Deal Watch 7/15/11


Posted on July 15, 2011 at 6:07 PM

Slaughter and May advised the Hong Kong Monetary Authority in their establishment of the Hong Kong Government’s Hong Kong dollar retail bond issueance program. The first issuance under the program includes up to $1.3billion in principal amount of inflation-linked “iBonds” due 2014. These iBonds pay a coupon linked to the Composite Consumer Price Index and are available to retail investors resident in Hong Kong and will be listed on the Hong Kong Stock Exchange. Lisa Chung, Partner, led the deal.

Clifford Chance advised HSBC’s prinicipal investments division in their investment in Avitel Post Studoiz Ltd. HSBC PI Asia invested $60million to acquire a large minority equity interest in Avitel, located in India. Andrew Whan, Partner, led the deal.

Paul Hastings advised the joint bookrunners in Lotte Shopping’s $900million dual-currency convertible bond. The deal involved $500million dollar-denominated bonds and $400million yen-denominated bonds. Both bonds habe a 5 year maturity and a 3 year put. Excluding Japan, this is the largest convertible bond issue in Asia this year. Partners Daniel Kim, David Grimm, and Christian Parker lead the deal.

Paul Hastings advised Treasury China Trust, listed on SGX. They advised the company on their acquisition of Huai Hai Mall in Shanghai. Joel Rothstein, Partner, lead the deal.

Vinson & Elkins represented SM Energy Company In their joint venture deal with one of Mitsui & Co Ltd’s subsidiaries. The deal was an acquisition by Mitsui of a 12.5 percent working interest in SM Energy’s non-operated Eagle Ford shale assets. Robin Fredrickson and Jeff Munoz, both Partners, led the deal.

DLA Piper advised Japan Bank for International Cooperation, Nippon Export and Investment Insurance, and commercial bank lenders in their $1.5billion advance pay structured financing facility to Petroleos de Venezuela SA. The deal involves two projects in Venezuela: the Puerto La Cruz Refinery and the El Palito Refinery. Partner David Robbins led the transaction. The trading houses were represented by Milbank, Tweed, Hadley & McCloy and Rodriguez & Mendozawhilst; PDVSA was represented by Arnold & Porter. Venezuelan counsel for the senior lenders was Caracas based D'Empaire Reyna Abogados led by partner Carlos Omana.

Allen & Gledhill is advising CapitaRetail China Fund Management Pte Ltd in their offer of up to 300 million units making up interests in CapitaMalls China Income Fund, of which CapitaRetail China Fund Management is manager. The offer price is set at $1.00 per unit. These funds will go to the further development of the Jinniu Mall and Fucheng Mall as well as acquisition of Longzhimeng Hongkou. Partners Jerry Koh and Long Pee Hua are leading the transaction.

Allen & Gledhill is also advising CitySpring Infrastructure Management Pte Ltd in their $171.2million rights issue as trustee-manager of CitySpring Infrastructure Trust. Temasek Holdings took on 85 percent of the rights issue with the remaining 15 percent will be underwritten by Goldman Sachs Singapore, DBS Bank, and Morgan Stanley Singapore. Partners Prawiro Widjaja and Bernie Lee are leading the transaction. Advising Temasek Holdings are partners Lim Mei, Sharon Wee, Lee Kee Yeng and Lynn Ho.

Amarchand Mangaldas advised Jain Group in their full acquisition of the equity capital of Sumel Housing Finance Private Ltd from the old shareholders. Harry Chawla, a Partner, led the deal..

De Brauw Blackstone Westbroek advised Zhejiang Youngman Lotus Automobile Co Ltd in their joint venture with Swedish Automobile NV and Pang Da Automobile Trade Co Ltd. The joint venture included the subscription for new shares in Swedish Automobile by Youngman and Pang Da, along with the shareholders agreement between Youngman, Victor Muller, and Pang Da. The deal is valued at $7million. Partners Paul Cronheim and Martin van Olffen led the transaction whilst Zhonglun W&D acted as Chinese counsel. Allen & Overy advised Swedish Automobile NV and Victor Muller and Linklaters advised Pang Da.

Fangda acted as PRC counsel for the underwriters (including Goldman Sachs, Hong Kong and Shanghai Banking Corporation Ltd, Morgan Stanley Asia Ltd, amongst others) in the IPO deal of Samsonite International SA on the HKSE. The deal is worth $1.25billion. Jeffery Ding led the deal.

