Deal Watch 5/25/12

Posted on May 25, 2012 at 8:05 PM Financing to Privatize

With the assistance of six law firms, Ltd engaged in a $3 billion financing to privatize their company. Credit Suisse, Deutsche Bank, DBS Bank, HSBC, Mizuho Corporate Bank, and Australia and New Zealand Banking Group were the underwriters of the deal. A White & Case team led by the firm’s Asia head of banking and finance, Hong Kong partner John Hertley advised the six banks. Beijing partner Vivian Tsoi advised on the corporate aspects of the deal, and Hong Kong partner John Shum headed a separate team that advised HSBC. King & Wood Mallesons acted as PRC counsel to the underwriters and Walkers acted as offshore counsel. Freshfields acted as international counsel, Fangda Partners acted as PRC counsel, and Maples and Calder advised on offshore matters for

       Digital Realty Trust – Savvis Joint Venture 

Digital Realty Trust and Savvis have entered into a joint venture to provide large co-location and managed cloud services in Hong Kong. The two companies plan to acquire a 165,000 square foot property in the Tseng Kwan O Industrial Estate in Hong Kong. Paul Hastings represented Digital Realty Trust with a team led by Shanghai based real estate partner David Blumenfeld with White & Case as co-counsel. Jones Walker represented Savvis, and Chung & Kwan Solicitors advised the seller.

       Latham and ABNR advise on Pertamina Bond Offering

Indonesian state-owned energy company PT Pertamina (Persero) made a $2.5 billion bond offering that was the largest Asian debt issue in the U.S. market so far this year. This senior unsecured bond offering was made in two tranches: a $1.25 billion ten year bond bearing a 4.875% coupon rate, and a $1.25 billion 30 year bond with a 6% coupon. Latham & Watkins and Ali Budiardjo, Nugroho, Reksodiputro (ABNR) advised Pertamina on this offering. Latham & Watkins acted as US counsel with a team led by Singapore partners Michael Sturrock and Clarinda Tjia-Dharmadi, and ABNR acted as Indonesian counsel. Barclays, Citibank, and HSBC were the joint bookrunners and were represented by Davis Polk’s Hong Kong team and Hiswara Bunjamin & Tandjung in Indonesia.

       Stamford Law Advises on Theta Capital Issuance

Theta Capital, a unit of Indonesian PT Lippo Karawaci (LPKR), issued $150 million of senior notes. Stamford Law advised them on Singapore law with a team led by Yap Wai Ming. Milbank advised Theta Capital on English law, Makes and Partners advised on Indonesian law, and Allen & Gledhill advised on Singapore tax law. Shearman & Sterling and Melli Darsa & Co. Menara advised the joint bookrunners, and Mallesons Stephen Jaques advised the trustee.

       Indonesia Eximbank Issuance

Indonesia Eximbank issued $500 million in senior notes as part of a $1.5 billion euro medium term note program. Hiswara Bunjamin & Tandjung advised them with a team led by partner Ibnu Fajar Ramadhan. Herbert Smith corporate partner Phillip Lee advised the underwriters of the program HSBC, Mitsubishi UFJ Securities International PLC, and Standard Chartered Bank.

       Trafigura $130 million Equity Investment

Trafigura made a $130 million equity investment in an oil refinery being built by Nagarjuna Oil Corporation Limited in Cuddalore, India. Trafigura will also invest $120 million in the firm to construct storage facilities on other infrastructure at the site. Hogan Lovells Lee & Lee advised Trafigura with a team led by corporate partner Stephanie Keen, and Manjula Chawla, a partner with Phoenix Legal in Delhi, acted as Indian counsel to Trifigura. Clifford Chance partner Merrick White advised Nagarjuna Oil.

       AZB & Partners Advise on Lemon Tree Hotels Sale 

Lemon Tree Hotels sold a $122 million 6% stake in their hotel chain to Holland-based pension fund manager, APG. They agreed to build 35 hotels in India over a four-year period. AZB & Partners advised Lemon Tree Hotels with a team led by Anil Kasturi, and a J. Sagar Associates team led by partner Rupinder Malik advised APG. Susheela Rivers served as international advisor to APG.

