HWL Ebsworth is advising Australian shopping mall developer Westfield Group on a $20 billion loan to finance the company’s proposed restructuring. As part of the arrangement, Westfield Group plans to split off its Australia and New Zealand properties from its international ones. The business in Australia and New Zealand will become the Scentre Group, while the international business will operate as the Westfield Corp. The loan comprises a $13 billion two-year facility and a number of other facilities totaling $7 billion, with terms ranging from two to six years. Allens Sydney partner Diccon Loxton is leading a team representing a syndicate of 20 lenders. [Read full story]
Herbert Smith Freehills Sydney partner Peter Paradise advised a consortium led by Queensland state government-owned investment fund QIC Ltd., Melbourne-based toll road operator Transurban Group and the Canadian Pension Plan Investment Board on a $2.76 billion deal to construct tunnels to connect to motorways running past Sydney. The consortium has agreed to fund construction of the nine-kilometer NorthConnex Motorway in exchange for the grant of ownership rights from the state government of New South Wales. Infrastructure contractor Lend Lease Group and France’s Bouygues Construction will design and build the road. DLA Piper Sydney partner Bryan Pointon and Brisbane partner David Harley acted for QIC, while Allens Melbourne partner Wendy Rae represented the Canadian Pension Plan Investment Board. Clayton Utz Sydney partner Angus Foley acted for the government of New South Wales. [Read full story]
King & Wood Mallesons Melbourne partner Jeff Clark has advised Southern Way Pty. Ltd., designer and builder of the Peninsula Link freeway, on a $688.2 million five-year loan facility from a syndicate of banks including Australia and New Zealand Banking Group, Bank of Tokyo-Mitsubishi UFJ Ltd., Commonwealth Bank of Australia, National Australia Bank, Sumitomo Mitsui Banking Corp. and Westpac Banking Corp. The loan will be used to repay previous financing facilities used to build Peninsula Link, a toll-free 27-kilometer highway running through Melbourne. Gilbert + Tobin Sydney partner Alexander Danne advised the lenders.
Allens Perth Partner Ben Farnsworth has advised Australian wave energy technology developer Carnegie Wave Energy Ltd. on a $20 million five-year loan facility from Clean Energy Finance Corp., a government-owned organization that invests in renewable energy generation. The loan will be used to fund the development of a new technology that can convert ocean swells into renewable power and be used for desalination of seawater. Herbert Smith Freehills Sydney partner Joel Rennie advised Clean Energy Finance.
Slaughter and May Hong Kong partners Neil Hyman and Clara Choi are advising Singapore’s Oversea-Chinese Banking Corp. on a $4.9 billion bid for Hong Kong–based lender Wing Hang Bank Ltd. OCBC, Singapore’s second-largest lender by assets, announced on Tuesday it had reached agreement with a group of Wing Hang shareholders, including the family of chairman Patrick Fung and Bank of New York Mellon Corp., to acquire the 45 percent of shares they jointly own. The Singaporean bank has offered to acquire all Wing Hang shares for around $16 each. The deal will allow OCBC to add Wing Hang’s network of over 70 branches in Hong Kong, Macau and mainland China. The transaction, subject to approvals from Hong Kong and Singapore regulators, is expected to close before June 30, 2014. Freshfields Bruckhaus Deringer Hong Kong partners Robert Ashworth and Edward Freeman are advising Wing Hang Bank. [Read full story]
Clifford Chance Hong Kong partner Connie Heng has advised Central Plaza Development Ltd., a subsidiary of Chinese developer Beijing Capital Land Ltd., on a $1 billion medium-term notes program with initial issues of one $322 million tranche of three-year renminbi-denominated bonds and another $40.3 million tranche of five-year renminbi-denominated bonds. Linklaters advised program managers Hongkong and Shanghai Banking Corp. Ltd., Bank of China (Hong Kong) Ltd. and Standard Chartered.
