Allen & Gledhill has advised the Monetary Authority of Singapore on the issue of S$2.5 billion (US$1.85b) fixed rate bonds due 2054, under the Government of Singapore’s medium term note programme for issuance of Singapore Government Securities (Infrastructure), including Green SGS (Infrastructure), via syndication. The bonds are Singapore’s first sovereign green bonds with a 30-year tenor, and follows the earlier inaugural issuance and re-opening issuance of the 50-year sovereign green bonds in 2022 and 2023, respectively. The bonds form part of the pipeline of up to S$35 billion (US$26b) of sovereign and public sector green bonds that Singapore and its statutory boards intend to issue by 2030. Proceeds from the bonds will also be used to finance expenditures in support of the Singapore Green Plan 2030, which includes two new MRT lines, the Jurong Region Line and the Cross Island Line, to build green infrastructure for a financially and environmentally sustainable future. Partners Yeo Wico, Jeanne Ong, Sunit Chhabra, Andrew Chan and Jo Tay led the firm’s team in the transaction. Allen & Gledhill is also advising Keppel Infrastructure Trust (KIT), through its trustee-manager Keppel Infrastructure Fund Management, on its proposed agreement with the Infrastructure Division of Keppel (IDK) to amend and extend the Capacity Tolling Agreement (CTA) for the Keppel Merlimau Cogen (KMC) Plant by ten years, from 2030 to 2040. The amended and extended CTA is expected to generate up to S$1.08 billion (US$799m) in long term capacity payments for KMC. Situated on Jurong Island, the KMC Plant is a combined cycle gas turbine power plant with a generation capacity of approximately 1,300 MW, and was the first independent...

Allen & Gledhill has advised CapitaLand Ascendas REIT Management, as manager of CapitaLand Ascendas REIT, on the issue of S$300 million (US$223m) green fixed rate notes due 2034 under the S$7 billion (US$5.2b) euro medium term securities programme established by HSBC Institutional Trust Services (Singapore), as trustee of CapitaLand Ascendas REIT. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised Oversea-Chinese Banking Corporation on the S$351 million (US$261m) revolving credit and bank guarantee facilities to The Seletar Mall. The facilities are aligned with the Green Loan Principles and will be used to, among other purposes, refinance existing borrowings and to fund asset enhancement works relating to The Seletar Mall. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction. AZB & Partners has advised Warburg Pincus, through its portfolio company Shadow Point Investments, on its acquisition of stake in Appasamy Associates, AI Optics and Appasamy Ocular Devices. Partners Vaidhyanadhan Iyer and Sneha Nagvekar led the firm’s team in the transaction, which was completed on April 5, 2024. AZB & Partners has also advised Dahnay Logistics on its acquisition of 100 percent shareholding in Kailash Shipping Services and its wholly-owned subsidiary ALS Tuticorin Terminal from Apollo Logisolutions. Partners Hardeep Sachdeva, Priyamvada Shenoy and Gaurav Priyadarshi led the firm’s team in the transaction, which was completed on January 3, 2024. Clifford Chance has acted as English and US law counsel to Standard Chartered Bank (Singapore) on its establishment of its US$5 billion global covered bond programme, unconditionally and irrevocably guaranteed as to payments or interest and principal by Banzu Covered Bonds....

