Deal Watch 8/5/2013

Posted on August 6, 2013 at 7:08 PM


China

Baker & McKenzie has also acted as REIT trustee's counsel for Regal Real Estate Investment Trust (Regal REIT), thru its trustee DB Trustees (Hong Kong) Ltd, in respect of Regal REIT‘s HK$4.5 billion (US$580m) term loan and a HK$300 million (US$38.67m) revolving loan in July 2013, both of which are for a term of approximately 5 years. The new term loan will be used for refinancing the existing term loan facility that will mature on 9 March 2015. The revolving loan will be used for general corporate funding purposes of Regal REIT. Partners Milton Cheng and Andrew Lockhart led the transaction.

Rodyk & Davidson has also acted for Chuan Hong Auto Pte Ltd as the lessor in respect of its grant of a 30-year lease to Shell Eastern Petroleum Pte Ltd for use as petrol service station and ancillary services such as convenience store and car workshop. Partners Norman Ho and Ho Soo Lih acted on the transaction.

WongPartnership has acted for Tat Hong Holdings Ltd in respect of the establishment of a S$500 million (US$393.27m) multi-currency medium term note program, and for Oversea-Chinese Banking Corporation Ltd, as the arranger and dealer in the establishment of the MTN Program. Partners Hui Choon YuenColin Ong, and Goh Gin Nee led the transaction.

India

Clifford Chance has advised India's Ramky Enviro Engineers Ltd in respect of the acquisition of Australia's Enviropacific Services Pty Ltd, the company's first acquisition in Australia. Ramky provides waste management, recycling and environmental services in India, Singapore, Indonesia, Vietnam, Thailand and the Middle East. Enviropacific provides environmental management and petrochemical services to energy, resources, petrochemical and government clients across Australia. Partner Richard Graham led the transaction.

J Sagar Associates has advised Italian auto-component manufacturer Streparava Holding spa, which held a 49 percent stake in its joint venture with Sansera Engineering Private Ltd and also a minority stake of 3.24 percent in Sansera, in respect of its exit from Sansera, pursuant to Citigroup Venture Capital International’s acquisition of a substantial stake in Sansera for an aggregate consideration of INR3.4 billion (US$57.3m), and in its acquisition of the entire shareholding of Sansera in the JV company. Partner Sidharrth Shankar piloted the transaction.

Japan

Rajah & Tann has advised Tosei Corporation in respect of the placement to investors of 3.6 million shares at S$9.40 each (US$7.39). Trading in Tosei’s shares on the SGX-ST commenced at on 26 July 2013, following the completion of the placement. Tosei is primarily listed on the Tokyo Stock Exchange and also maintains a secondary listing on the SGX-ST. Daiwa Capital Markets Singapore Ltd acted as the underwriter and placement agent. Partner Howard Cheam led the transaction which was valued at S$33.84 million (US$26.6m). Mori Hamada & Matsumoto acted as Japanese counsel.

Singapore

Allen & Gledhill has advised United Overseas Bank Ltd (UOB) and the joint lead managers and book-runners in respect of UOB’s issue of S$850 million (US$670m) 4.9 percent. non-cumulative, non-convertible perpetual capital securities which are intended to qualify as Additional Tier 1 capital of UOB. This is the first Basel III compliant Additional Tier 1 capital raising by any bank in Asia. Australia and New Zealand Banking Group Ltd, The Hongkong and Shanghai Banking Corporation Ltd, Nomura Singapore Ltd, Standard Chartered Bank Ltd, UBS AG Singapore Branch and UOB were appointed as the joint lead managers and book-runners. Partners Christopher KohSharon WeeBernie LeeLim Pek Bur and Glenn Foo advised on the transaction.

Allen & Gledhill has also advised Commonwealth Bank of Australia Singapore Branch and DBS Bank Ltd in respect of a facility agreement for a term loan of S$320 million (US$252.3m) for the properties known as China Square Central and 55 Market Street. Partner Lim Wei Ting advised on the transaction.

Appleby has acted as British Virgin Islands counsel for Rex International Holding Ltd, an oil and gas group with participation interest located in the Middle East, Norway and the USA, in respect of its listing on Catalist on the SGX-ST with net proceeds estimated to be approximately US$63 million, assuming the over-allotment option is exercised in full. The majority of the proceeds from the offering will be used for the investment of new oil and gas opportunities, drilling in Middle East concessions, drilling in Norwegian licences and general working capital. Partner Jeffrey Kirk led the transaction. WongPartnership, led by partner Pong Chen Yih, advised as to Singapore law.

Rodyk & Davidson has acted for Heeton Holdings Ltd in respect of the establishment of a S$300 million (US$236.5m) multicurrency debt issuance program. The program was solely arranged by DBS Bank whilst DBS Trustee Ltd has been appointed trustee of the holders of the notes. Under the program, Heeton Holdings may issue senior or subordinated perpetual securities in various amounts and tenors. Partner Valerie Ong acted on the transaction.

Stamford Lawis advising Mainboard-listed Ezion Holdings Ltd in respect of the issuance of redeemable exchange preference shares by its subsidiary to 5 Global Investor Program Funds to raise gross proceeds of S$30 million (US$23.65m). Bernard LUI and LIM Swee Yong spearheaded the transaction.


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