Deal Watch 05/17

Posted on May 18, 2013 at 4:05 PM


alb_dealwatch_logoAllen & Gledhill advised The Hongkong and Shanghai Banking Corporation Ltd (HSBC) and The Bank of New York Mellon Singapore Branch (BNYM) in Auric Pacific Group Ltd’s establishment of a S$500 million (US$401.7m) multicurrency medium term note program. HSBC is the arranger of the program, while BNYM is the issuing and paying agent, calculation agent and trustee of the note holders. Partners Margaret Chin, Magdalene Leong, Daselin Ang and Sunit Chhabra led the transaction.

Allen & Gledhill also advised DBS Bank Ltd (DBS), The Hongkong and Shanghai Banking Corporation Ltd (HSBC) and HSBC Institutional Trust Services (Singapore) Ltd (HSBCIT) in Courts Asia Ltd’s (Courts) establishment of a S$500 million (US$401.7m) multicurrency debt issuance program. DBS and HSBC acted as the arrangers and the dealers, while HSBCIT is the trustee, and HSBC is the issuing and paying agent, transfer agent and registrar. An inaugural issue of S$125 million (US$100.43m) 4.75 percent notes due 2016 was completed under the program. DBS and HSBC acted as the joint lead managers and book runners of the inaugural issue. Partners Au Huey Ling, Ong Kangxin, Daselin Ang and Sunit Chhabra led the transaction.

Clifford Chance advised Ascott Residence Trust (AscottReit) in its acquisition of a portfolio of 11 rental housing properties in Japan for ¥9.2 billion (US$90m) from ACRJ3 Pte Ltd, a subsidiary of The Ascott Ltd. The properties compose of a total of 959 apartments located across six cities in Japan. This deal is part of a wider transaction that invovles AscottReit acquiring three additional prime serviced residences in China. SGX-listed AscottReit was established to invest in real estate and real estate-related assets. It is managed by Ascott Residence Trust Management Ltd, a wholly owned subsidiary of The Ascott Ltd and an indirect subsidiary of CapitaLand Ltd, one of Asia's largest real estate companies. Partner Leng-Fong Lai led the transaction.

Hadiputranto, Hadinoto & Partners and Baker & McKenzie, Wong & Leow, Baker & McKenzie International’s member firms in Indonesia and Singapore, respectively, have represented the Hongkong and Shanghai Banking Corporation Ltd Tokyo Branch in a secured loan facility amounting US$150 million to PT Federal International Finance, a leading financing companies in Indonesia. The facility was provided by Japan Bank for International Cooperation, The Bank of Fukuoka Ltd Tokyo Branch, The Chiba Bank Ltd Hong Kong Branch, The Chugoku Bank Ltd Hong Kong Branch, the Shizuoka Bank Ltd Hong Kong Branch, the Hongkong and Shanghai Banking Corporation Ltd Tokyo Branch and Mizuho Corporate Bank Ltd. Partner Indri Guritno from Indonesia and partner Emmanuel Hadjidakis from Singapore led the transaction.

Herbert Smith Freehills advised OGX Petróleo e Gás Participações SA(OGX), Brazil's largest private oil and natural gas exploration company, in the sale of a 40 percent stake in two blocks located in the Campos Basin, offshore Brazil to Malaysian state oil and gas company PETRONAS. Under the agreement, which was signed on 7 May 2013, PETRONAS will acquire 40 percent of OGX's interest in each of Blocks BM-C-39 and BM-C-40 for US$850 million. The blocks are located in the shallow waters 95 km offshore the state of Rio de Janeiro and contain the Tubarão Martelo field. The proposed acquisition will be PETRONAS' first entry into the exploration and production business in Brazil. The completion of the transaction will depend upon relevant regulatory approvals. Partners Simon Tysoe and Hilary Lau led the transaction.

Latham & Watkins represented Minmetals Cheerglory Ltd and General Nice Development Ltd in their approximately US$238 million strategic investment in HKSE-listed IRC Ltd and their arrangement with IRC relating to the purchase of all of IRC Ltd and its subsidiaries’ iron seaborne products. This transaction, which was completed in April 2013, involved Takeovers Code and Hong Kong Listing Rules implication. A white wash waiver was granted by the SFC to guarantee an obligation to make a general offer to the shareholders of IRC Ltd, whose primary business is the exploration, development and production of iron ore and other industrial commodities products in the Russian Far East. Partners Cathy Yeung, Michael Liu,Christopher Allen and Christopher Langdon led the transaction.

Latham & Watkins also advised Minmetals Land Ltd in its offering of US$225 million 5.5 percent guaranteed bonds due 2018 and US$125 million 6.5 percent guaranteed bonds due 2023. The transaction was priced on 19 April 2013 and closed on 26 April 2013. It marked the first issuance of US$ guaranteed bonds by a member of China Minmetals Group, with the 5-year portion oversubscribed by approximately 5.8 times. The joint global coordinators for the transaction were BNP Paribas and UBS AG Hong Kong Branch. Minmetals Land Ltd is the only real estate flagship of China Minmentals Corporation whose concentration is real estate development, specialized construction, property investments and securities investment in China. Partners Cathy Yeung and Eugene Lee led the transaction.

 


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