. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was valued at Rs1.14 billion (US$15.5m) and was completed on June 9, 2021.
AZB & Partners has also advised the Asian Development Bank on its acquisition of up to Rs1 billion (US$13.6m) secured, unlisted, redeemable, non-convertible debentures issued by Global Health, which operates and manages hospitals across India under the Medanta brand. Partners Gautam Saha and Ambarish Mohanty led the firm’s team in the transaction, which was completed on May 18, 2021.
Davis Polk has advised New Lionbridge and Lionbridge Capital on New Lionbridge’s US$180 million Regulation S offering of 6.5 percent guaranteed senior notes due 2022. The notes are unconditionally and irrevocably guaranteed by Lionbridge Capital, with the benefit of a keepwell deed provided by CCB Trust. Lionbridge Capital is a leading services platform for commercial vehicles in China. It is a platform that covers the full lifecycle of commercial vehicles, from primary sales and vehicle operations to vehicle support and used vehicle transactions. Hong Kong partner Gerhard Radtke led the firm’s team in the transaction.
Davis Polk has also advised the joint lead managers on the Regulation S offering of US$125 million principal amount of 12 percent senior notes due 2024. The notes are guaranteed by Fujian Yango Group, a large private corporate group primarily engaged in property development, trading, education services and environmental protection businesses. Leveraging its strong foothold in Fujian province, Fujian Yango Group has expanded into other cities across China, including Shanghai, Beijing, Hangzhou, Fuzhou and Shenzhen. Hong Kong partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
J Sagar Associates has acted as India counsel to Escalent and its affiliates on the acquisition of 100 percent of the shares of Integreon (India), a part of the Grail Insights group, from NewQuest Capital Partners. The deal aims to expand Escalent’s ability to combine primary, secondary, syndicated and internal business data streams. Michigan-based Escalent is a top human behaviour and analytics advisory firm specializing in industries facing disruption and business transformation, while Grail Insights is a strategic insights consultancy founded by Monitor Group in 2006, and later acquired by NewQuest Capital Partners in 2016. Joint managing partner Vivek Chandy, supported by partner Kumarmanglam Vijay, led the firm’s team in the transaction.
Khaitan & Co has advised The Phoenix Mills and its subsidiaries on a strategic partnership with GIC to establish a US$733 million investment platform for retail-led, mixed-use assets aggregating to approximately 3.4 million sq ft of leasable retail and office space in India. GIC will acquire a significant minority stake in the portfolio of projects located in Mumbai and Pune. Partners Siddharth Shah, Vineet Shingal and Kumar Kartikeya Prakash led the firm’s team in the transaction, which was announced on June 2, 2021.
Khaitan & Co has also advised Multiples Private Equity Fund I, Multiples Private Equity Fund and Vikram Hospital (Bengaluru) on the acquisition of Vikram Hospital (Bengaluru) by Manipal group for approximately Rs3.6 billion (US$49m). Partner Ganesh Prasad, supported by partner Vinay Joy, led the firm’s team in the transaction, which was completed on June 4, 2021. Trilegal also advised on the deal.
Majmudar & Partners has acted as Indian counsel to Centre Lane Partners, a private investment firm that invests in the equity and debt of middle-market companies in North America, on its US$92 million acquisition, via a tender offer and subsequent reverse merger, of Synacor and its affiliates, including Zimbra Technology India. The transaction values Synacor at US$92 million. Synacor is a leading provider of cloud-based collaboration and identity management software. M&A practive head partner Rukshad Davar led the firm’s team in the transaction, which marks the first acquisition for Centre Lane in India.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings, a property developer in China specialising in large-scale retail and residential complexes, on its issuance of US$200 million 3.9 percent senior notes due 2022. The notes are listed in Singapore. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Dorsey & Whitney advised on US and Hong Kong laws. The purchasers were advised by Skadden, Arps, Slate, Meagher & Flom as to US laws.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has also acted as Cayman Islands counsel to Li Auto on the issue of US$862.5 million principal amount of its 0.25 percent convertible senior notes due 2028. The notes are convertible into Li Auto’s Class A ordinary shares, with par value of US$0.0001, which would be deposited for delivery of American Depositary Shares, each representing two shares. An innovator in China’s new energy vehicle market, Li Auto designs, develops, manufactures and sells premium smart electric SUVs. Its ADSs are listed on the Nasdaq. Partner Karen Zhang Pallaras also led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom advised on US law and Han Kun Law Offices advised on Chinese law. The initial purchasers of the notes were advised by Kirkland & Ellis International and Latham & Watkins as to US law, and by King & Wood Mallesons as to Chinese law.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for SAC Capital, as placement agent, on the S$26.33 million (US$20m) placement of shares in Singapore-listed Yinda Infocomm. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.
WongPartnership is acting for a global investment company on its proposed joint venture with Nanofilm Technologies to tap opportunities in the hydrogen energy economy through Sydrogen Energy. Partners Mark Choy and Daniel Chui are leading the firm’s team in the transaction.
WongPartnership has also acted for Wavemaker Partners, as lead investor, on the US$3.6 million Pre-Series A investment round of Hashstacs (STACS). Partner Kyle Lee led the firm’s team in the transaction.
