Allen & Gledhill has advised DBS Bank on the S$400 million (US$298m) Taskforce on Nature-related Financial Disclosures (TNFD) targets-aligned sustainability-linked revolving credit facility to City Developments. This is a first-of-its-kind transaction with criteria guided by targets set by City Developments in its adoption of TNFD disclosures, and is designed to incentivise its ongoing efforts to achieve significant environmental, social and governance milestones. Partner Daselin Ang led the firm’s team in the transaction.
Allen & Gledhill has also advised CIMB Bank Singapore Branch and The Hongkong and Shanghai Banking Corporation on the issue of S$100 million (US$74.6m) fixed rate sustainability-linked guaranteed bonds due 2029 by HSBC Institutional Trust Services (Singapore), as trustee of Sabana Industrial Real Estate Investment Trust (Sabana Industrial REIT). The bonds are unconditionally and irrevocably guaranteed by the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank. CIMB was appointed sole global coordinator and, together with HSBC, as joint lead managers, joint book-runners and joint sustainability-linked framework structuring advisors to the bonds. The bonds are the first Singapore dollar-denominated CGIF-guaranteed sustainability-linked bonds in Asia, the first listed CGIF-guaranteed bonds aligned to the ASEAN Sustainability-Linked Bond Standards, and the first CGIF-guaranteed bonds issued by an industrial REIT in Asia. The bonds are also Sabana Industrial REIT’s first non-sukuk bond offering. Partners Margaret Chin, Delwin Singh and Sunit Chhabra led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised Suntec City Development on the implementation and execution of Cooling-as-a-Service (CAAS) arrangements for Suntec City provided by SP Group. The provision of CAAS will enable Suntec City to reduce its carbon emissions by at least 10,400 tonnes over a 30-year operating period. Partners Yeo Boon Kiat and Tan Boon Wah led the firm’s team in the transaction.
A&O Shearman has advised Cirrus Aircraft on its IPO of equity shares in Hong Kong. The IPO raised approximately US$193.2 million, assuming that the over-allotment option is not exercised. Cirrus designs, develops, manufactures and sells premium aircraft recognized across the aviation industry, with a 32 percent market share in the global personal aviation market in 2023, based on the number of units delivered. Cirrus’ two aircraft product lines have successfully set the industry standard for owner-piloted aircraft, and are currently certified and validated in more than 60 countries. Partners Wanda Woo, Kyungwon (Won) Lee and Li Chen led the firm’s team in the transaction, which marks the second largest Hong Kong IPO in 2024, in terms of new funds raised.
AZB & Partners has advised Accenture Solutions on its acquisition of 100 percent stake of Excelmax Technologies. Partners Vaidhyanadhan Iyer, Bhuvana Veeraragavan and Nishanth Ravindran led the firm’s team in the transaction, which was completed on July 3, 2024.
AZB & Partners has also advised Long Ridge Equity Partners (US) on its Rs10 billion (US$120m) acquisition of QX Global, including the acquisition of the Indian target QX Global Services, QX International IFSC, QX Corporate Advisors India, Chazey Partners India, QX Global India, QX Recruitment Services and QX KPO Services from QX Holdings (majority seller) and other individuals forming part of management team of the QX Global Group. Partners Nilanjana Singh, Aditya Singh Chandel and Devika Nayak led the firm’s team in the transaction, which was completed on July 5, 2024.
Moreover, AZB & Partners is advising TA Associates on the acquisition of stake by TA FDI Investors, along with other investors, in Vastu Housing Finance from Plenty Private Equity Fund I. Partners Vaidhyanadhan Iyer, Vasudha Asher and Bharat Budholia are leading the firm’s team in the transaction, which was signed on April 24, 2024 and is yet to be completed.
Cyril Amarchand Mangaldas has advised Ascent Investment Holdings on the sale via the Indian stock exchange of 500,000 equity shares with face value of Rs10 (US$0.12) each of Amber Enterprises India, representing approximately 1.48 percent of its total issued and paid-up equity share capital, for approximately Rs2 billion (US$24m). Jefferies India acted as broker for the sale. Western region markets head partner Abhinav Kumar led the firm’s team in the transaction, which closed on June 20, 2024.
Cyril Amarchand Mangaldas has also advised infrastructure investment trust Nxt-Infra Trust on a private placement of units at Rs100 (US$1.20) each, aggregating to Rs152,000 (US$1,819). The issue was made to the eligible investors outside the United States in “offshore transactions”, in reliance upon Regulation S under the US Securities Act of 1933, as amended. The trust holds six strategic roads spanning over 2,000 lane kms at key geographies, including Delhi, Haryana, Maharashtra, Uttarakhand and Uttar Pradesh. Axis Capital acted as book-running lead manager to the issue. REIT and InvITs head partner Kranti Mohan led the firm’s team in the transaction, which closed on June 28, 2024.
Moreover, Cyril Amarchand Mangaldas has advised the Indian Banks’ Association (IBA) on the preparation of the revised draft of the model Assignment Agreement for transfer / assignment of financial assets by banks and financial institutions, and model Trust Deed on holding of the assigned loan assets by the asset reconstruction companies (ARCs) in a trust and issuance of Security Receipts. The firm supported IBA by facilitating discussions with the Association of ARC’s and leading banks. This collaboration addressed key industry challenges in loan assignment transactions, ensuring that the insights gained were effectively integrated into the model drafts. Partner Abhishek Mukherjee, supported by banking head partner Amey Pathak, led the firm’s team in the transaction, which closed on May 12, 2024.
JSA has represented ‘Cava’ and its founders on its series seed funding round from Early Spring Fund and other investors. Cava is a new-age athleisure brand founded by Ria Mittal and Shreya Mittal, with a strong focus on high-end stylish athleisure products. Early Spring Fund is a skin-in-the-game marketing capital firm that invests in new age startups. Partner Archana Tewary led the firm’s team in the transaction.
