Allen & Gledhill has advised DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on the S$5.9 billion (US$4.6b) term facilities to CLA Real Estate Holdings. The facilities will be used by CLA Real Estate to, among others, fund its working capital requirements and for general corporate purposes. Partner Kok Chee Wai led the firm’s team in the transaction.
Allen & Gledhill has also advised Bank of China Singapore Branch, CIMB Bank Singapore Branch, DBS Bank, Oversea-Chinese Banking Corporation, RHB Bank, Sumitomo Mitsui Banking Corporation Singapore Branch and United Overseas Bank on the S$1.7 billion (US$1.3b) term and revolving loan facilities to Orchard Turn Retail, a company sponsored by CapitaLand and Sun Hung Kai Properties. The facilities will be used to refinance borrowings previously obtained for the acquisition and development of ION Orchard. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on the S$1.4 billion (US$1.1b) acquisition refinancing, land charges, stamp duty, goods and services charge and construction facilities granted to GMC Property, in relation to the land and redevelopment at 5001 Beach Road, which was the subject of an en bloc acquisition. The facilities were secured by, inter alia, a mortgage over the property. Partners Jafe Ng, Daselin Ang and Lyn Wee led the firm’s team in the transaction.
AZB & Partners is advising Fairfax India Holdings Corporation, through its investment vehicle, FIH Mauritius Investments, on its Rs6.9 billion (US$82m) acquisition of significant stake in Global Aluminium. Partners Darshika Kothari and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on September 6, 2024 and is yet to be completed.
AZB & Partners has also advised TotalEnergies Renewables Singapore on its Rs53 billion (US$631m) acquisition with TotalEnergies SE of Adani Renewable Energy Sixty Four from Adani Green Energy. Partners Darshika Kothari and Qais Jamal led the firm’s team in the transaction, which was completed on September 26, 2024.
Moreover, AZB & Partners is advising Warburg Pincus on its acquisition with Vista Equity of Redwood Software from Turn/River Capital. Partners Vaidhyanadhan Iyer, Jeet Chaudhuri, Vikram Shroff, Aditya Singh Chandel and Shruti KP are leading the firm’s team in the transaction, which was signed on September 10, 2024 and is yet to be completed.
A&O Shearman has advised the Asian Development Bank (ADB) as the International Finance Facility for Education’s (IFFEd) first founding MDB partner to shape the IFFEd instrument. The instrument will enable at least US$500 million in new concessional education funding – a significant contribution to IFFEd’s US$1.5 billion commitment – to enhance better access to education globally, supporting the world’s children and youth most in need. The instrument is the first-of-its-kind structure, under which IFFEd will support a synthetic portfolio which references a part of ADB’s sovereign loan exposure and provide grants which comprise ten percent of each education loan made by ADB. It is an innovative arrangement which enables ADB to increase its lending capacity with a four-times leverage ratio delivered by the IFFEd instrument, while lowering the borrowing cost for ADB’s developing member countries. Ten countries in Asia and the Pacific have been approved by the IFFEd Board as eligible for IFFEd financing: Bangladesh, India, Mongolia, Pakistan, Papua New Guinea, Philippines, Sri Lanka, Timor-Leste, Uzbekistan and Vietnam. Partner Scott Neilson, supported by partner Gina (Xue) Wang, led the firm’s team in the transaction.
Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have advised Mondelēz International on the signing of an agreement to acquire a significant majority stake in Evirth, a leading manufacturer of cakes and pastries in China, subject to customary closing conditions, including regulatory approval. Founded in 2013, Evirth is a leader in frozen-to-chilled cakes and pastries in China, a category currently estimated at US$3 billion, with a compound annual growth rate of about 15 percent. Mondelēz already has a minority investment in Evirth to develop, manufacture and supply frozen-to-chilled cakes and pastries in China featuring some of its iconic brands, including Oreo and Philadelphia. This deal will significantly expand Mondelēz’s investment in frozen-to-chilled cakes and pastries in China. M&A partners Olivia Tyrrell (Chicago) from Baker McKenzie and Cherrie Shi (Shanghai) and Kelly Han (Shanghai) from FenXun, supported by partners Vivian Wu (investigations, compliance & ethic-Beijing) and Laura Liu (antitrust & competition-Beijing), led the firm’s cross-border team in the transaction.
