Posted on May 31, 2011 at 8:05 PM
Paul, Hastings, Janofsky & Walker has advised Mingfa Group (International) Company Ltd, with respect to its issuing of HK$1.56 billion (US$200m) in convertible bonds. Mingfa Group (International) Company Ltd is a PRC investment company specializing in property development. The bonds have an interest rate of 5.25 per cent per annum payable semi-annually, with a 5-year maturity date. This transaction was led by Partner Vivian Lam. Morgan Stanley and HSBC have been the joint leading managers.
Jones Day acted on behalf of Maju Investments Pte Ltd, which is leading a group of international investors in acquiring a majority stake in Frac Tech Holdings LLC (FTH), a US-based oilfield service company. Partner Michael Arruda led the transaction, which acquired US$1.7 billion in financing from Citigroup and Bank of America Merill Lynch. Wachtell, Lipton, Rosen & Katz and Commercial Law Group, PC represented Chesapeake Operating Inc, in the transaction. Chesapeake Operating Inc, changed its original investment in FTH through this transaction and is now holding a 30 per cent interest in FTH.
McDermott Will & Emery is representing both Mirae Asset Private Equity (Mirae) and Fila Korea Ltd with respect to their agreement in the purchasing of Acushnet golf business from NYSE listed Fortune Brands Inc. Both Mirae and Fila are purchasing Acushnet for US $1.225 billion, in cash. Acushnet is one of the largest golf equipment company’s internationally. The buying group includes Korea Development Bank, Korea’s largest government-owned bank. It is also planning to include the nation’s largest state-owned pension fund, National Pension Service of Korea. Led by David Goldman, Matt Rizzo, Tom Conaghan and Paul Kim, the deal team also is comprised of lawyers for MWE China Law Offices in Shanghai.
Herbert Smith has advised the joint global coordinators regarding the HK $2.25 billion (US $290m) listing on the HKSE and Rule 144A/Regulation S global offering of Yuana China Holdings Ltd, one of the world’s largest curtain wall manufacturers. The joint global coordinators is comprised of Deutsche Bank AG Hong Kong Branch, JP Morgan Securities (Asia Pacific) Ltd, BOCI Asia Ltd, and Standard Chartered Securities (Hong Kong) Ltd. The global offering consists of composite of 1.5 billion offer shares at a price of HK $1.50 (US $.19) per share. The IPO proceeds are to be used in expanding the company’s production capacity, marketing and sales network, investment in research and development, as well as to pay off any company debt. This transaction was led by partners Gary Lock and Kevin Roy.
Ashurst, in respect to the financing of the Shuweihate S3 independent power project in Abu Dhabi, has acted as international and UAE counselor for the funders of the project, completed on 19 May 2011. In collaboration with the mandated lead arrangers BNP Paribas, Mizuho, HSBC, Bank of Tokyo Mitsubishi-UFJ, National Bank of Abu Dhabi, Sambda Financial Group and SMBC, the firm advised the ECA lenders The Export-Import Bank of Korea (K-EXIM) as well as Japan Bank for International Cooperation (JBIC). The project is a new-build power generation plant that will produce 1600 MW, upon completion in 2014. Provided by K-EXIM, JBIC and the mandated lead arrangers, the facilities comprise US $1.1 billion of long-term facilities and US $280 million equity bridge facilities. This transaction was led by partners John Inglis and David Wadham. Led by Andrew Rae, Trowers & Hamlins acted as sponsors’ UAE counsel. Led by Sandy Kritzalis, White & Case acted for ADWEA. Lastly, led by Andrew Newbery, Herbert Smith acted as the sponsors’ international counsel.
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