Latham & Watkins and Allen & Overy have the lead roles on a $7.2 billion loan to the Roy Hill iron ore mining project, the largest-ever financing in the mining sector. The project is 70 percent controlled by Hancock Prospecting Pty. Ltd., the mining company owned by tycoon Georgina Rinehart. The remainder is owned by a consortium of leading Asian steel companies including Korea’s POSCO, Japan’s Marubeni Corp. and Taiwan’s China Steel Corp. Singapore managing partner Stephen McWilliams and project financing partner Andrew Roche led a team at Latham advising Roy Hill as international counsel. Herbert Smith Freehills Perth partner David Walton acted for the company as Australian counsel. Allen & Overy advised the lenders as both Australian and international counsel with a team led by Sydney partners Adam Stapledon and Chris Rushton and also including Tokyo partner Matthias Voss and Washington, D.C., partners David Slade and Greg Smith. [Read full story]
Ashurst and Allens have the lead roles on German construction company Hochtief Aktiengesellschaft A.G.’s $1.1 billion offer to increase its holding in Australia’s Leighton Holdings Ltd. to 73.8 percent. Hochtief currently owns 58.8 percent of Leighton through its wholly owned Australian subsidiary Hochtief Australia Holdings Ltd. Sydney-based Leighton engages in major construction and infrastructure projects in markets including Australia, New Zealand, China, India and the Middle East. In a statement, the company said it will consider the bid but has so far advised shareholders to take no action. Sydney partners Stephen Menzies, Gary Lawler, Murray Wheater, Peter McCullough and Graeme Tucker as well as Melbourne partners Nick Terry and Don Maloney are leading an Ashurst team advising Hochtief. Allens Sydney partners Guy Alexander and Vijay Cugati are representing Leighton. [Read full story]
Baker & McKenzie Sydney partners Ben McLaughlin and Brendan Wykes are advising private equity company EGT Holdings on its acquisition of Australian medical imaging company I-MED Radiology Network. The deal—valued at about $360 million, according to media reports—is expected to close in April. Ashurst Sydney partner Bill Koech is acting for I-MED.
Herbert Smith Freehills Brisbane partner Michael Back has advised fund manager Propertylink on the establishment of an industrial property vehicle worth $92 million. Goldman Sachs and U.K. real estate company Grosvenor Group have also invested in the vehicle, which currently holds seven industrial assets. The fund portfolio is expected to grow to between $322 million and $368 million. Back was assisted by fellow Brisbane partner Philip McMahon and Sydney partners Philip Podzebenko and Jinny Chaimungkalanont. Allens Sydney partners Victoria Holthouse and Penny Nikoloudis represented Grosvenor, while King & Wood Mallesons acted for Goldman Sachs.
Herbert Smith Freehills has advised a subsidiary of Canadian mining company Eldorado Gold Corp. on its $28 million purchase of all the outstanding shares in Australian gold miner Glory Resources Ltd. Eldorado, which had previously owned 19.9 percent of Glory, is also paying $1.7 million to cancel the options currently held in the target company. Sydney partners Tony Damian and Andrew Rich led the team advising Eldorado. Gilbert + Tobin Perth partners Marcello Cardaci and Sarah Turner acted for Glory Resources.
Clifford Chance and Freshfields Bruckhaus Deringer have the lead roles on Singaporean sovereign wealth fund Temasek Holdings Pte. Ltd.’s proposed $5.7 billion stake purchase in A.S. Watson & Co., the retail unit of Hong Kong conglomerate Hutchison Whampoa Ltd. In a statement, Hutchison Whampoa, which is controlled by Hong Kong tycoon Li Ka-shing, said that Temasek plans to buy a 24.95 percent share of A.S. Watson. The deal is expected to close in April. A.S. Watson operates, among others, ParknShop, one of the territory’s two dominant supermarket chains, Watsons, a major health and beauty chain in Hong Kong and mainland China, and Fortress, a home appliance retail chain. Clifford Chance is advising Temasek. Freshfields Hong Kong partners Robert Ashworth and Simon Weller are leading a team advising Hutchison Whampoa. [Read full story]
Skadden, Arps, Slate, Meagher & Flom acted for Hong Kong Stock Exchange–listed Wynn Macau Ltd. on a $750 million bond issue. The 5.25 percent notes, due in 2021, were sold to raise cash for working capital requirements and general corporate purposes. Hong Kong partners Alan Schiffman and Alec Tracy led the Skadden team advising Wynn Macau on U.S. and Hong Kong law. Maples and Calder Hong Kong partner Barry Mitchell acted as Cayman Islands counsel. Latham & Watkins represented joint global coordinators Bank of American Merrill Lynch, Deutsche Bank AG, J.P. Morgan Securities and UBS AG.