Allen & Gledhill has advised the Housing and Development Board on the issue of S$900 million (US$667m) fixed rate notes due 2031, under its S$32 billion (US$23.7b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra le the firm’s team in the transaction. Allen & Gledhill has also advised Oversea-Chinese Banking Corporation on the issue of US$500 million subordinated notes due 2034, under its US$30 billion global medium term note programme. The notes are intended to qualify as Tier 2 capital of OCBC. Partner Glenn David Foo led the firm’s team in the transaction. Moreover, Allen & Gledhill has advised CIMB Bank Singapore Branch on the S$360 million (US$267m) term and revolving loan facilities to United Venture Development (No. 7), which is sponsored by UOL Group and Singapore Land Group. The facilities will be used to finance the acquisition and development of a residential project at Orchard Boulevard with a commercial component at the first storey. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the transaction. AZB & Partners has advised global private equity fund KKR, through its vehicles, on its acquisition of stake in Infinx Service. Partners Nandish Vyas and Malaveeka Chakravarthy ld the firm’s team in the transaction, which was valued at more than US$100 million and was completed on May 6, 2024. AZB & Partners has also advised CA Dawn Investments, BPC Genesis Fund I SPV, BPD Genesis Fund I-A SPV and Group Life Spring partner Vida Trustees (trustee of Fig Tree Trust), as the selling shareholders, on Indegene’s IPO of equity shares comprising a fresh issue aggregating to Rs7.6...

AZB & Partners is advising Ester Industries on its more than US$150 million acquisition, along with Loop Industries, of 50 percent shares investing in a manufacturing facility in India to manufacture specialty polymers using patented Loop technology. Both the parties will be contributing operational assets to this JV, such as ancillary marketing and agreements, technology licenses agreements, and human resources and infrastructural facilities. Partners Vinati Kastia and Ankit Tandon are leading the firm’s team in the transaction, which was signed on May 1, 2024 and is yet to be completed. AZB & Partners is also advising Aditya Birla Fashion and Retail on the demerger of its Madura Fashion and Lifestyle Business into Aditya Birla Lifestyle Brands, a wholly-owned subsidiary of Aditya Birla Fashion and Retail. Partner Ashwath Rau is leading the firm’s team in the transaction, which was signed on April 19, 2024 and is yet to be completed. Moreover, AZB & Partners is advising Metafin Cleantech Finance on the Rs416.8 million (US$5m) acquisition of equity shares of Metafin by Varanium NexGen Trust and Seabright IV Holding Company and its affiliates. Partner Daksh Trivedi is leading the firm’s team in the transaction, which was signed on February 7, 2024 and is yet to be completed. Cyril Amarchand Mangaldas has advised Indegene and individual selling shareholders Manish Gupta, Dr Rajesh Bhaskaran Nair and Anita Nair on Indegene’s IPO of equity shares aggregating to approximately Rs10.82 million (US$130m). The transaction involved an issuance of approximately 40.77 million equity shares with face value of Rs2 (US$0.024) each at Rs452 (US$5.43) per equity share, including a share premium of Rs450 (US$5.40) per equity...

Allen & Gledhill has advised the Housing and Development Board (HDB) on the issue of S$800 million (US$593m) fixed rate green notes due 2027, under its S$32 billion (US$24m) multicurrency medium term note programme. The issue is an issuance of green bonds, proceeds of which are intended to be used to finance or refinance eligible green projects under the Project Category of Green Buildings, and for such other purposes, as set out in the HDB’s Green Finance Framework. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised CapitaLand Group and CapitaLand Treasury on the establishment of their S$500 million (US$371m) euro-commercial paper programme. CapitaLand Group is the guarantor for the programme, under which CapitaLand Treasury may issue commercial paper notes. Partners Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction. AZB & Partners is advising Delta Corp on its Rs4.5 billion (US$54m) acquisition of shares, along with Peninsula Land and Alpha Alternatives Fund Advisors, to invest in a real estate development company, which will engage in residential re-development and plotted development in the Mumbai metropolitan region. In addition, Delta will contribute its IP and human resources to this acquisition. Partners Zia Mody, Ashwath Rau, Anand Shah and Kashish Bhatia are leading the firm’s team in the transaction, which was signed on May 8 2024 and is yet to be completed. AZB & Partners is also advising KKR & Co on its Rs70 billion (US$838m) acquisition of Healthium Group, including Healthium Medtech, from Apax Partners. Partners Nandish Vyas, Malaveeka Chakravarthy, Nishanth Ravidran, Ajay Singh Solanki, Malini Raju and...