Allen & Gledhill and Clifford Chance have the lead roles on Oversea-Chinese Banking Corp.’s upcoming $2.7 billion rights issue. Singapore’s second-largest lender by assets will sell 440 million new ordinary shares to raise funds after it spent $5 billion acquiring Wing Hang Bank Ltd., Hong Kong’s second-largest privately held bank. The deal allows OCBC access to Wing Hang’s network of over 70 branches in Hong Kong, Macau and mainland China. Proceeds of the rights issue will be used for general corporate purposes. Allen & Gledhill is acting for OCBC on the deal. Clifford Chance Singapore partner Raymond Tong is advising underwriters Merrill Lynch (Singapore) Pte. Ltd., Hongkong and Shanghai Banking Corp. Ltd. and J.P. Morgan (S.E.A.) Ltd. [Read full story]
Allen & Gledhill and Mori Hamada Matsumoto have advised Japanese golf course operator Accordia Golf Co. Ltd. on the $609.3 million initial public offering of a property trust in Singapore. The company sold 89 golf courses to its Accordia Golf Trust, which then sold 782 million units in order to fund the acquisitions. The trust began trading on Aug. 1. Allen & Gledhill Partners Jerry Koh and Long Pee Hua were Singapore counsel to the parent company, while Mori Hamada Tokyo partners Masanori Sato, Gaku Ishiwata and Yasuhiko Fujitsu advised the Accordia on Japanese law. Allen & Overy acted for underwriters Daiwa Capital Markets Singapore Ltd. and Citigroup Global Markets Singapore Pte. Ltd. Rajah & Tann served the banks as Singapore counsel.
Clifford Chance Hong Kong partner Connie Heng advised state-run equipment manufacturing conglomerate Shanghai Electric Group Co. Ltd. on a $500 million issue of five-year notes on the Singapore Exchange. Grandall Law Firm and Ogier served as Chinese and British Virgin Islands counsel, respectively. Paul Hastings Hong Kong partner David Grimm and Shanghai partners Jia Yan and David Wang acted for joint lead managers Goldman Sachs (Asia), Deutsche Bank AG, J.P. Morgan Securities Plc., Barclays Bank Plc., BNP Paribas, Guotai Junan Securities (Hong Kong) Ltd., Huatai Financial Holdings (Hong Kong) Ltd. and ICBC International Securities Ltd. Llinks Law Offices advised the banks on Chinese law.
Rajah & Tann has advised Sinagporean agribusiness Japfa Ltd. on its $159 million initial public offering in the city-state. The company, which produces milk, poultry and beef products, raised the money to further invest in its meat and dairy businesses in Vietnam, Indonesia and China. Assegaf Hamzah & Partners and Global Law Office served as Indonesian and Chinese counsel, respectively, with Vietnam International Law Firm advising on Vietnamese law. Clifford Chance Singapore partners Johannes Juette and Raymond Tong acted for the joint global coordinators Credit Suisse (Singapore) Ltd. and DBS Bank Ltd.
Jones Day acted for Taiwanese solar-cell maker Neo Solar Power Corp. on a $120 million convertible bond issue on the Singapore Exchange. The three-year bonds carry no coupon rate, according to a report from FinanceAsia, but do offer a 10 percent conversion premium over the $1.18 price of the company’s stock at the July 18 date of issue for the bonds. The money will be used to buy raw materials needed to make solar cells, FinanceAsia said. Simpon Thacher & Bartlett Hong Kong partners Chris Lin, David Lee and Howie Farn acted for lead managers Daiwa Capital Markets Hong Kong Ltd. and ING Bank N.V.
Herbert Smith Freehills is advising Commonwealth Bank of Australia on a $1.9 billion bond sale. The Sydney-based bank is selling the 10-year capital notes, which also serve to help CBA meet Australia’s regulatory capital requirements, to fund operations. The notes will be issued on Oct. 1. Sydney partners Philippa Stone, Philip Hart, Patrick Lowden are leading the Herbert Smith Freehills team acting for CBA on the deal. Ashurst Sydney partners Sarah Dulhunty and Corey McHattan and Melbourne partner Philip Trinca are representing joint lead managers Commonwealth Bank of Australia, Morgan Stanley Australia Securities Ltd., Goldman Sachs Australia Pty Ltd, J.P. Morgan Australia Ltd., Morgans Financial Ltd., UBS AG and Westpac Institutional Bank. [Read full story]
King & Wood Mallesons has advised the consortium behind Sydney’s Westlink M7 motorway on a $1.2 billion refinancing of the debt facilities used to fund the project. Ownership of Westlink M7 is split among the consortium, with Transurban Group holding 50 percent, state-controlled Queensland Investment Corp. Ltd. holding 25 percent and Canada Pension Plan Investment Board holding the remaining 25 percent. Sydney partner Claire Rogers led the King & Wood Mallesons team advising the consortium. Allens Melbourne partners Michael Ryan and Martin Fry and Sydney partner Richard Gordon acted for lenders Australia and New Zealand Banking Group Ltd., Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia, Credit Agricole CIB, Export Development Canada, National Australia Bank Ltd., Royal Bank of Canada, Scotiabank, Sumitomo Mitsui Banking Corp. and Westpac Banking Corp. [Read full story]
Herbert Smith Freehills Sydney partner Justin O’Farrell and Melbourne partner David Sinn are advising a joint venture between U.S. private equity giant Kohlberg Kravis Roberts & Co. and Australia’s Abacus Property Group on its $112.2 million investment in Melbourne’s World Trade Center complex. The JV is purchasing a 70 percent stake in three towers of the four-tower mixed-use WTC complex, with seller Asset 1, a Melbourne-based real estate company, retaining the other 30 percent share. DLA Piper Sydney partner Les Koltai is acting for KKR separately. Arnold Bloch Leibler Melbourne partner Tyrone McCarthy is representing Asset 1.
Gibson, Dunn & Crutcher and Wilson Sonsini Goodrich & Rosati have the lead roles on a Chinese consortium’s $1.7 billion proposal to acquire U.S. chipmaker OmniVision Technologies Inc. The consortium, led by Beijing-based Hua Capital Management Ltd., is offering to take the Santa Clara-based company private at $29 a share. State-run investment firm Shanghai Pudong Science and Technology Investment Co. Ltd. is also a part of the consortium. OmniVision makes chips for cameras on mobile devices such as Apple Inc.’s iPhones. In a release, the company said its board of directors was currently reviewing the proposal. Gibson Dunn Beijing partner Fang Xue and Palo Alto partner Joseph Barbeau are leading the team acting for the consortium. Wilson Sonsini is representing OmniVision. [Read full story]