Deal Watch - 12/06/09


Posted on December 6, 2009 at 7:12 PM

Clifford Chance has assisted on two Hong Kong IPOs, led by partner Amy Lo assisted by Rupert Li: · China Minsheng Bank did an IPO that raised US$3.9 billion and became listed on the HKSE. The firm advised on Hong Kong and US law aspects of the global offering. · Chiina Longyuan Power’s IPO was worth about US$2.2 billion, and the firm advised on the Hong Kong and US legal aspects.

Hogan & Hartson advised, a leading online travel website in China, with its acquisition by TripAdviser, the world largest travel community and a subsidiary of Expedia Inc. The firm’s team was led by partner Roger Peng.

Troutman Sanders represented the joint sponsors and underwriters, China International Capital Corporation Hong Kong Securities Limited and BOCI Asia Limited, in the global offering, worth HK$1.24 billion, and Hong Kong Stock Exchange listing of CPMC Holdings Limited. The global offering and the Hong Kong public offering were both over-subscribed, with the latter over-subscribed by around 299 times. Hong Kong-based partner Olivia Lee, head of Greater China practice at the firm, advised.

Cleary Gottlieb Steen & Hamilton and Ashurst will advise on Rusal's proposed $3 billion flotation on the Hong Kong stock exchange. Clearly landed the main role, with a team led by London-based partner Dan Braverman advising on US, English and French law. Ashurst corporate partner Andrew Edge is further assisting on English law. Sidley Austin is advising on Hong Kong law, fielding a team led by Hong Kong-based capital markets partner Constance Choy, while Egorov Puginsky Afanasiev & Partners is the lead Russian adviser.

Davis Polk & Wardwell LLP has represented Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte and Morgan Stanley Asia (Singapore) Pte, as the joint lead managers, with regards to Temasek Financial (I) Limited’s Rule 144A/Reg S offering, valued at US$500 million aggregate. The deal consists of 5.375% debentures due 2039 guaranteed by Temasek Holdings (Private) Limited, offered under Temasek’sS$5 billion medium-term notes program. The firm’s team was led by Hong Kong-based partners William F. Barron and James C. Lin. Latham & Watkins advised on the matters of US and UK law, and Allen & Gledhill on the matters of Singapore law.

Latham & Watkins has acted for Senoko Power, the largest power generation company in Singapore, in relation to a S$2.65 billion financing consisting of a S$2.2 billion 5-year senior term facility, a S$150 million 5-year senior working capital facility and a US$220 million 8.5-year mezzanine facility. The financing will be used to refinance a bridge loan facility used by shareholders to purchase Senoko Power from Temasek Holdings (Private) Ltd in 2008. The mandated lead arrangers, a group of 16 commercial banks, were represented by Allen & Overy. The Allen & Overy team was led by Tokyo-based partner Ashley Young, while Latham’s team was led by partners Joseph Bevash, Michael Yoshii, Clarinda Tjia-Dharmadi, Stephen McWilliams and Hiroki Kobayashi.

Ashurst won the role of adviser to a group of bondholders who collectively hold more than 25% of bonds in Nakheel, the Dubai World-owned property company in the center of the current Dubai crisis. Dubai World is said to have approximately $60 billion in debts, and the Dubai state is proposing to freeze Dubai World’s debt repayment of a $4 billion bond issued by Nakheel till the end of May 2010, a postponement of 6 months. Denton Wilde Sapte has also won a role to advise for a number of creditors of different members of the Dubai World group. Ashurt’s advising team is being led by London restructuring partners David Von Saucken and Matt McDonald and finance partner Abradat Kamalpour.

Davis Polk & Wardwell LLP has assisted ICICI Bank Limited, India’s largest private sector bank and the country’s second-largest bank in terms of assets, as issuer to a Rule 144A/Reg S offering, with a US$750 million aggregate principal amount of 5.5% notes due 2015. Bank of America Securities LLC, Credit Suisse Securities (Europe) Limited and The Hong Kong and Shanghai Banking Corporation Limited acted as joint lead managers. Partners Margaret E. Tahyar of New York and Kirtee Kapoor of Hong Kong helped advise.

Allen & Gledhill LLP has advised CIMB Bank Berhad as lead manager in relation to the S$29 million Sukuk Ijarah issued by Majlis Ugama Islam Singapura due 2014. The Bank of New York Mellon acted as co-trustee for the holders of the Sukuk. MUIS is the second statutory board in Singapore to issue a sukuk this year. The advising team was led by partners Yeo Wico, Chew Mei Choo and Sunit Chhabra.

Allen & Gledhill LLP is acting as Singapore counsel to Starhill Global REIT in connection to Starhill's intent to purchase the David Jones Building, a retail property located in central Perth in Australia, for A$114.5 million from the Australian Stock Exchange listed Centro Properties Group. Partners Jerry Koh and Chua Bor Jern are advising on the transaction.

Allen & Gledhill LLP has represented Merrill Lynch (Singapore) Pte Ltd, as the sole bookrunner, manager and underwriter, in the renounceable underwritten 9-for-20 rights issue of more than 243.5 million new ordinary shares by Mermaid Maritime Public Company Limited that will raise around S$156 million. This is the first renounceable rights issue by a Thai-incorporated company listed on the Singapore Exchange Securities Trading Limited, and requires compliance with Thai regulatory requirements and laws as well as SGX-ST rules. The firm’s team was led by partners Tan Tze Gay, Rhys Goh and Shawn Chen.

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