       Earnest Towers Deal

Earnest Towers Private Limited made a $180 million deal involving the establishment and assignment of Mumbai’s First International Financial Centre Condominium to Citibank N.A. and Citibank Global Markets India Private Limited. AZB & Partners advised Earnest Towers with a team led by Partner Nohid Nooreyezdan.

       Allen & Overy Advises on Bank of Ceylon Bond Offering 

The Bank of Ceylon in Sri Lanka issued a $500 million dollar bond that was Sri Lanka’s first non-sovereign debt offering since 2004. They priced the bond to yield 6.875% and attracted investors’ orders worth $3.86 billion. Allen & Overy advised the Bank of Ceylon on this deal. Citigroup Global Markets Inc, the Hong Kong and Shanghai Banking Corp Ltd, and Merill Lynch International were joint lead managers and joint bookrunners. Allen & Overy acted as international counsel to the issuers, and Nithya Partners acted as their Sri Lankan counsel. Davis Polk advised the underwriters on international law, and Julius and Creasy advised them on Sri Lankan law. The Allen & Overy team included partner David Johnson, counsel Desiree Sumilang, and associates Garrick Merlo and Emily Dong. Partner Jack Heinberg and associate Brian Schultz advised on U.S. taxes, and partner Kenneth Rivlin advised on economic sanctions and regulatory advice.

       Baker & McKenzie advise on Yanzhou Coal Issuing 

Yanzhou Coal Mining Co. has issued $1 billion notes listed on the HKSE. The notes were issued in two tranches: $450 million of 4.461% guaranteed notes due 2012, and $550 million of 5.730% guaranteed notes due 2022. Deutsche Bank and UBS were the joint lead managers and bookrunners for this offering. Baker & McKenzie acted as U.S. and Hong Kong counsel to Yanzhou Coal Mining Co. with a securities team headed by Hong Kong partner Brian Spires and Beijing partner Pui Hong Chik. Freehills advised Yanzhou Coal Mining Co, on Australia law, and King & Wood Mallesons acted as their PRC counsel. Davis Polk advised Deutche Bank and UBS on U.S. and Hong Kong law, and Jingtian & Gongcheng advised them on PRC law.

       Alibaba Repurchases Stake from Yahoo

Alibaba Group plans to repurchase up to half of Yahoo Inc’s 40% stake in the company for $7.1 billion, marking the largest M&A transaction ever between a U.S. and Chinese company. Skadden acted as Yahoo’s lead legal counsel, Weil Gotshal & Manges acted as legal counsel to Yahoo, and Munger, Tolles & Olson acted as legal counsel to the Yahoo Board of Directors. Wachtell, Lipton, Rosen & Katz acted as lead legal counsel to Alibaba, Freshfields advised them on financing and Hong Kong legal matters, Fenwick & West advised on intellectual property matters, and Maples and Calder acted as their Cayman Islands legal counsel. Credit Suisse acted as lead financial advisor to Alibaba and Yahoo was advised by UBS.

       Weil Gotshal and Davis Polk Advise on $2.6 billion Cinema Merger

Dalian Wanda Group had agreed to buy out AMC Entertainment with a transaction valued at $2.6 billion. This deal is expected to create the world’s biggest cinema operator. Ernst & Young acted as financial advisor to Wanda and Citigroup acted as financial advisor to AMC. Weil, Gotshal & Manges advised AMV with a team led by Shanghai partner Anthony Wang and New York partner Douglas Ryder. Davis Polk advised Wanda with a team led by Beijing partner Howard Zhang and New York partner Phillip Mills.

       Hogan Lovells Advises on $34 billion LNG Project

JKC Australia LNG signed a contract with INPEX for the procurement, engineering, and construction of onshore LNG facilities to be built near Darwin, Australia. This development is valued at $34 billion. Hogan Lovells is advising JKC with a team led by London infrastructure and project finance partner Scott Tindall, including Hong Kong partner Time Hill, and Singapore of cousel Julien Reidy. Latham & Watkins, Ashurst, Allens Arthur Robinson and Clayton Utz were also involved in this project.

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