Korean firm Yulchon Attorneys-at-Law, Singapore firm Shook Lin & Bok, and Paul, Hastings, Janofsky & Walker have advised on an issuance of $900 million convertible bonds by one of Korea’s largest retailers, Lotte Shopping Co. Ltd.
The bonds, which were offered on the Singapore Exchange on 15 June, comprise $500 million U.S.-dollar-denominated bonds and $400 million Japanese-yen-denominated bonds. They will be convertible into shares between July 2012 and June 2016.
The company, whose Korean assets include department stores, discount stores, and supermarkets, plans to use the proceeds to fund foreign investment.
According to FinanceAsia, the deal marks the largest convertible bond offering in Asia (excluding Japan) so far this year, and tops the $800 million Hong Kong-dollar denominated offering by investment company The Wharf Holdings Ltd. in mid-May.
Yulchon and Shook Lin provided Korean and Singaporean law advice to Lotte Shopping, respectively. Shook Lin’s team was led by partner Nicholas Chong.
The underwriters–Goldman Sachs and Nomura International PLC–were advised by Paul, Hastings. The firm’s team included Hong Kong-based partners Daniel Kim and David Grimm; and Christian Parker in London.
Yulchon did not respond to requests for comment. The Seoul-based firm previously advised Lotte Group on its $1.2 billion acquisition of Korean rival GS Retail’s discount store and department store businesses last year. In 2008, Yulchon also advised Lotte on its $164 million acquisition of Belgian chocolate maker Guylian N.V.