Deal Watch 6/30

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Posted on July 1, 2011 at 6:07 PM


Allen & Gledhill gave Singapore law advice for DBS Bank Ltd as the manager and underwriter in Spice i2i Ltd's fully underwriteen one-for-one renouceable rights to raise gross proceeds of apporximately $122.4m. Leonard Ching, partner, led the transaction.

Allen & Gledhill also gave Singapore law adive to Standard Chartered Bank as the lead manager and dealer in Overseas Union Enterprise Ltd's issue of $243.5m in aggregate principal amount of 4.3% unsecured fixed rate notes due in 2014 under its over $800m multicurrency medium term note program. The notes are listed on the SGX ST. Partners Margaret Chin and Daselin Ang led the transaction.

Allen & Gledhill advised M&C REIT Management Ltd as manager of CDL Hospitality Real Estate Investment Trust, in their acquisition of Studio M Hotel  Singapore for $125m from Republic Iconic Pte Ltd. M&C REIT also got a lease of Studio M Hotel Singapore to the vendor immediately upon completion of the acquisition. Partners Jerry Koh, Ho Kin San and Chua Bor Jern led the transaction.

Allens Arthur Robinson advised Archer Capital in the establishment of Australian Hospital Partners Pty Ltd and their acquisition of 100% of Healthe Care Australia Pty Ltd from CHAMP Ventures, Healthe Holdings, ING Investment Management and BOS International (Australia) Ltd. Australian Hospital Partners, which is controlled by funds managed or advised by Archer Capital and the Healthe Care senior management team, will now run the Healthe Care hospitals. Partners Tom Story and Tom Highnam led the transaction. Baker & Mackenzie advised the vendors whilst Corrs acted for Australian Hospital Partners' lenders.

Baker & McKenzie advised ARA Asset Management (Fortune) Ltd, as manager of Fortune Real Estate Investment Trust (Fortune REIT), in their five-year term loan and revolving credit facilities of up to $488.3m, comprising a $363.6m term loan facility and a $124.6m revolving credit facility granted to Fortune REIT. Part of the new facilities was used to refinance existing facilities of $398.3m due in October 2013, and the balance will be used for financing the corporate funding requirements of Fortune REIT. Partners Milton Cheng and Stephen Eno co-led the transaction. Allen & Overy acted as Hong Kong legal counsel whilst Appleby acted as BVI legal counsel to the lenders. Shook Lin and Bok acted for the trustee.

Baker & McKenzie also represented Hugo Boss in respect of a domain name infringement case in the World Intellectual Property Organization (WIPO) Arbitration and Mediation Center, which was resolved in favor of Hugo Boss on May 30th. The case involves the domain name "www.highboss.com", which was registered by a Vietnamese resident who is the owner of a chain of the High Boss shoe stores in Vietnam. WIPO ordered the transfer of the disputed domain name to Hugo Boss. Partner Tran Manh Hung led the Baker & McKenzie team.

Paul, Hastings, Janofsky & Walker advised Energy Development Corporation, the largest producer of geothermal energy in the Phillippines, in its new $75 million term loan facility provided by International Finance Corporation. The new loan has a tenor of 15 years and the proceeds will be used by EDC to finance its medium-term capital expenditure program. Partner Patricia Tan Openshaw led the transaction.

Paul, Hastings, Janofsky & Walker also advised Energy Development Corporation in its $175 million transferable syndicated term loan facility provided by Australia and New Zealand Banking Group Ltd, The Bank of Tokyo-Mitsubishi UFJ Ltd, Chinatrust Commercial Bank, ING Bank NV Manila Branch, Maybank Group, Mizuho Corporate Bank Ltd and Standard Chartered Bank. The new loan has a tenor of six years and the proceeds will be used by EDC to refinance its existing three-year $175 million term loan facility which closed in 2010, on which the firm also advised EDC. Partners Patricia Tan Openshaw and Josh Isenberg led the transaction. Paul, Weiss, Rifkind, Wharton & Garrison advised Sihuan Pharmaceutical Holdings Group Ltd (SPHG) in their share purchase agreement entered into on June 22nd by its wholly-owned subsidiary, Sun Moral International Ltd to acquire 100 per cent equity interest in Smart Baskets Investments Ltd for $120m. Partner Jack Lange led the transaction.

Pinsent Masons advised E C Harris, international built asset consultancy, in the acquisition of MB Project Management Ltd, one of China's premier project management companies operating from offices in Beijing and Shanghai. E C Harris will be able to expand the delivery of built asset consultant services. Partner Jonathan Reardon led the transaction.

Shook Lin & Bok's Singapore office acted for Silver Oak Ltd, a special purpose vehicle incorporated in Singapore, in the issue of $645 million Class A secured floating rate notes due 2018 (Series 002 Notes). The Series 002 Notes were issued under the$8.12b multicurrency secured medium term note program established on September, 13th 2006 and were secured by its rights to Raffles City Singapore. Proceeds from the issue were used to part finance the purchase and redemption by the issuer of the $427 million Class A1 secured floating rate notes due 2013,$43.5m Class A2 secured floating rate notes due 2013 and the $86.5 million Class B secured floating rate notes due 2013. Partner Marilyn See led the transaction.

Wong Partnership acted for CapitaLand Ltd in the acquisition of the entire 100% stake of PRC incorporated company Wuhan Kaihui Real Estate Co Ltd, which owns a 124,737 square metres parcel of land in Caidian District, Wuhan, Hubei Province, PRC, for a cash consideration of $55.8m from a party unrelated to CapitaLand. CapitaLand's subsidiary, CapitaValue Homes (CVH), will lead Kaihui's plans to develop the land into 2,000 homes. Partners Joseph He and Shirley Tan acted on the matter.


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