Milbank, Tweed, Hadley & McCloy advised India’s Tata Steel Ltd. on a $1.5 billion bond sale on the Frankfurt Stock Exchange, with the money going toward the refinancing of debt and for general corporate purposes. Singapore partner Naomi Ishikawa led the Milbank team advising Tata Steel. AZB & Partners Mumbai partners Shameek Chaudhuri and Varoon Chandra served as Indian counsel. WongPartnership partners Hui Choon Yuen and Tan Shao Tong advised on Singapore law, as Tata Steel issued the bonds through a Singapore-incorporated subsidiary. Linklaters Singapore partner Kevin Wong acted for joint bookrunners and lead managers Australia and New Zealand Banking Group Ltd., BNP Paribas, Citigroup Global Markets Singapore Pte. Ltd., Crédit Agricole Corporate and Investment Bank and Deutsche Bank AG, among others. Talwar Thakore & Associates Mumbai partner Rahul Gulati advised the banks on Indian law. [Read full story]
Paul Hastings has advised Chinese state-run property developer Sino-Ocean Land Holdings Ltd. on a $1.2 billion note issuance. The Hong Kong-listed Sino-Ocean, a division of state-owned COSCO Group that develops mid- to high-end residential and commercial properties in mainland China, will use the money to repay existing debt and for general corporate purposes. Hong Kong partner Vivian Lam and London partner Christian Parker led the Paul Hastings team advising Sino-Ocean. Maples and Calder Hong Kong partner Jenny Nip served as British Virgin Islands counsel to the company. Linklaters acted for underwriters Australia and New Zealand Banking Group Ltd., Bank of China (Hong Kong) Ltd., DBS Bank Ltd., Deutsche Bank AG, Goldman Sachs (Asia), Hongkong and Shanghai Banking Corp. Ltd., J.P. Morgan Securities Plc., J.P. Morgan Securities (Asia Pacific) Ltd., Morgan Stanley & Co. International Plc. and UBS AG. [Read full story]
Linklaters and Weil, Gotshal & Manges have had the lead roles on Chinese private equity firm Hony Capital’s $1 billion financing to fund its recent acquisition of British restaurant chain PizzaExpress Ltd. Earlier last month, Hony Capital agreed to buy PizzaExpress for $1.54 billion from London-based private equity firm Cinven Partners. PizzaExpress currently operates 12 restaurants in Hong Kong, nine in Shanghai and one in Beijing. Hong Kong partner Nathalie Hobbs led a team at Linklaters advising Hony Capital on the financing. Weil Hong Kong partner Soo-Jin Shim and London partner Mark Donald acted for lenders J.P. Morgan, Deutsche Bank AG and Goldman Sachs, with help from London partners James Hogben and Chris McLaughlin. [Read full story]
Kirkland & Ellis has advised Chinese antivirus software maker Qihoo 360 Technology Co. Ltd. on a $900 bond issuance. The money will be used for general corporate purposes. Hong Kong partners David Zhang and Benjamin Su acted for Qihoo on the deal. Commerce & Finance Law Offices was Chinese counsel to the issuer. Latham & Watkins Hong Kong partners Eugene Lee and Posit Laohaphan represented joint bookrunners Citigroup Global Markets Inc. and Credit Suisse Securities (USA). King & Wood Mallesons advised the banks on Chinese law. [Read full story]
Sidley Austin advised Guangzhou-based property developer KWG Property Holding Ltd. on a $400 million bond issuance. The Hong Kong-listed company sold the five-year notes in order to raise funds to repay existing debt and to fund existing and future projects. Jingtian & Gongcheng served as Chinese counsel, while Conyers Dill & Pearman advised on British Virgin Islands and Cayman Islands law. Davis Polk & Wardwell Hong partner William Barron and London partner John Paton advised underwriters Goldman Sachs (Asia), Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International Plc. and Standard Chartered Bank. Commerce & Finance Law Offices advised the banks on Chinese law.
Shearman & Sterling Hong Kong partner Kyungwon Lee advised Chinese property company Future Land Development Holdings Ltd. on a $350 million bond issue on the Singapore Exchange. The Jiangsu Province-based company, which trades on the Hong Kong Stock Exchange, sold five-year notes in order to raise money to repay existing debt, to fund the purchase of additional land for development and for general corporate purposes. Shu Jin Law Firm and Maples and Calder served as Chinese and Cayman Islands counsel, respectively. Paul Hastings Hong Kong partners Raymond Li and David Grimm acted for underwriters J.P. Morgan Securities Plc., Credit Suisse Securities (Europe) Ltd., UBS AG, BNP Paribas, CLSA Ltd. and China Merchants Securities (HK) Co. Ltd. Commerce & Finance Law Offices acted for the banks on Chinese law.
Ropes & Gray Hong Kong partners Gary Li and Victoria Lloyd represented Macquarie Greater China Infrastructure Fund on its investment, along with China Development Bank International and New Horizon Capital, in Jinko Solar Power Engineering Group Ltd. The three parties paid a total of $225 million for a 45 percent stake in Jinko, which is the downstream solar subsidiary of New York Stock Exchange-listed JinkoSolar Holding Co. Ltd. King & Wood Mallesons and Walkers served as Chinese and Cayman Islands counsel, respectively. Shearman & Sterling advised JinkoSolar, with DaHui Lawyers and Maples and Calder acting as Chinese and Cayman Islands counsel, respectively. Proskauer Rose Hong Kong partners Jay Tai and Ren Yong acted for CDB International, with Jingtian & Gongcheng serving as the bank’s Chinese counsel.* Counsel for New Horizon was not known at press time.
