Featured Deals:
Kudun and Partners has represented Nusasiri on issuing various debentures throughout 2020 in raising over β1 billion (US$31m) debentures across ten issuances. Partner Chai Lertvittayachaikul led the firm’s team in the transaction.
Kudun and Partners has also represented Jetion Solar (Thailand), a large solar panel manufacturer with presence in China, Germany and Thailand, and backed by Chinese-state-owned company China National Building Materials Group, on an engineering, procurement and construction dispute by successfully claiming from its contractor the outstanding fees for the solar power plants construction fee of β788.7 million (US$24.4m).
Allen & Gledhill has advised GIC subsidiary Warrington Investment, as a holder of debentures issued by Eixo SP Concessionária de Rodovias on certain transactions contemplated under a R$3 billion (US$578.6m) financing agreement between Eixo SP and Banco Nacional De Desenvolvimento Econômico E Social (BNDES), with BNDES as lender. GIC also holds a 30 percent stake in Eixo SP, while the remaining 70 percent is held by Pátria Investments. Partner Bernie Lee led the firm’s team in the transaction, which is considered as the largest toll-road project finance in Brazil.
AZB & Partners has advised Lesjöfors on its acquisition of 88 percent stakeholding in Alcomex Holding, along with its subsidiaries, including its Indian subsidiary Alcomex Springs. Partner Percis Anklesaria led the firm’s team in the transaction, which was completed on July 28, 2021.
AZB & Partners is also advising the Asian Development Bank on its acquisition of privately-placed, unlisted, secured, interest-bearing, rupee-denominated non-convertible debentures of up to Rs400 million (US$5.5m) to be issued by Krsnaa Diagnostics for scaling up Krsnaa’s COVID-19 screening and detection capacity. Partners Gautam Saha and Ambarish Mohanty are leading the firm’s team in the transaction, which was signed on February 15, 2021 and is yet to be completed.
Baker & McKenzie has advised Mizuho Bank, Sumitomo Mitsui Banking Corporation and MUFG Bank, as mandated lead arrangers and senior lenders, on the financing of CVC’s acquisition of Shiseido’s personal care business. On February 3, 2021, Shiseido and CVC announced their agreement to transfer Shiseido’s global personal care business to a new company 65 percent owned by CVC and 35 percent owned by Shiseido. Tokyo partners Gavin Raftery and Shinichiro Kitamura, supported by partners Akiko Tsuji (Tokyo), Sally Hung (Hong Kong) and Kenneth Ching (Hong Kong), with Beijing partners Shirley Wang and Grace Chen from Baker McKenzie’s joint venture firm FenXun Partners, led the firm’s team in the transaction, which closed on July 1, 2021.
Clifford Chance has advised a syndicate of 12 lead managers on HDFC Bank’s US$1 billion inaugural offshore Additional Tier 1 (AT1) capital securities offering. The offering is the largest offshore AT1 issuance from India, the first AT1 issuance from an Indian bank sold into the US under the Rule 144A resale exemption, and reopens the international US-dollar AT1 market for the Indian banking sector. HDFC will use the proceeds from the issuance to enhance its capital structure and support its growth and expansion plans. Barclays, BoFA Securities, Citigroup, HSBC, JP Morgan, Standard Chartered Bank and Merrill Lynch were the joint global coordinators, joint book-runners and joint lead managers, while BNP Paribas, Emirates NBD Capital, Morgan Stanley, MUFG, Société Générale Corporate & Investment Banking and UBS were the joint book-runners and joint lead managers. The offering garnered a final order book of US$3.2 billion from 158 accounts. Singapore partner Gareth Deiner, supported by partner Johannes Juette, led the firm’s team in the transaction.
Gide has advised Stellantis, a multinational automaker formed by the merger between Fiat Chrysler Automobiles and Groupe PSA, on the establishment of Mobile Drive, a 50-50 joint venture in partnership with Foxconn to develop breakthrough smart cockpits solutions and personalized connected services. Mobile Drive brings together expertise in consumer innovations from the sustainable mobility and advanced electronics industries. It will accelerate go-to-market timelines for the most advanced smart cockpit solution for vehicles and connected-car technologies in the industry. Shanghai partner Fan Jiannian led the firm’s team in the transaction.
J Sagar Associates has advised HDFC Bank, India’s largest private sector bank, on its issue of US$1 billion 3.7 percent Additional Tier I Notes. The firm also facilitated the listing of the notes in the India International Exchange. The notes are also listed in the NSE IFSC. Partner Dina Wadia, supported by partners Uttara Kolhatkar and Kumarmanglam Vijay, led the firm’s team in the transaction.
J Sagar Associates has also advised Dormakaba India on the 100 percent acquisition of Solus Security Systems. A global leader in smart access and security solutions, Dormakaba group has operations in over 50 countries. A developer and manufacturer of high-quality security / access control solutions that protect and secure enterprises started in 2003, Solus has successfully combined strategic planning, people and technological expertise to develop and distribute access control, time and attendance, visitor management and vehicle access and parking. Dormakaba’s global outreach and industrial expertise, paired with Solus’ advanced technology, will introduce cost-effective and technologically advanced surveillance and security products in the Indian market and overseas. Partner Upendra Nath Sharma, supported by partner Pallavi Puri, led the firm’s team in the transaction.