Christopher & Lee Ong and Rajah & Tann Singapore, member firms of Rajah & Tann Asia, are advising Green Esteel on its M$251.5 million (US$60.25m) investment, via subscription of new shares, in Malaysia-listed Southern Steel. Partners Yon See Ting and Looi Zhi Min from Christopher & Lee Ong are leading the transaction, along with Danny Lim and Cynthia Wu from Rajah & Tann Singapore.
JSA has advised L&T Semiconductor Technologies, a subsidiary of Larsen & Toubro, on its 100 percent acquisition of Siliconch Systems, a fabless semiconductor design company which develops System-on-Chip IP and has 30 granted patents across geographies. The acquisition cost consisted of an upfront amount of Rs1.33 billion (US$16m) paid at closing, subject to customary closing adjustments; and a deferred amount of Rs500 million (US$6m) payable over four years, subject to closing adjustments and achievement of certain targets and other conditions. Partners Venkatesh Raman Prasad and Ronak Ajmera, supported by partners Vaibhav Choukse, Ela Bali, Gerald Manoharan and Sonakshi Das, led the firm’s team in the transaction. K&S Partners advised on Indian intellectual property related issues, while Hamre, Schumann, Mueller & Larson advised on US patents related issues.
JSA has also advised JM Financial and Kotak Mahindra Capital, as the book-running lead managers, on the IPO of equity shares of Western Carriers (India), comprising a fresh issue of Rs4 billion (US$47.6m) and an offer for sale by Rajendra Sethia, the promoter selling shareholder, of 5.4 million equity shares aggregating to Rs928.8 million (US$11m). The IPO was oversubscribed 31.69 times, with the QIB portion oversubscribed 28.81 times, the NII portion oversubscribed 46.68 times and the retail portion oversubscribed 26.92 times. Partner Arka Mookerjee, supported by partner Pracheta Bhattacharya, led the firm’s team in the transaction.
Maples and Calder has acted as BVI counsel to China Great Wall International Holdings VI on its issue of US$200 million 6.375 percent guaranteed bonds due 2028 and US$300 million unsubordinated guaranteed perpetual securities. The securities are guaranteed by China Great Wall AMC (International) Holdings and listed in Hong Kong. China Great Wall AMC (International) Holdings is a direct wholly-owned subsidiary of China Great Wall Asset Management, one of the four leading asset management companies and a leading provider of comprehensive financial services and innovative products in China. The issue of the securities was completed on July 2, 2024. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Clifford Chance advised on English law and King & Wood Mallesons advised on Chinese law. The joint lead managers were advised by Davis Polk & Wardwell as to English law, and by JunHe as to Chinese law.
Maples and Calder has also acted as Cayman Islands counsel to the initial purchasers on the subscription of the US$500 million 7.125 percent senior notes due 2031 issued by MGM China Holdings. The notes are listed in Hong Kong via debt issues to professional investors. MGM China Holdings is a leading developer, owner and operator of gaming and lodging resorts in Macau. Partner Lorraine Pao led the firm’s team in the transaction, while White & Case acted as US counsel and Henrique Saldanha—Advogados & Notários acted as Macau counsel. Milbank acted as US counsel, Herbert Smith Freehills acted as Hong Kong counsel and MdME Lawyers acted as Macau counsel to MGM China Holdings.
