Allen & Overy Hong Kong partner Amit Singh has advised Indian telecommunications giant Bharti Airtel Ltd. on a $2 billion dual-currency bond offering. Through a wholly owned subsidiary, Bharti Airtel International (Netherlands) B.V., the company sold the bonds in two tranches: $1 billion in 10-year dollar-denominated notes and $1 billion in seven-year euro-denominated notes. Proceeds will be used to refinance Bharti Airtel’s current debt. Milbank, Tweed, Hadley & McCloy Singapore partner Naomi Ishikawa represented underwriters Barclays Bank plc, BNP Paribas, Hongkong And Shanghai Banking Corp. Ltd., Standard Chartered Bank, JP Morgan Securities plc. and Bank of America Merrill Lynch, with Axon Partners New Delhi partner Abhimanyu Bhandari serving as Indian counsel. [Read full story]
Davis Polk & Wardwell Hong Kong partners Eugene Gregor and Paul Chow and Beijing partner Li He have advised China Cinda Asset Management Co. Ltd. on a $1.5 billion bond offering on the Hong Kong Stock Exchange. The Chinese state-owned “bad bank,” which collects nonperforming loans from other banks, sold the dollar-denominated bonds in one $1 billion tranche of five-year notes and one $500 million tranche of 10-years. Proceeds will be used for investment and as working capital. Haiwen & Partners served as Chinese counsel to the issuer. Walkers Hong Kong partner Kristen Kwok acted as China Cinda’s British Virgin Islands counsel. Linklaters Hong Kong partners David Ludwick and William Liu advised underwriters BOCI Asia Ltd., Merrill Lynch International, Morgan Stanley & Co. International plc, UBS A.G. Hong Kong branch and Credit Suisse Securities (Europe) Ltd. King & Wood Mallesons served as Chinese counsel to the banks. [Read full story]
Skadden, Arps, Slate, Meagher & Flom and Davis Polk & Wardwell had the lead roles in Chinese online retailer JD.com’s $1.3 billion private share placement to technology company Tencent Holdings Ltd. The shares were offered through Huang River Investment Ltd., a wholly owned subsidiary of Tencent, alongside JD’s Nasdaq initial public offering this week, which raised an additional $1.78 billion. Shenzhen-based Tencent will now own about 20 percent of JD, operator of Jingdong Mall, China’s second-largest online shopping site after Alibaba Group Holdings Ltd.’s Taobao.com. Skadden Hong Kong partners Julie Gao and Jonathan Stone represented JD on the placement, while Davis Polk advised Tencent. [Read full story]
Herbert Smith Freehills Hong Kong partner Gary Lock has advised Shanghai-based Fosun International Ltd. on a $629.5 million rights issue on the Hong Kong Stock Exchange. One of China’s largest private-sector conglomerates, Fosun’s main businesses includes insurance, pharmaceuticals, retail, banking and property development. The company will use the proceeds for loan repayment and as working capital. AllBright Law Offices advised Fosun on Chinese law. Paul Hastings advised UBS A.G. as financial adviser to Fosun, with Grandall Law Firm as Chinese counsel.
DLA Piper Hong Kong partner Esther Leung is advising Macau-based Chinese state-owned company Nam Kwong (Group) Co. Ltd. on a $612 million acquisition for a 38 percent stake in Macau’s sole power company, Companhia de Electricidade de Macau-CEM S.A. Nam Kwong will buy a 90 percent interest in Sino-French Energy Development Co. Ltd. Sino-French, which was set up by a joint venture between Hong Kong’s NWS Holdings Ltd. and French water management company Suez Environnement S.A., owns a 42.2 percent stake in the Macanese power company. NWS Holdings Ltd. is a unit of New World Development Co. Ltd., one of the largest property developers in Hong Kong. Clifford Chance Hong Kong partner Cherry Chan is representing NWS, while Weil, Gotshal & Manges Hong Kong partners Akiko Mikumo and Henry Ong are acting for Suez Environnement. [Read full story]
Taipei’s AY Commercial Law Offices has advised Taiwanese technology company Inotera Memories Inc. on a $418.1 million global depositary share offering on the Luxembourg Stock Exchange. Inotera manufactures memory products for personal computers. Davis Polk & Wardwell partner Hong Kong James Lin advised underwriters Credit Suisse (Hong Kong) Ltd., Morgan Stanley Services Pty. Ltd., Merrill Lynch Far East Ltd., Hongkong and Shanghai Banking Corp. Ltd. and CCB International Capital Ltd.