Maples and Calder has acted as BVI counsel to Shenghai Investment on its issuance of Rmb335 million (US$46m) principal amount of 4.5 percent credit enhanced bonds due 2027, with the benefit of a keepwell deed provided by Qingdao Military-Civilian Integration Development Group and listed in Macao and Luxembourg. Partner Juno Huang led the firm’s team in the transaction. King & Wood Mallesons acted as English counsel to the issuer and Qingdao Military-Civilian Integration Development Group. Jun He Law Offices acted as English and Hong Kong counsel to China Industrial Securities International Brokerage, Silk Road International Capital, China Zheshang Bank (Hong Kong Branch), Guolian Securities International Capital, Haitong International Securities, CLSA, CMBC Securities and Zhongming Securities, as the joint lead managers.
Maples and Calder has also acted as Cayman Islands counsel to Alibaba Group, a company incorporated in the Cayman Islands and listed in New York and Hong Kong, on its private offering of US$5 billion aggregate principal amount of 0.50 percent convertible senior notes, including US$500 million aggregate principal amounts of notes pursuant to the exercise by the purchasers of an option to purchase such additional notes. The notes may be converted, at the option of the holders, into cash, ADSs, or a combination of cash and ADSs, or ordinary shares in lieu of ADSs. On the pricing of the notes, Alibaba entered into capped call transactions with one or more of the initial purchasers and/or their affiliates and/or other financial institutions. Partner Richard Spooner led the firm’s team in the transaction, while Simpson Thacher & Bartlett acted as US counsel. Latham & Watkins acted as US counsel to Citigroup Global Markets, JP Morgan Securities, Morgan Stanley Asia, Barclays Capital and The Hongkong and Shanghai Banking Corporation, as the initial purchasers. Nixon Peabody advised Citibank, as the trustee of the notes.
Moreover, Maples and Calder has acted as Cayman Islands counsel to JD.com, a company incorporated in the Cayman Islands and listed on the Nasdaq and in Hong Kong, on its private offering of US$2 billion aggregate principal amount of 0.25 percent convertible senior notes, including US$250 million aggregate principal amounts of notes pursuant to the exercise by the purchasers of an option to purchase such additional notes. The notes may be converted, at the option of the holders, into cash, ADSs, or a combination of cash and ADSs, or class A ordinary shares in lieu of ADSs. Partner Richard Spooner also led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Cleary Gottlieb Steen & Hamilton acted as US counsel to Merrill Lynch (Asia Pacific), Goldman Sachs (Asia), Haitong International Securities, UBS Securities and UBS Hong Kong Branch, as the initial purchasers. Nixon Peabody advised Citibank, as the trustee of the notes.
Rajah & Tann Singapore has acted for Amsino Medical Group on a substantial investment into Amsino by private equity firm Novo Tellus Capital Partners, and the subsequent exit of Amsino’s investors Jiangsu Yuwell Medical Equipment & Supply and Jiangsu Yuwell Technology Development via a share buyback carried out by Amsino. Partner Tan Mui Hui led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Emcure Pharmaceuticals on the IPO of approximately 19.4 million equity shares aggregating to Rs19.52 billion (US$234m), comprising a fresh issue of approximately eight million equity shares aggregating to Rs8 billion (US$96m) and offer for sale by certain shareholders of approximately 11.5 million equity shares aggregating to ₹11.52 billion (US$138m). The issue was oversubscribed 68.5 times. Emcure Pharmaceuticals is a prominent pharmaceutical company which develops, manufactures and globally markets a broad range of pharmaceutical products across several major therapeutic areas. Partners Nikhil Naredi and Priya Awasthi led the firm’s team in the transaction.
Trilegal has advised on the drawdown by Muthoot Finance, via the issuance of 144A/Regulation S, US$-denominated senior secured notes due in 2028 with a coupon of 7.125, aggregating to US$100 million. The drawdown was undertaken by Muthoot Finance under its US$2 billion global medium term note program, which was updated recently. Deutsche Bank Singapore Branch and Standard Chartered Bank were the managers to the offering. The notes were listed in India. Muthoot Finance is the largest gold loan NBFC, in terms of loan portfolios. The issue proceeds will be applied for onward lending and other activities, as may be permitted by RBI. Partner Richa Choudhary, supported by partner Pranav Sharma, led the firm’s team in the transaction.
TT&A has advised IFC on the grant of a secured loan of US$15 million made available to each of PRAN Dairy and Habiganj Agro for expansion in their productiveness and related working capital needs. Partners Gautam Saha, Ambarish Mohanty and Nikhil Bahl led the firm’s team in the transaction.
TT&A has also advised Asian Development Bank on the subscription of unlisted, secured, rated, redeemable, transferable and interest bearing non-convertible debentures issued by Aadhar Housing Finance in an amount not exceeding US$60 million in two tranches on a private placement basis. The proceeds of the debentures will be utilized by Aadhar Housing Finance for onward lending to individual borrowers (where women are either primary borrowers or co-borrowers from the economically weaker sections or low-income group) towards individual low-income housing loans. Partners Gautam Saha, Pallavi Meena and Pragya Sood led the firm’s team in the transaction.
WongPartnership has advised 65 Equity Partners (65EP) on its investment of S$100 million (US$74.6m) into Hi-P International, where 65EP will help develop plans for new strategic focus and leadership succession for growth acceleration and sustainability, and Hi-P will tap on 65EP’s extensive network to bolster its board of directors, enroute to its goal of a potential public listing in the future. Partner Quak Fi Ling led the firm’s team in the transaction.
