Allen & Gledhill has advised LMIRT Management, as manager of Lippo Malls Indonesia Retail Trust, on the property replacement exercise in relation to the term loan facilities up to S$135 million (US$100m), loan facilities of up to S$67.5 million (US$50m), and term loan facilities of up to S$120 million (US$89m), as amended and restated by an amendment and restatement agreement dated October 16, 2023, whereby certain properties, including Lippo Mall Kemang and Sun Plaza and related assets, were granted as collateral to be shared on a pari passu basis between all the lenders. Pursuant to consent deeds entered into with the lenders on April 19, 2024, Sun Plaza will be replaced by Mal Lippo Cikarang, Gajah Mada Plaza, Kramat Jati Indah, Lippo Mall Kuta, Plaza Madiun Units and Plaza Medan Fair as collateral for the facilities. The property replacement exercise involved a detailed step-plan to align with the administrative process in Indonesia required for the granting of security in Indonesia, and the release of the existing collateral over Sun Plaza, up to the point where the replacement properties would be effectively granted, and where Sun Plaza could effectively be released as collateral. Further, one of the replacement properties would require an extension of lease tenure from the relevant Indonesian authority, and parties have to work into the consent deeds the provisions and process relating to such extension. Partners Jafe Ng and Delwin Singh led the firm’s team in the transaction. Allen & Gledhill has also advised DBS Bank on the ¥30 billion (US$190m) subscription line facility to Mapletree Trustee, as trustee of Mapletree Japan Investment Country. The facility will be used to, inter alia,...

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...