Khaitan & Co advised Kale Consultants Ltd. In the sale of 49 percent stake in Synetairos Technologies Ltd to Saksoft Ltd. Vaishali Sharma advised the deal.

Mayer Brown JSM advised Beijing Enterprises Water Group Ltd in their issue of 1 billion 3.5 per cent senior Renminbi dominated bonds due 2014 along with 450 million 5 per cent senior Renminbi dominated bonds due in 2016. The was arranged by BofA Merrill Lynch, DBS Bank, Goldman Savhs, Macquaire, Morgan Stanley and Standard Chartered Bank on June, 30th. Partners Ben Sandstad and Jeckie Chiu led the transaction.

Morgan Lewis advised Mitsui & Co Ltd in their agreement with SM Energy Company to get a 12.5 percent working interest in SME’s Eagle Ford property in Texas. Partners David Asmus and Michael King led the deal and TMI Associates advised Morgan Lewis on the Japanese Aspects of the deal. The deal is reported to be worth $680 million.

Rajah & Tann acted as Singapore counsel to CWT Ltd, listed on SGX ST, in their acquisition of a controlling stake in MRI Trading AG for $94million. Partners Chia Kim Huat and Danny Lim led the transaction whilst O'Melveny & Myers acted as transaction counsel for CWT. Rued Winkler, Partner, acted in the legal due diligence of the target whilst KPMG acted for CWT in the financial due diligence of the target.

Shook Lin & Bok’s Singapore office advised Employees Provident Fund of Malaysia in the joint venture with GuocoLand Ltd and its subsidiaries. The joint venture is in relation to GuocoLand’s $2.6billion commercial, hotel and residential land development project in Singapore.

Shook Lin & Bok’s Singapore office advised Mitsubishi UFJ Securities International plc, in F&N Treasury Pte Ltd’s issue of $41million floating rate notes due in 2018 under the $1.64billion multicurrency medium term note program. Marilyn See, a Partner, led the deal.

Stephenson Harwood advised Pembroke Group Ltd In the sale and leaseback of two aircrafts to Malaysian Airlines System Bhd. The sale and leaseback was structured over a 12-year period to provde Malayzian Airlines with some room to work with in terms of fleet planning. Partner Asheesh Das led the deal.

Watson, Farley & Williams’s Singapore office advised Standard Chartered Bank and DBS Bank as lead arrangers and book-runners in a $276million syndicated financing to ECOM Agroindustrial Asia Pte Ltd and ECOM Agroindtustrial Corp Ltd. ECOM is a multi-national commodities trading group. They will use the facility towards the working capital and corporate purposes of the ECOM group. Josh Clarke, Partner, led the deal.

WongPartnership advised Olam International in their $602.5million three-tranche equity find raising exercise. The exercise included a $200million private placement of 94.4 million ordinary shares to institutional investors along with a $203million pro rata non-renounceable preferential offering of 97.3 ordinary shares to existing shareholders. The exercise also included a separate but simultaneous $200million private placement of 94.4 million ordinary shares to an indirect subsidiary of Tamasek Holdings. Rachel Eng and Colin Ong, both partners, led the deal.

WongPartnership also acted for DBS Bank, The Hongkong and Shanghai Banking Corp, and Standard Chartered Bank in a commercial mortgaged back securitization deal which involved the issuance of $465million secured floating rate notes out of an existing $10billion medium term note program. It also grants a separate term loan and revolving credit facilities. Partners Hui Choon Yuen, Rosabel Ng, Goh Gin Ngee, Christy Anne Lim, Carol Anne Tan and Tan Shao Tong acted on the matter.

WongPartnership advised Media Development Authority in their research collaboration investment agreement in the developing of a new research center for the enhancement of 3D technology. The Nanyang Technological University, Media Development, and Fraunhofer will fund the center. Lam Chung Nian led the deal.

WongPartnership also advised Asiawide Agri Holdings Pte Ltd in their subscription for 318.2million preference shares in Riverina Oils & Bio Energy Pte Ltd. These preference shares represent 24.75 percent of the enlarged issued share capital of Riveina Oils. Andrew Ang and Dawn Law led the deal.

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