Skadden, Arps, Slate, Meagher & Flom has advised Chinese social networking company YY Inc. on a $400 million notes offering. The Guangzhou-based company is selling 2.25 percent five-year senior bonds in order to raise money for general corporate purposes. Skadden served as U.S. and Hong Kong law counsel, with Fangda Partners advising on Chinese law. Conyers Dill & Pearman acted as Cayman and British Virgin Islands counsel. Davis Polk & Wardwell Hong Kong partner James Lin acted for initial purchasers Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. International Plc.
Clifford Chance Hong Kong partners Jean Thio and Connie Heng advised China Aluminum International Engineering Corp. Ltd. on an issue of $300 million worth of perpetual capital securities. The company, which provides engineering design and consultancy services in the nonferrous metals industry, will use the money raised for supplemental working capital for its overseas operations. Latham & Watkins Hong Kong partner William Liu acted for joint lead managers Morgan Stanley & Co. International Plc. and CLSA Ltd.
Freshfields Bruckhaus Deringer Hong Kong partners Andrew Heathcote and Richard Wang acted for China CITIC Bank Corp. Ltd. on a $243.7 million issue of renminbi-denominated notes. Clifford Chance Hong Kong partner Connie Heng advised joint lead managers and bookrunners Hongkong and Shanghai Banking Corp. Ltd., Banco Bilbao Vizcaya Argentaria SA, CITIC Securities Corporate Finance (HK) Ltd., China CITIC Bank International Ltd. and Mizuho Securities Asia Ltd.
Sidley Austin acted as U.S. and Hong Kong counsel for Chinese real estate developer Times Property Holdings Ltd. on a $225 million notes issue. The Hong Kong Stock Exchange–listed company will use proceeds from the offering to refinance existing debt, fund existing and new development projects and for general corporate purposes. Commerce & Finance Law Offices advised the issuer on Chinese law, while Appleby served as Cayman and British Virgin Islands counsel.
Latham & Watkins Hong Kong partner William Liu has advised China Development Bank Corp. on a $162.5 million issue of renminbi-denominated notes. Clifford Chance Hong Kong partner Connie Heng acted for joint lead managers and bookrunners CIMB Bank Ltd., Barclays Bank Plc., Industrial and Commercial Bank of China Ltd. and Bank of Communications Co. Ltd.
Sidley Austin has advised Malaysian mobile telecommunications carrier Axiata Group Bhd. on an $865 million acquisition in Indonesia. The company’s Indonesian subsidiary, PT XL Axiata Tbk, acquired rival PT Axis Telekom Indonesia from Saudi Telecom Co. The deal, whose price is based on Axis’ enterprise value, was funded with a combination of loans from banks and Axiata shareholders. Sidley Singapore partner Gerard Hekker acted for Axiata and its subsidiary, with support on finance and tax matters from London partners John Woodhall and Will Smith, respectively. Assegaf Hamzah & Partners partner Bono Daru Adji served as Indonesian counsel to Axiata. Freshfields Bruckhaus Deringer Dubai partner Michael Hilton advised Saudi Telecom and Axis, with Soemadipradja & Taher advising the companies on Indonesian law. [Read full story]
Clifford Chance is advising DBS Bank Ltd. on its proposed $220 million acquisition of French financial services company Société Générale’s private banking business in Singapore and Hong Kong. The Singaporean bank is also buying selected parts of Société Générale’s private banking business in Dubai and of its trust unit in Singapore. The deal, expected to be completed in the fourth quarter, also includes a commercial partnership in their private banking businesses in Europe and Asia. Clifford Chance Hong Kong partners Simon Cooke and Matthias Feldmann and Dubai partner Timothy Plews are acting for DBS. Allen & Gledhill partners Prawiro Widjaja, Christopher Ong, Lim Pek Bur, Catherine Neo and Tham Kok Leong advised the bank on Singapore law. Allen & Overy Paris partners Alexandre Ancel, Hervé Ekué and Ahmed Baladi are representing Société Générale.