Slaughter and May Hong Kong partner Benita Yu is advising Chinese e-commerce giant Alibaba Group Holding Ltd. on a $692 million investment in Beijing-based department store operator Intime Retail (Group) Co. Ltd. The transaction will grant Alibaba a maximum stake in Intime of 26.1 percent. According to regulatory filings, Alibaba and Intime are planning to jointly launch an online-to-offline, or O2O, platform connecting physical stores with customers from social networking sites, online shopping sites or restaurant rating sites. Alibaba will own 80.1 percent of the venture, with Intime owning the remainder. Fangda Partners are acting as Chinese counsel to Alibaba. Davis Polk & Wardwell Hong Kong partner Paul Chow is advising Intime. [Read full story]
Latham & Watkins New York partner Marc Jaffe and Hong Kong partner Eugene Lee have advised Hong Kong–based school operator Nord Anglia Education Inc. on a $304 million initial public offering on the New York Stock Exchange. Nord Anglia operates international schools in cities including Shanghai, Beijing, Guangzhou, Abu Dhabi, Budapest and Warsaw. According to the prospectus, the proceeds will be used to repay bonds and for working capital. Han Kun Law Offices Beijing partners Joyce Li and Huan Wang advised Nord Anglia on Chinese law. Milbank, Tweed, Hadley & McCloy New York partner Rod Miller and Hong Kong partner Joshua Zimmerman advised underwriters Credit Suisse Securities, Goldman Sachs & Co., J.P. Morgan Securities, Barclays Capital Inc., Deutsche Bank Securities Inc., RBC Capital Markets, BMO Capital Markets Corp., HSBC Securities (USA) Inc. and William Blair & Co.
Morrison & Foerster Hong Kong partner Charles Chau has advised China Orient Asset Management Corp., or COAMC, on a $273 million investment in real estate developer Shanghai Zendai Property Ltd. Hong Kong firm Peter C. Wong, Chow & Chow advised Shanghai Zendai.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao is advising Chinese software developer Cheetah Mobile Inc. on a $300 million initial public offering in the U.S. Beijing-based Cheetah, previously known as King Software, made its name by developing popular antivirus software and dictionary applications. Cheetah is 54 percent owned by Kingsoft Corp. Ltd. which is listed on the Hong Kong Stock Exchange. The company said that proceeds will be used to enhance marketing and for other corporate purposes. Han Kun Law Office is advising Cheetah on Chinese law. Davis Polk & Wardwell Hong Kong partner James Lin is advising underwriters Morgan Stanley & Co. International plc., J.P. Morgan Securities, Credit Suisse Securities and Macquarie Capital (USA) Inc. Jun He Law Offices is acting for the banks as Chinese counsel.
Morrison & Foerster Hong Kong partner Gregory Wang has advised Shanghai-based Fosun Pharmaceutical (Group) Ltd. on a $230 million share placement on the Hong Kong Stock Exchange. Fosun Pharma is the pharmaceutical production and sale arm of Chinese conglomerate Fosun Group. The proceeds will be used to repay debt and finance potential mergers and acquisitions. Paul Hastings advised UBS A.G. Hong Kong Branch, J.P. Morgan Securities (Asia Pacific) Ltd. and CCB International Capital Ltd. as placing agents.
Skadden, Arps, Slate, Meagher & Flom Beijing partners Peter Huang and Daniel Dusek are advising a consortium, led by MSPEA Education Holding Ltd., an affiliate of Morgan Stanley Private Equity Asia, and Baring Private Equity Asia on a $107.4 million deal to take Chinese education company Noah Education Holdings Ltd. private. New York Stock Exchange–listed Noah Education operates English-language instruction centers, kindergartens, primary and secondary schools in China’s Guangdong, Hunan and Shanxi provinces. The transaction is expected to close during the second or third quarter of 2014. Zhong Lun Law Firm is advising the consortium on Chinese law, with Conyers Dill & Pearman acting as Cayman Islands counsel. Latham & Watkins is acting for a special committee at Noah Education with Maples and Calder advising on Cayman Islands law. Weil, Gotshal & Manges Hong Kong partner Akiko Mikumo is representing Baring, and Sidley Austin is serving as legal counsel to Noah Education’s financial adviser, Duff & Phelps.
Paul Hastings Hong Kong partners Raymond Li and Catherine Tsang advised Optics Valley Union Co. Ltd., which develops and operates large-scale business parks in China’s Hubei and Shandong provinces, on a $107 million Hong Kong initial public offering. In its prospectus, the company said the proceeds will be mainly used to acquire land and build additional business parks. Jingtian & Gongcheng advised Optics Valley on Chinese law. Morrison & Foerster Hong Kong partners Gregory Wang and Ven Tan advised underwriters BNP Paribas Securities (Asia) Ltd., China Merchants Securities (HK) Co. Ltd., Haitong International Securities Co. Ltd., GF Securities (Hong Kong) Brokerage Ltd., Changjiang Securities Brokerage (HK) Ltd., CCB International Capital Ltd. and ABCI Capital Ltd. Commerce & Finance Law Offices acted for the banks as Chinese counsel.
