J. Sagar Associates and Allen & Overy had the lead roles on a $2.2 billion bond sale by Indian oil and gas company ONGC Videsh Ltd. The company, a subsidiary of Indian state-run energy company Oil and Natural Gas Corp. Ltd., sold two tranches of dollar-denominated bonds worth $1.5 billion and a single tranche of euro-denominated bonds totaling $710 million. It was the first-ever euro bond issue for ONGC Videsh. ONGC Videsh plans to use the money to refinance a bridge loan the company took out to fund its multibillion-dollar purchase of a stake in a Mozambique offshore natural gas block. J. Sagar Mumbai partners Dina Wadia and Uttara Kolhatkar served as Indian counsel to ONGC Videsh. Allen & Overy Hong Kong partners Andrew Harrow and Amit Singh advised joint lead managers and bookrunners BNP Paribas, Citigroup, Deutsche Bank AG, Royal Bank of Scotland and Standard Chartered Bank. [Read full story]
K&L Gates has advised the Indonesian government on a $1.4 billion bond offering. The Southeast Asian country issued its first euro-denominated bonds, selling seven-year notes through the Singapore and Frankfurt stock exchanges. The cash raised will be used for Indonesia’s general financing requirements. Hong Kong partner David Johnson acted for Indonesia on the bond sale. Linklaters Hong Kong partner David Ludwick advised lead managers Citigroup Global Markets Inc., Deutsche Bank AG and Merrill Lynch (Singapore) Pte. Ltd. [Read full story]
Thai firm Capital Law Office and WongPartnership have advised Singapore Airlines Ltd. subsidiary Scoot Pte. Ltd. on a $64.5 million joint venture with Thai carrier Nok Airlines Pcl. Ltd. NokScoot Airlines Co. Ltd. will operate as a budget carrier to Thai consumers and travelers to Thailand. Capital Law partner Chatri Trakulmanenate and WongPartnership partners Annabelle Yip and Lam Chung Nian led the firms’ advisory teams. Charin & Associates partner Charin Satchayan acted for Nok Airlines.
Norton Rose Fulbright Sydney partner Michael Joyce advised Toyota Tsusho Corp. on its $34.5 million acquisition of Hup Soon Global Ptd. Ltd.’s automotive aftermarket and industrial supplies distribution businesses in Thailand and Malaysia. Skrine partner Datin Faizah Jamaludin served as Malaysian counsel to the acquirer, which is the trading arm of Japanese conglomerateToyota Group. WongPartnership partners Mark Choy and Milton Toon advised Hup Soon, with Rahmat Lim & Partners partner Chen Lee Won advising on Malaysian law.
Linklaters advised DBS Group Holdings Ltd. on the issuance of $1.25 billion in dollar-denominated bonds on the Singapore Exchange. The bank sold one tranche of five-year notes at a fixed rate of 2.246 percent worth $750 million and another tranche of floating-rate notes worth $500 million. The money will go toward DBS’s treasury and finance activities, including intercompany loans to its subsidiaries. Allen & Gledhill partners Glenn Foo and Sunit Chhabra advised on Singapore law matters. Clifford Chance Hong Kong partner Matt Fairclough and Singapore partner Johannes Juette acted for underwriters Citigroup Global Markets Inc., Deutsche Bank AG, Singapore Branch and Goldman Sachs (Singapore) Pte.
Duane Morris & Selvam advised Korean film company Spackman Entertainment Group Ltd. on its $14.6 million initial public offering on the Singapore Exchange. The company, which was behind 2013’s “Snowpiercer,” starring Chris Evans, sold 69.4 million shares at $0.21 apiece. Spackman will use the money for further investments in movie production, establishing overseas offices in Singapore and Los Angeles and for general working capital. Singapore managing director Arfat Selvam and director Jamie Benson acted for Spackman on the deal, with Korean firm The One also advising the company. IPO sponsor PrimePartners Corporate Finance Pte. Ltd. handled legal matters in-house.
Baker & McKenzie Shanghai partner Harvey Lau advised Minsheng Financial Leasing Co. Ltd. on the $300 million financing of the company’s purchase of eight Gulfstream aircraft. New York-based Apple Bank for Savings extended the loan to Minsheng, and the loan has been guaranteed by the Export-Import Bank of the United States. Holland & Knight was counsel to Apple Bank. Ex-Im Bank was represented by King & Wood Mallesons on Chinese and Hong Kong law. Washington, D.C., firm Robert Wray served as Ex-Im Bank’s lead counsel, with Oklahoma City-based aviation specialist firm Daugherty, Fowler, Peregrin, Haught & Jenson advising Ex-Im on regulatory matters related to the Federal Aviation Administration.
Sidley Austin Hong Kong partners Constance Choy, Janney Chong and Jason Kuo advised Guangdong province-based real estate developer Times Property Holdings Ltd. on a $146 million yuan-denominated bond issue in Hong Kong. The residential property builder sold the five-year notes in order to refinance existing debt. Commerce & Finance Law Offices advised on Chinese law, while Appleby Hong Kong partner Judy Lee served as Cayman Islands counsel. Davis Polk & Wardwell Hong Kong partner William Barron acted for underwriters Haitong International Securities Co. Ltd., BOCI Asia Ltd. and BNP Paribas. King & Wood Mallesons was Chinese counsel to the banks.
WongPartnership partners Joseph He Jun and Tan Sue-Lynn acted for Singapore’s Q&M Dental Group on its $17.5 million purchase of a 60 percent stake in Shenyang-based dental services company Aoxin Stomatology Group. The Singapore Exchange-traded Q&M Dental operates 55 clinics in Singapore, in addition to having two dental supplies and equipment distribution companies in the city-state. The company also has a presence in China and Malaysia. Aoxin did not retain outside counsel for the deal, according to WongPartnership.
Hong Kong firm Hastings & Co. advised Chinese consumer electronics maker Millennium Pacific Group Holdings Ltd. on its $7.7 million initial public offering in the city’s stock exchange. The company, which makes products such as GPS devices and digital video recorders, will use the money to repay loans, improve its information technology systems and to boost its research and development team. Dacheng Law Offices served as Chinese counsel, while Norton Rose Fulbright acted on U.K. and EU law matters. Lee & Li advised on Taiwanese law. Appleby Hong Kong partner Judy Lee was Cayman Islands counsel. Robertsons advised joint lead managers Pacific Foundation Securities Ltd. and Ample Orient Capital Ltd.
Clayton Utz Sydney partner Matt Anderson advised Sydney-based real estate investment company 360 Capital Group Ltd. on a $43.1 million fundraising. The company placed $31.6 million worth of shares with institutional investors and then sold another $11.5 million through an entitlement offer, with the money to be used to help fund the purchase of two logistics properties worth a combined $74.5 million. Clifford Chance Sydney partner Lance Sacks represented deal underwriters Moelis Australia Advisory Pty. Ltd. and Morgans Corporate Ltd.
K&L Gates Perth partner Adam Levine is advising Chinese window screen fabrics maker Ningbo Xianfeng New Material Co. Ltd. on its $33 million offer for Australian curtain and blinds company Kresta Holdings Ltd. Ningbo Xianfeng was founded by Xianfeng Lu, who also serves as managing director of Kresta, and the offer is being made through the company’s wholly owned subsidiary Suntarget (Hong Kong) Trading Co. Ltd. The board of directors is recommending that shareholders approve Suntarget’s bid for the 77 percent of Kresta that it and Lu don’t already own. The offer expires Aug. 29. Jackson McDonald Perth partner William Moncreiff is acting for Suntarget on the deal.