Baker & McKenzie represented Hong Kong-based seafood company Pacific Andes Resources Development on a $160.4 million bond issue on the Singapore Exchange. PARD sold three-year dollar-denominated notes in order to fund capital expenditures and acquisitions, for working capital and general corporate purposes, and to refinance existing debt. Hong Kong partners Milton Cheng and Lance Chen, with London partner Christopher Hogan, acted for the company. David Lim & Partners and Appleby advised the issuer on Singapore and Bermuda law, respectively. Linklaters Hong Kong partner Michael Ng and Seoul partner Hyung Ahn advised DBS Bank Ltd. as sole lead manager for the note issuance.
Latham & Watkins Shanghai partner Karen Yan and Frankfurt partners Wilhelm Reinhardt and Roland Maass are advising Chinese investment company Fosun International Ltd. on a $117 million stake purchase in German casualwear company Tom Tailor Holding AG. Fosun, through its Portuguese subsidiary Fidelidade-Companhia de Seguros SA and in partnership with Tom Tailor management, is buying a 23.16 percent stake in the company from shareholder Versorgungs- und Förderungsstiftung, Vaduz/Liechtenstein. Frankfurt firm Heymann & Partners is acting for the seller, led by partners Thomas Heymann and David Fritsch. No deadline was given for when the transaction would close.
Paul Hastings is acting for China’s Nat-Ace Pharmaceutical Ltd. on its proposed takeover of Hong Kong-based technology company Digital Processing Ltd. The target company makes firmware for use in smartphones, portable fitness monitors and portable media players. Nat-Ace has already purchased a 52.79 percent stake in the company for $35.3 million through a share subscription and a share sale by Digital Processing’s owners. Nat-Ace has since made a $31.5 million offer for all the remaining shares of Digital Processing that it doesn’t currently own. The first closing date for the offer is August 13. Sidley Austin is acting for the target.
Herbert Smith Freehills has advised a consortium led by Australian contractor Leighton Holdings Ltd. on a $845 million winning bid to build a major motorway near Wellington in the country’s largest-ever public-private partnership deal. The consortium will design and construct the Transmission Gully Motorway, a 27-kilometer road that will serve an area extending north from Wellington. The road is expected to open for traffic in 2020, with the consortium granted the right to operate and maintain it for the following 25 years. Herbert Smith Freehills Melbourne partners Josh Sgro and Gerard Pike advised the consortium. Simpson Grierson Auckland partners Simon Vannini and Graeme Christie and Wellington partners Peter Eady and James Winchester served as the consortium’s New Zealand counsel. New Zealand firm Chapman Tripp served as individual counsel to Accident Compensation Corp. Bell Gully represented the New Zealand government’s Transport Agency on the deal. [Read full story]
Squire Patton Boggs advised Calgary-based power company TransAlta Corp. on a $531.2 million deal to build and operate a 150-megawatt gas power station in South Hedland, Western Australia. Once completed, the stations will supply power to state-run utility Horizon Power and Pilbara Infrastructure Pty. Ltd., a subsidiary of iron-ore producer Fortescue Metals Group Ltd. Perth partner Clare Pope led the Squire Patton team acting for TransAlta. Herbert Smith Freehills Perth partner Daniel Zador and Melbourne partner Jared Muller advised Horizon Power on the deal. FMG used in-house counsel to handle the power purchase agreement with TransAlta.
Vinson & Elkins acted for U.S. private equity giant Blackstone Group on its $800 million investment into a newly formed oil and gas company focused on the Southeast Asian energy market. Kuala Lumpur-based Tamarind Energy Ltd. will handle upstream exploration and production work in the region, particularly in already-discovered fields that have proved hard to exploit. The company also has offices in Jakarta and Calgary. Houston partner Creighton Smith was Vinson & Elkins’ lead partner on the deal, advising on U.S. law matters. He was supported by Houston partners John Lynch, Thomas Wilson and Darin Schultz and Dallas partner Shane Tucker. Freshfields Bruckhaus Deringer Singapore partner Gavin MacLaren served as Southeast Asian transaction counsel to Blackstone. Bennett Jones Calgary partner John Mercury represented Tamarind Energy. [ Read full story]
Norton Rose Fulbright has advised Malaysia’s Sona Petroleum Bhd. on its $280 million purchase of a 40 percent stake in a Gulf of Thailand oil concession. The company is buying a stake in the Bualuang oil field, which sits off the western coast of Thailand, and the surrounding concession from London-based Salamander Energy Plc., which currently holds a 60 percent share of that total area. The deal is subject to shareholder and regulatory approval and is expected to be completed in the fourth quarter. Singapore partner Ashley Wright, Jakarta partner Shamim Razavi and Sydney partner Chris Redden acted for Sona on the transaction. Clifford Chance London partner David Lewis advised Salamander Energy.
*Updated, 8/13/14: This story was updated to include Proskauer Rose and Jingtian & Gongcheng’s role as adviser to China Development Bank International on its investment with Macquarie Greater China Infrastructure Fund and New Horizon Capital in Jinko Solar Power Engineering Group Ltd.