Simpson Thacher & Bartlett Tokyo partner Takahiro Saito has advised Japanese banking group Mizuho Financial Group Inc. on a $1.5 billion 10-year notes issue. The proceeds will be used to extend a loan to Mizuho Bank Ltd., a subsidiary of Mizuho Financial Group, to increase the bank’s capital base. Nagashima Ohno & Tsunematsu advised Mizuho on Japanese law, while Maples and Calder Hong Kong partner Greg Knowles acted as Cayman Islands counsel. Linklaters acted for underwriters Mizuho Securities Co. Ltd., Bank of America Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan.
Clifford Chance Tokyo partners Andrew Whan and Tatsuhiko Kamiyama are advising Nippon Steel & Sumikin Engineering Co. Ltd. on the acquisition of German engineering company Fisia Babcock Environment GmbH from Milan-based construction group Salini Impregilo S.p.A. Though the terms of the acquisition were not disclosed, local media have reported that the deal was valued at $183 million. Fisia Babcock develops energy-from-waste technology and operates, among others, flue gas treatment plants for industrial processes and thermal power plants. The Clifford Chance team also includes Düsseldorf partners Thomas Stohlmeier, Milan partner Paolo Sersale and Rome partner Aristide Police. Hogan Lovells Düsseldorf partners Alexander Loos and Michael Dettmeier are advising Salini Impregilo.
Jones Day Singapore partner Manoj Bhargava has advised J.P. Morgan India, Citigroup India and JM Financial as underwriters on the Indian government’s $905 million sale of part of its stake in Axis Bank Ltd., the country’s third-largest private lender. The Unit Trust of India, which holds state-owned shares in private enterprises, was represented by in-house counsel in the deal, which will see the government’s stake in Axis reduced from 20.7 percent to 11.7 percent. The deal is part of a larger effort by the Indian government to reduce its budget deficit by selling assets. Amarchand Mangaldas & Suresh A. Shroff & Co. Mumbai partners Yash Ashar and Abhimanyu Bhattacharya advised the banks on Indian law. [Read full story]
Khaitan & Co. Mumbai partner Shishir Mehta has advised Indian cement maker Orient Cement Ltd. on a $274 million loan from a bank syndicate including State Bank of India, HDFC Bank Ltd. and Indian Bank. The loan will be used for the construction of a cement plant in southwestern India. Amarchand Mangaldas & Suresh A. Shroff & Co. advised lenders.
WongPartnership Singapore partner Trevor Chuan has advised United Overseas Bank Ltd. on an $800 million issue of 10-year notes. The offering is part of a $7.9 billion medium-term notes program launched in 2010. Linklaters Singapore counsel Phillip Hall advised joint managers Australia and New Zealand Banking Group Ltd., Credit Suisse Group A.G., Hongkong and Shanghai Banking Corp. Ltd. and United Overseas Bank.
Singapore partners Susan Wong and Dorothy Ng of WongPartnership have advised property developer Savu Investments Pte. Ltd. on a $333 million loan facility from the Australia and New Zealand Banking Group Ltd., Hongkong and Shanghai Banking Corp. Ltd. and Standard Chartered Bank. The proceeds will be used to finance a previous notes issue. Allen & Gledhill Singapore partners Jafe Ng and Daselin Ang advised the lenders.
WongPartnership Singapore partners Low Kah Keong, Teo Hsiao-Huey, Christy Lim and Jeffrey Lim have advised L Capital Asia, the private equity arm of French luxury group LVMH Moët Hennessy Louis Vuitton S.A., on the acquisition of a 51 percent stake in restaurant and club operator Ku Dé Ta group, which is best known for its location on top of Singapore’s Marina Bay Sands Hotel. The company has also recently opened in Bangkok and plans to enter markets such as Hong Kong, Paris, Dubai and Beijing. Rodyk & Davidson advised Ku Dé Ta.