Moreover, Maples and Calder has acted as BVI counsel to Lingang Oasis on its issuance of the Rmb800 million (US$114m) principal amount of 3.15 percent guaranteed notes due 2027, unconditionally and irrevocably guaranteed by Shanghai Lingang Economic Development (Group), and listed in Hong Kong and Luxembourg. The notes are the first offshore Rmb social responsibility notes issued by a non-financial company in the world, and the first social responsibility notes from China listed in Luxembourg. The proceeds raised from the issue of the notes will be used for construction and development projects which meet social responsibility requirements. Partner Juno Huang led the firm’s team in the transaction. Clifford Chance acted as Hong Kong counsel to the issuer and guarantor, while King & Wood Mallesons acted as Hong Kong counsel to the joint lead managers, including JP Morgan Securities (Asia Pacific), The Hongkong and Shanghai Banking Corporation and other lead managers.
Paul Hastings has advised Nan’an Development Investment Group, a state-owned enterprise in Nan’an City, Quanzhou, Fujian Province, China, on the issuance of Rmb1.15 billion (US$164m) 3.7 percent bonds due 2027. The bonds are listed in Macao. Nan’an Development Investment Group focuses on trading, infrastructure construction and tap water sales in Nan’an City, Quanzhou, Fujian Province, China. The firm has previously advised Nan’an Development Investment Group on its debut bond issuance of Rmb650 million (US$92.6m) 4.5 percent bonds due 2027 in April 2024. Corporate partner James Ma led the firm’s team in the transaction.
Paul Hastings has also advised BNP Paribas Securities (Asia) and CMB International Capital, as the joint sponsors, overall coordinators, joint global coordinators, joint book-runners, and joint lead managers, and other underwriters on the global offering and listing of Carote in Hong Kong. Futu Securities International (Hong Kong), Tiger Brokers (HK) Global, Livermore Holdings and TradeGo Markets acted as the joint lead managers. Carote is a global brand for kitchenware products with a notable presence in the online kitchenware segment across key markets, including China, the United States, Western Europe, Southeast Asia and Japan. Founding partner and chair of Greater China Raymond Li, and corporate partners Chaobo Fan and Steven Hsu, led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Pigments Spain, a part of the Altadia Group, on its acquisition of a majority controlling stake in Nahar Colours and Coating, a company involved in the manufacturing of ceramic frits, engobes and compound glazes for ceramic tile bodies in India. Headquartered in Castellon, Spain, Altadia Group is owned by The Carlyle Group, and is one of the largest global manufacturer of intermediate products for the production of ceramic tiles. This strategic acquisition strengthens Pigments Spain’s position in the Indian and Asia-Pacific markets, helping the Altadia Group expand its footprint in the global ceramics industry. Partners Abhishek Guha and Tanya Uppal, supported by partners Mukul Baveja, Radhika Dudhat, Bhoumick Vaidya, VR Neelakantan and Dnyanraj Desai, led the firm’s team in the transaction. Latham & Watkins advised Pigments Spain on tax related matters. Khaitan & Co advised Nahar Colours and Coating.
S&R Associates has represented Northern Arc Capital, a diversified financial services platform in India, on its Rs7.7 billion (US$92M) IPO. Partners Sandip Bhagat and Jabarati Chandra led the firm’s team in the transaction.
Trilegal has advised Viyash Life Sciences and its group companies, as well as its founders and promoters, on Viyash and its group entities’ merger with Sequent Scientific. Partners Pranav Atit (corporate), Sneha Vardhan (corporate), Gauri Chhabra (competition), Rahul Arora (real estate), Tine Abraham (disputes), Jyotsana Jayaram (TMT), Atul Gupta (employment) and Kirti Balasubramanian (intellectual property) led the firm’s team in the transaction. AZB & Partners, led by partners Ashwath Rau and Kashish Bhatia, is advising SeQuent Scientific.
TT&A has advised Sify Technologies on its rights issue of equity shares, including equity shared represented by American Depository Shares, for an aggregate amount of up to US$30 million. Partners Gautam Saha and Shivranjani Ralawata led the firm’s team in the transaction.