King & Wood Mallesons has advised the arranger of a US$297 million limited recourse fixed rate notes issue backed by charter hire receivables from three container vessels flagged in Panama and Liberia ultimately owned by one of Asia’s leading leasing companies. The transaction took more than one year to complete, and involved eight jurisdictions, namely England, Hong Kong SAR, Mainland China, Switzerland, Cayman Islands, Guernsey, Panama and Liberia. The firm advised on the English, Hong Kong SAR and Mainland China aspects. Partner Paul McBride, supported by partners Eddie Hu, Stanley Zhou, Stella Wang and Angus Sip, led the firm’s team in the transaction, while partner Richard Mazzochi advised the trustee. Walkers acted as Cayman Islands and Guernsey counsel, Ince acted as England counsel, Hornung Avocats acted as Switzerland counsel, Arias B & Associates acted as Panama counsel and Steward & Kissel acted as Liberia counsel.
L&L Partners has advised ReNew Power on its Rs9.85 billion (US$135m) acquisition of Singoli-Bhatwari Hydroelectric Project, a 99MW commissioned hydro power project in Uttarakhand, which was developed, owned and operated by L&T Uttaranchal Hydropower, through 100 percent acquisition of the company from L&T Power Development and Larsen and Toubro. Partner Avirup Nag led the firm’s team in the transaction. L&T was represented by ELP.
Maples and Calder has acted as Cayman Islands counsel to Xiaomi on the issue by Xiaomi Best Time International of US$800 million 2.875 percent senior bonds due 2031, and US$400 million 4.1 percent senior green bonds due 2051, unconditionally and irrevocably guaranteed by Xiaomi. The bonds are listed in Hong Kong. Partner Everton Robertson led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel to the issuer and guarantor. Linklaters acted as US counsel to the initial purchasers, namely Goldman Sachs (Asia), Credit Suisse (Hong Kong), JP Morgan Securities, China International Capital Corporation Hong Kong Securities, CLSA, Morgan Stanley & Co International, Citigroup Global Markets, The Hongkong and Shanghai Banking Corporation, Bank of China, China Construction Bank (Asia), ICBC International Securities, AMTD Global Markets and BOCOM International Securities.
Maples and Calder has also acted as Cayman Islands counsel to China Modern Dairy Holdings on its issuance, via debt issues to professional investors, of US$500 million 2.125 percent bonds due 2026 and listed in Hong Kong. Partner Lorraine Pao led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton (Hong Kong) acted as English and Hong Kong counsel and Commerce & Finance Law Offices acted as Chinese counsel. Linklaters acted as the English and Hong Kong counsel to the joint lead managers and the trustee, while JunHe acted as Chinese counsel for the joint lead managers.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for Capsol Investment III, an indirect wholly-owned subsidiary of Temasek Holdings and a member of the consortium of investors in Apricus Global, on Apricus’ pre-conditional S$312 million (US$232m) voluntary conditional general offer for all the issued and paid-up ordinary shares in the capital of Boardroom. Partners Sandy Foo and Goh Jun Yi, supported by partners Lee Xin Mei and Cheryl Tan on the debt aspects, are leading the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for Forestt Investment, a vehicle controlled by the founder of Neo Group, on the S$88.4 million (US$65.8m) voluntary conditional cash offer by Forestt of all the issued and paid-up ordinary shares in the capital of Neo Group. Partners Sandy Foo and Goh Jun Yi, supported by partners Cheryl Tan and Gazalle Mok on the financing aspects, led the firm’s team on the transaction.
Shearman & Sterling has represented HSBC, as the sole dealer manager, on an offer to purchase for cash by Jiayuan International Group for its outstanding 13.75 percent senior notes due 2022 and 13.75 percent senior notes due 2023. Jiayuan International Group is a property developer of large-scale residential and integrated commercial complex projects mainly in Jiangsu Province, China. Hong Kong capital markets partner Alan Yeung led the firm’s team in the transaction.
S&P has advised Indiabulls Hosing Finance, Edelweiss Financial Service, IIFL Securities and Trust Investment Advisors, as the lead managers, on the filing of a draft shelf prospectus by Indiabulls in relation to its public issue of secured and/or unsecured non-convertible debentures for up to Rs10 billion (US$137m). The first tranche of the transaction is expected to close in mid-September 2021, post receipt of regulatory approvals. The firm also advised Indiabulls and the lead managers on negotiations with other parties involved on the transaction, such as the debenture trustee (IDBI), the statutory auditors (Ernst and Young), the registrar (Karvy), and the credit rating agencies (CRISIL and Brickwork). Partner Murtaza Zoomkawala led the firm’s team in the transaction, which is the first public issue in India under the recently promulgated SEBI Regulations 2021, which took effect on August 9, 2021.
S&R Associates has represented ICICI Securities, Citigroup, Edelweiss Financial Services and Kotak Mahindra, as the book-running lead managers, on the Rs27.8 billion (US$380m) IPO by Aptus Value Housing Finance India, a retail-focused housing finance company primarily serving low and middle class self-employed customers in the rural and semi-urban markets of India. Partner Jabarati Chandra led the firm’s team in the transaction.
WongPartnership has advised Merrill Lynch (Singapore), as the sole lead manager, on the renounceable and non-underwritten rights issue of First Real Estate Investment Trust at an issue price of S$0.20 (US$0.149) for each rights unit, on the basis of 98 rights units for every 100 existing units, fractional entitlements to be disregarded. Gross proceeds of approximately S$158.2 million (US$117.7m) were raised. Partners Gail Ong and Loh Jen Vern led the firm’s team in the transaction.
WongPartnership has also acted for a global investment firm on their US$20 million investment into Nium, through a subsidiary. Partners Kyle Lee led the firm’s team in the transaction, together with partner Tian Sion Yoong.
