Southeast Asia

Clifford Chance, Malaysian firm  Abdullah Chan, and Norway’s  Wiersholm Law Firm are advising on a $2.9 billion merger between the tender rig businesses of Malaysian oil and gas services company SapuraKencana Petroleum Bhd. and Norwegian deepwater driller Seadrill Ltd. The deal’s enterprise value of $2.9 billion comprises $363 million in capital expenditures for the rigs being built, as well as $800 million in debt. At the same time, Seadrill will add to its present 6.4 percent stake in SapuraKencana with another $350 million in shares. SapuraKencana plans to finance the remainder of the transaction through a mix of external borrowings, a seller’s note of up to $187 million, internally generated funds, and equity. These companies will need to approve the deal before it moves forward. It is expected to close early next year. Clifford Chance Singapore partner Lee Taylor is advising SapuraKencana alongside Abdullah Chan in Kuala Lumpur. Wiersholm is acting for Seadrill. [Read full story]
White & Case and Jakarta-based Hadiputranto, Hadinoto & Partners have advised Indonesian taxi company PT Expresso Transindo Utama Tbk. on a $61 million initial public offering on the Indonesia Stock Exchange. Proceeds from the issue of approximately 1 billion shares will be used to more than double the size of its fleet to 15,000 taxis by the end of the year. Clifford Chance and Makarim & Taira S advised the underwriters—JPMorgan Chase & Co and Mandiri Sekuritas. Clifford Chance’s deal team was led by Singapore partner Raymond Tong.


Clayton Utz has advised Leighton Holdings Ltd., Australia’s largest project development and contracting group, on a $1.5 billion syndicated facility to provide surety bonds. The three-year facility both refinances and doubles an existing $733 million facility. The company regularly requires such performance bonds for its construction contracts. Australia and New Zealand Banking Group Ltd. acted as sole coordinating bank on the transaction, and served as lead representative for 15 of the 19 financiers in the facility. Clayton Utz partner Brad Allen represented Leighton Holdings, while  Allen & Overy partner Christopher Robertson acted for the arrangers and bookrunners. The refinancing of its surety facility is part of an aggressive effort by Leighton to restructure its debt load in the face of a series of write-downs due to project delays. As part of that effort, Leighton this week also issued $500 million in 10-year notes in the United States as part of its debt management strategy.  Sullivan & Cromwell advised Leighton on U.S. law for the transaction. [Read full story]
Australian diversified mining company Mineral Resources Ltd. has borrowed $521 million from a syndicate of banks led by National Australia Bank Ltd. The loan comprised cash facilities as well as guarantee and contingent instrument facilities. Herbert Smith Freehills advised Mineral Resources while Clayton Utz Perth-based partner Rohan Mishra advised the lenders.
King & Wood Mallesons has advised Australian property developer The Goodman Group on a $400 million share placement on the Australian Securities Exchange. Proceeds from the placement will help Goodman Group on an expansion into Brazil, where the Sydney-based company has launched a joint venture with local property company WTORRE to develop logistics and industrial properties in the region. Herbert Smith Freehills partner Philippa Stone advised Macquarie Capital (Australia) Ltd. as sole underwriter.
Allens has advised Australian gold producer Evolution Mining Ltd. on a $200 million loan facility provided by Macquarie Bank Ltd. and Australia and New Zealand Banking Group Ltd. The lenders were advised by King & Wood Mallesons. Evolution Mining owns and operates four gold and silver mines throughout Australia and is currently developing its fifth mine in Queensland. The facility is intended to help finance the Queensland project, as well as repay debt and provide working capital for the company’s ongoing operations. Allens Sydney partner Phillip Cornwell led his firm’s work on the deal.


Clifford Chance, Freshfields Bruckhaus Deringer, and Simmons & Simmons are advising on the $718 million acquisition of a 10 percent stake in Heathrow Airport by Chinese sovereign wealth fund China Investment Corp. Part of that stake is being acquired from Spanish infrastructure group Ferrovial S.A., which has agreed to sell its 5.7 percent stake in Heathrow Ltd. for $411 million. In addition to that, CIC is also acquiring another 4.3 percent stake for $307 million from other shareholders including Singaporean sovereign wealth fund Government of Singapore Investment Corp., U.S. private equity group Alinda Capital Partners, and Canadian pension fund Caisse de Dépôt et Placement du Québec. The deal is awaiting regulatory approval. Clifford Chance London partner Brendan Moylan is advising CIC, while Freshfields London partners Laurie McFadden and Frank Miller are acting for Ferrovial. Simmons London partner Matt Rees is representing GIC. Caisse is being advised by Fasken Martineau Montreal partner Daniel Picotte.


Mumbai-based property developer The Lodha Group has acquired Jawala Real Estate for $504 million. Jawala’s key asset is a vacant parcel of land situated in the Lower Parel district of Mumbai that Lodha is proposing to develop into a residential complex. Lodha will pay $220 million in cash and incur another $384 million of Jawala’s debt. J. Sagar Associates advised Lodha with a team led by partners Berjis Desai and Varghese Thomas.  Amarchand & Mangaldas & Suresh A. Shroff & Co. partners Cyril Shroff and Tushar Mavani advised Jawala. 
GE Equity International Mauritius, a subsidiary of GE Capital, has invested $23 million to acquire a 7.7 percent stake in Syngene International, a Bangalore-based biotechnology and chemical research company. AZB & Partners advised GE Equity International with a team led by Mumbai partner Essaji Vahanvati. Mundkur Law Partners advised Biocon, the parent company of Syngene, with a team led by partner Ramanand Mundkur. The proceeds of the acquisition will be used to expand the company’s services platform and access to opportunity of partnership with other companies operating in the same field.


Clifford Chance has advised French hypermarket operator Carrefour S.A. on the $319 million sale of its Malaysia operations to Japanese retail group Aeon Co Ltd. Clifford Chance Hong Kong partner Emma Davies and Paris partner Mathieu Remy led their firm’s work on the deal. Baker & McKenzie and its Malaysian affiliate firm Wong & Partners also advised Carrefour. Mori Hamada & Matsumoto partner Kaysumasa Suzuki has acted for Aeon.


Singapore firm WongPartnership has advised local budget airline Tiger Airways Holdings Ltd. in the sale of a 60 percent stake in its subsidiary, Tiger Airways Australia Pty Ltd., to Virgin Australia Holdings Ltd, for $36 million. WongPartnership’s team was led by partners  Mark Choy, Owyong Eu Gene, and Lam Chung Nian. King & Wood Mallesons partners David Friedlander, Shannon Finch, and Scott Heezen acted as Australian counsel to Tiger Airways. Virgin was represented by Allens senior associate Tom Boyd.
Gaylin Holdings Ltd., a Singapore-based rigging and lifting solutions provider to the offshore oil and gas industry, has launched a $31 million initial public offering on the Singapore Exchange. Proceeds from the deal will be used for expansion into new markets and general working capital. Rajah & Tann partners Howard Cheam and Lim Wee Hann advised Gaylin, along with partner Yon See Ting of Malaysian firm Kamilah & Chong. Rodyk & Davidson partner Chan Wan Hong was counsel to CIMB Bank Bhd. as issue manager and CIMB Securities (Singapore) Pte. Ltd. as underwriter and placement agent.
Email: .