Herbert Smith Freehills Hong Kong partner Kevin Roy has advised Chinese department store operator Maoye International Holdings Ltd. on a $300 million three-year bonds offer. Shenzhen-based Maoye operates 38 department stores in 18 Chinese cities. Proceeds will be used to refinance existing debt and as working capital. Davis Polk & Wardwell advised underwriters Citigroup Global Markets Inc., CLSA Limited, Deutsche Bank A.G. Singapore Branch and Morgan Stanley & Co. International Plc.
Milbank, Tweed, Hadley & McCloy and Latham & Watkins had the lead roles on a $1.17 billion financing to build a geothermal power plant in northern Indonesia. Two Japanese companies—trading house Itochu Corp. and utility Kyushu Electric Power—are leading a consortium developing the plant, which also includes PT Medco Power Indonesia and Israeli renewable energy company Ormat Technologies Inc. The consortium is also working with Indonesian state-owned Pertamina Geothermal Energy, which will take a 10 percent stake in the project. Singapore partners David Zemans and James Murray led the team at Milbank advising the consortium. Latham & Watkins Tokyo partner Joseph Bevash and Singapore partners Clarinda Tjia-Dharmadi and Andrew Roche advised lenders Japan Bank for International Cooperation, Asian Development Bank, Bank of Tokyo-Mitsubishi UFJ Ltd., ING Bank N.V., Mizuho Bank Ltd., National Australia Bank Ltd., Société Générale and Sumitomo Mitsui Banking Corp. [Read full story]
Rajah & Tann Singapore partners Goh Kian Hwee, Angela Lim and Cheng Yoke Ping have advised Singapore-based Gallant Venture Ltd. on a $120 million three-year notes offering under a $500 million medium-term program established last November. Gallant Venture owns and operates industrial parks, infrastructure facilities and hotels in Singapore, Indonesia and China. Proceeds will be used for working capital. Linklaters advised CIMB Bank Bhd. and Standard Chartered Bank Ltd. as lead managers.
Rajah & Tann Singapore partners Goh Kian Hwee, Angela Lim and Cheng Yoke Ping have advised Singaporean construction company Koh Brothers Group Ltd. on the establishment of a $200 million medium-term notes program. Proceeds will be used for general corporate purposes. Allen & Gledhill Singapore partners Margaret Chin and Sunit Chhabra advised program arranger Hongkong Shanghai Banking Corp. Ltd, while partner Daselin Ang advised trustee Bank of New York Mellon Singapore Branch.
Cleary Gottlieb Steen & Hamilton London partner Pierre-Marie Boury and Brussels partner Laurent Ruzette have advised Australia’s Consolidated Minerals Ltd. on a $400 million six-year senior notes offer. The Perth-based iron ore producer, which operates in Australia and Ghana, will use the proceeds to repay current debt. King & Wood Mallesons Perth partners Nathan Collins, Nigel Hunt and Shaun McRobert and Sydney partners Scott Heezen and Richard Mazzochi advised the issuer on Australian and Hong Kong law. Bentsi-Enchill, Letsa & Ankomah advised the issuer on Ghanaian law, with Ogier as Jersey and British Virgin Islands counsel. Cravath, Swaine & Moore advised underwriter Deutsche Bank A.G. London Branch.
Morrison & Foerster London partner Edward Lukins is advising British oil and gas exploration company IGas Energy plc on its $198 million acquisition of Australia’s Dart Energy Ltd. Minter Ellison London partner Michael Whalley and Sydney partners James Philips and Costas Condoleon are serving as Australian counsel to IGas Energy. Pinsent Masons is representing Dart Energy with regard to English law, while Corrs Chambers Westgarth is serving as Australian counsel.