Allen & Gledhill has acted as transaction counsel to Sembcorp Financial Services and Sembcorp Industries on the establishment of a S$3 billion (US$2b) multicurrency debt issuance programme. Sembcorp Industries is appointed guarantor of the programme. Partners Bernie Lee, Prawiro Widjaja and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Ascendas Funds Management, as manager of Ascendas Reit, on the S$102.91 million (US$72.7m) sale and purchase agreement between MBK Real Estate Asia (MREA) and HSBC Institutional Trust Services (Singapore), as trustee of Ascendas Reit, to acquire a 25 percent stake in Ascendas Fusion 5 (AF5) from MREA. AF5 is the registered proprietor of Galaxis, a premium business park property located at 1 and 3 Fusionopolis Place, Singapore. Galaxis is located in the one-north precinct of Singapore, and is the hub for infocommunications technologies, media, physical sciences and engineering R&D industries. Partners Jerry Koh, Eudora Tan, Foong Yuen Ping and Shalene Jin led the firm’s team in the transaction.
AZB & Partners has advised Brookfield Asset Management on the acquisition by BCP V Multiple Holdings of up to 40 percent of Indostar Capital Finance. Partners Ashwath Rau, Anu Tiwari, Medha Marathe and Vipul Jain led the firm’s team in the transaction, which was valued at Rs14.5 billion (US$191m).
AZB & Partners has also advised Anshul Specialty Molecules on its acquisition, on a slump sale basis, of the bulk drugs and intermediate manufacturing unit of Anmol Antioxidants, comprising of the property, assets, process information, licences and approvals and employees relating to the business undertaking. Partner Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on February 26, 2020.
Clifford Chance has advised a consortium of banks, including Citigroup, Deutsche Bank, Goldman Sachs, HSBC and Standard Chartered Bank, as joint lead managers, on the Republic of Indonesia’s US$4.3 billion three-tranche bond issuance, under its US SEC-registered bond programme. The proceeds from the bonds will be used to help fund Indonesia’s COVID-19 relief and recovery efforts. The offering marks the largest-ever issuance of dollar-denominated bonds by Indonesia, and includes a 50-year tranche, which represents the longest-ever tenor for a public US-dollar deal from Asia. The bond was sold in three tranches of 10.5 years and 30.5 years, worth US$1.65 billion each, and 50 years, worth US$1 billion. The bonds, due in 2030, 2050 and 2070, carried coupon rates of 3.85 percent, 4.2 percent and 4.45 percent, respectively. Partner Johannes Juette, supported by partner Gareth Deiner, led the firm’s team in the transaction.
Davis Polk has advised the underwriters and joint representatives on Akeso’s IPO and listing in Hong Kong, and the Regulation S international offering. The net proceeds from the offering amounted to approximately HK$2.44 billion (US$315m), prior to the exercise of the over-allotment option. Akeso is a clinical-stage biopharmaceutical company committed to in-house discovery, development and commercialisation of first-in-class and best-in-class therapies. It is dedicated to addressing global unmet medical needs in oncology, immunology and other therapeutic areas. Partners Li He and Yang Chu led the firm’s team in the transaction.
Khaitan & Co has advised Reliance Jio Infocomm on the transfer of its identified liabilities, pursuant to a scheme of arrangement it entered into with a certain class of its creditors. Partners Haigreve Khaitan and Mehul Shah led the firm’s team in the transaction, which was completed on March 13, 2020.
Khaitan & Co has also advised Bank of Baroda on the financial assistance availed by JSW Steel, in the form of term loan of not more than Rs13 billion (US$171m) and bank guarantee facility of not more than Rs10 billion (US$132m), to finance the upfront payment obligations of JSW under the tender documents, as a preferred bidder for the acquisition of mining leases. Partner Manisha Shroff, supported by partner Shivanshu Thaplyal, led the firm’s team in the transaction, which was valued at US$304 million and was completed on March 31, 2020.
S&R Associates has represented Smart Health City, the Singapore-based Smart Group company, on the sale of the share capital of Saket City Hospital, which manages and operates the Delhi-based Max Smart Super Speciality Hospital, to Max Healthcare Institute and Kayak Investments Holdings. Partner Sanjeev Adlakha led the firm’s team in the transaction.
