Deal Watch - 6/13/2011


Posted on June 14, 2011 at 3:06 PM

Clifford Chance advised BlackRock with respect to its first two Asian fixed income exchanged traded funds launched on the SGX.  BlackRock is a global fixed income exchanged traded fund provider.  The new iShares JP Morgan US$ Asia Credit Bond Index ETF and the new iShares Barclays Capital Asia Local Currency Bond Index ETF are the first fixed income ETFs that offer multi-market Asian coverage to be listed on the SGX.  This transaction was led by Josephine Law.

Mori Hamada & Matsumoto advised Rex holdings Co Ltd in the sale of Seijo Ishii Co Ltd to Marunouchi Capital Co Ltd and Mitsubishi UFJ Financial Group Inc.  Rex Holdings is a Japanese based company involved in the restaurant and convenience franchise business and Seijo Ishii is a Japanese based owner and operation of supermarkets.  This sale furthers Marunouchi Capital’s plan to develop Seijo Ishii operations.  As a result of this transaction, Rex Holdings will be focusing on running flagship Gyukaku and additional restaurants.  Seijo Ishii was originally acquired by Rex holdings in 2004 for $58.5 million (US).  This transaction was led by partners Yoshihiro Kojima, Mugi Sekido and Hideki Matsui and closed on May 31st. Paul, Hastings, Janofsky & Walker advised Kobe Steel Ltd in the acquisition of 44.3 percent equity share in Wuxi Compressor Co Ltd.  Kobe Steel is a major Japanese steel manufacturer, and Wuxi Compressor is a leading Chinese manufacturer of compressors.  This investment was an effort on behalf of Kobe Steel to meet the increasing demand for process gas compressors in China.  The acquisition was made through Kobelco Holdings Co Ltd and was the first investment since the China headquarters April opening.  This transaction was led by partner Toshiyuki Arai.

Paul, Weiss acted as lead counsel to Morgan Stanley Private Equity Asia in the US $50 million equity investment in Yongye International Inc.  Yongye International is a Chinese leading agricultural nutrient company, and plans to use the proceeds from the transaction towards repayment of commercial bank debt, working capital, capacity expansion as well as general corporate needs.  This transaction which was announced on May 31st was led by Jack Lange, Mark Bergman, Dale Sarro and Greg Liu.

Sheppard Mullin Richter & Hampton advised Hana Bank and Hana Financial Group, in the securing of a unanimous defense verdict from the U.S District Court-Central District of California.  The plaintiff Hana Financial Inc, alleged that Hana Bank/Hana Financial Group infringed upon the right to the name Hana with respect to financial services.  Hana Financial Inc sought damages of $40 million US.  The jury ruled a non-infringement verdict.  Carlo Van de Bosch and Bob Rose led the litigation team.

White & Case represented Bank of America Merrill Lynch as sole global co-ordinator and joint bookrunner, Deutsche Bank as joint bookrunner and USB as co-manager in the Rule 144/Reg S debut high yield bond US$400 million offering by MIE Holdings Corporation of 9.75 per cent senior notes due 2016.  This transaction was a great opportunity for China’s oil and gas industry to be showcased and for high yield investors internationally to be exposed to it.  MIE is listed by the HKSE as an independent upstream oil company.  They operate three oil fields in the northeast province of Jilin, China.  This transaction was led by Anna-Marie Slot.

White & Case advised China Development Bank in its support of a $1.2 billion (US) Shariah-complaint Islamic financing for PT Natrindo Telepon Selular (AXIS).  AXIS is a cellular network operator in Indonesia, and is a subsidiary of Saudi Telecom Company (STC).  The deal is apparently the largest private sector Islamic financing in Indonesia to date and is the first supported by China Development Bank.   This transaction was led by partners Shibeer Ahmed and Xiaoming Li.  AXIS was advised by Clifford Chance, the Ericsson facility financiers were advised by Norton Rose and Baker & McKenzie advised the syndicated facility financiers.

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