Deal Watch - 8/13/09

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Posted on August 14, 2009 at 5:08 AM


Davis Polk, Skadden, Paul, Weiss, and Japanese firms Mori Hamada & Matsumoto and Nagashima Ohno & Tsunematsu are advising in Sumitomo Trust and Banking Co.’s acquisition of Citigroup’s controlling interest in Nikko Asset Management. This is one of Japan’s largest deals this year, with Nikko Asset Management valued at US$1.26 billion.

The firms have been playing the following roles:

  • Davis Polk advised Nikko Asset Management.
  • Skadden and Mori Hamada & Matsumoto represented Sumitomo Trust and Banking Co.
  • Paul, Weiss advised Citigroup on US law.
  • Nagashima Ohno & Tsunematsu advised Citigroup on Japanese law.
This deal is one of many that Citigroup has been making in its divestment of its Citi Holdings assets.  Nikko Management, Japanese brokerage Nikko Cordial, and NikkoCiti Trust and Banking Corp have all been sold in this restructuring process.  The Nikko Asset Management deal is expected to close by the end of this year.
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Allen & Gledhill advised the joint lead managers and joint underwriters in the renounceable underwritten rights issue by Pacific Andes (Holdings) Limited (Pacific).  This issuance raised S$208.7 million (US$145.5 million), and included over 1.39 billion new ordinary shares with over 278.2 million free detachable warrants.
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Allen & Gledhill represented Oiltanking Odfjell Terminal Singapore Pte Ltd in the signing of a S$200 million (US$139.5 million) syndicated term loan facility.  This six-year facility was signed with original lenders and mandated lead arrangers DBS Bank Ltd, Calyon, and Oversea-Chinese Banking Corporation Limited.
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Latham & Watkins advised Franshion Properties (China) Limited in a transaction that raised approximately HK$1.94 billion (US$250.2 million).  With Deutsche Bank and Citigroup as placing agents, they placed 768.9 million existing shares and subscribed over 461 million new shares.
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Latham & Watkins represented Deutsche Bank and Credit Suisse as placement agents in an offering from Fushan International Energy Group Limited.  The offering raised approximately HK$2.63 billion (US$339.9 million), and involved the placing of 600 million existing shares and the subscription of 400 million new shares.
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Latham & Watkins counseled placement agent Macquarie Capital Securities Limited in an offering from Wasion Group Holdings Limited.  The offering, which raised approximately HK$654 million (US$84.3 million), involved the placing of over 93.46 million existing shares and the subscription of 62 million new shares.
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Latham & Watkins advised Indonesian state-owned oil company PT Pertamina in a recent club deal based corporate loan.  This US$400 million dual tranche dollar-denominated facility will be from a syndicate of 16 local and international banks, including Citibank, BNP Paribas, Bank Central Asia, and Bank Pan Indonesia.  The funding will be put toward Pertamina's investments and capital expenditure.
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Latham & Watkins represented Sterlite Industries (India) Limited in its US$1.6 billion follow-on issuance of NYSE-listed American Depositary Shares (ADSs).  Over 123 million shares were sold initially, with a subsequent over-allotment option of over 8 million ADSs.  Sterlite Industries (India) Limited is an Indian non-ferrous metals and mining company.
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Allen & Overy advised the Republic of Indonesia in issuing ¥35 billion (US$374 million) 10-year Samurai bonds.  These bonds, guaranteed by the government-backed Japan Bank for International Cooperation, follow a previous agreement made to the Indonesian Government to guarantee up to US$1.5 billion in Samurai bonds to support the country's budget and help it diversify its funding channels.  They are the first guaranteed sovereign Samurai bonds ever issued.
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KhattarWong represented Swing Media Technology in its issuance of unsecured 18 percent convertible bonds in an aggregate principal amount of S$3.1 million (US$2.16 million).  Swing Media Technology is a manufacturer and supplier of data storage products, headquartered in Hong Kong and listed on the Singapore stock exchange.
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White & Case advised Deutsche Bank, AG, Singapore Branch as the sole dealer manager in an all-cash, fixed price tender offer and consent solicitation by SRE Group Limited.  This tender offer and consent solicitation was funded by SRE Group Limited's proceeds from a top-up equity placement and from the issuance of convertible bonds.  SRE Group Limited is a real estate development company concentrated in Shanghai.
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WongPartnership acted for Olam International Limited in a subscription agreement with Breedens Investments Pte Ltd and Aranda Investments Pte Ltd.  Olam International Limited placed 273.4 million shares in Breedens and Aranda at S$1.60 per share, and raised S$437.5 million (US$305 million) in gross proceeds.  Breedens and Aranda are subsidiaries of Temasek Holdings Pte Ltd.  This is Temasek's first investment in a company on the Singapore stock exchange since January 2007.
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AZB & Partners advised Matrix Partners India Investment Holdings LLC in its investment of INR 100 Crores (US$21 million) in FIITJEE Ltd.  The investment was through subscription to equity shares with differential rights and compulsorily convertible preference shares.  FIITJEE Ltd is a company that provides training for several competitive standardized tests, such as the IIT-JEE, AIEEE, SAT, NTSE, GMAT and GRE.
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AZB & Partners represented Chloride Group Plc, UK in its acquisition of 35 percent of the share capital in DB Power Electronics Private Limited.  DB is an Indian shareholder of the Chloride Group.  The transaction closed at INR 100 Crores (US$21 million).
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Khaitan & Co advised AAA United BV in its acquisition of shares in Bombay Rayon Fashions Limited, India (Bombay).  The acquisition was conducted through an open offer process and was valued at US$68 million.  Bombay is a textile group involved in the manufacture, export and distribution of high-end designer fabrics and garments.
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Khaitan & Co represented the sole debt arranger and the seven lenders in the project financing of US$97 million to ETA for pan-India container train operations.  The sole debt arranger was L&T Infrastructure Finance Company Limited, and the seven lenders included Bank of India, Bank of Baroda, and Punjab National Bank.  ETA deals with heating, ventilation and air conditioning systems.
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Khaitan & Co provided Indian counsel to Shree Renuka Sugars Limited in its Qualified Institutional Placement of equity shares.  The placement was valued at US$103 million.

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