Slaughter and May is advising London-based Diageo Plc., maker of Johnnie Walker scotch and Tanqueray gin, on its proposed $2.1 billion purchase of a 53.4 percent majority stake in India’s largest liquor company, United Spirits Ltd. United Spirits is owned by UB Group, the Indian company led by tycoon Vijay Mallya that also includes United Breweries and Kingfisher Airlines. Slaughter and May’s work on the deal was led by London partners Simon Nicholls, Robin Ogle, and Padraig Cronin. Indian firm Platinum Partners is advising Diageo on local law, with partners Nihar Mody and Yash Mohanram leading the team. Amarchand & Mangaldas & Suresh A. Shroff & Co. managing partner Cyril Shroff and partner Nivedita Rao are advising United Spirits in India. Herbert Smith Freehills partner Alan Montgomery served as counsel for the company on English law. [Read full story]
Jones Day represented Indian telecommunications tower company GTL Infrastructure Ltd. on the $319.3 million restructuring of its zero-coupon convertible bonds due this year. The company’s debt holders voted earlier this month to exchange their existing bonds with two new series of convertible bonds due in 2017. Singapore partners Manoj Bhargava and Joe Bauerschmidt and London partners Giles Elliott and Sebastian Orton took the lead for Jones Day. Wadia Ghandy & Co. Mumbai partner Fariyal Tahseen advised GTL on Indian law. Amarchand & Mangaldas & Suresh A. Shroff & Co. New Delhi partner Gunjan Shah and Latham & Watkins acted for certain bondholders. Clifford Chance Singapore associate Tom Bidwell advised Citicorp International Ltd. as trustee for the new bonds and Citibank N.A., London Branch, as trustee for the exchanged bonds.


Norton Rose has advised the Macau unit of Las Vegas–based MGM Resorts International on a $2 billion debt refinancing. MGM China Holdings Ltd. has entered into two senior credit agreements: a $550 million term loan and $1.45 billion revolving credit facility. MGM China Holdings serves as a holding company for MGM Grand Paradise, which holds one of only six gaming concessions granted to foreign companies in Macau and operates the MGM Macau casino and hotel. Norton Rose Hong Kong partners Peter Haslam and Jon Perry led on the deal, while Allen & Overy Hong Kong partner Roger Liu represented the lenders. The lenders comprised 17 banks, with Bank of China (Macau) Ltd., Industrial and Commercial Bank of China (Macau) Ltd., Bank of America, Crédit Agricole Corporate and Investment Bank, and Deutsche Bank among them. DSL Lawyers served as Macau counsel for MGM China Holdings, while Walkers advised on Cayman Islands law. [Read full story]
Herbert Smith Freehills is advising China National Offshore Oil Corp Ltd. on its $1.9 billion acquisition of an additional 40 percent stake in Australia’s largest liquefied natural gas project, Queensland Curtis LNG. British energy producer BG Group is the seller, and it is being advised by King & Wood Mallesons. CNOOC already owned a 10 percent stake, so its latest acquisition will increase its stake in the project to 50 percent. The King & Wood Mallesons team is being led by partners Craig Rogers in Brisbane and Joshua Cole in Hong Kong. Herbert Smith partners Hilary Lau in Hong Kong and Stuart Barrymore in Perth are advising CNOOC. [Read full story]
Clifford Chance served as counsel for Hong Kong–based logistics company Li & Fung on its $500 million sale of U.S. dollar-denominated subordinated notes on the Singapore Exchange. The proceeds will be used for business development and acquisitions. Partners Connie Heng and Matt Fairclough advised on Hong Kong law and Raymond Tong advised on Singapore law. Appleby Hong Kong partner Jeffrey Kirk represented Li & Fung in regard to Cayman Islands law. Linklaters represented joint lead managers Citigroup and The Hongkong and Shanghai Banking Corp. Ltd.
Paul Hastings represented Xiamen-headquartered developer China SCE Property Holdings Ltd. on its issuance of $200 million of U.S. dollar-denominated senior notes on the Hong Kong Stock Exchange. The funds will be used to finance new and existing real estate projects, as well as for general corporate purposes. Hong Kong partners Raymond Li, Vivian Lam, and David Grimm advised China SCE, while Davis Polk & Wardwell acted for joint lead managers and joint bookrunners Deutsche Bank and The Hongkong and Shanghai Banking Corp. Ltd.
Orrick, Herrington & Sutcliffe advised China ITS Holdings Co. Ltd. on a $33.7 million issue of renminbi-denominated bonds on the Hong Kong Stock Exchange. The Chinese transportation infrastructure company will use the money raised to fund acquisitions and expand in overseas markets, and for general working capital. Conyers Dill & Pearman served as the Cayman Islands and British Virgin Islands counsel. Baker & McKenzie Hong Kong partner Brian Spires and Beijing partner Simon Leung represented joint bookrunners Guotai Junan Securities (Hong Kong) Ltd., Wing Lung Bank Ltd., CCB International Capital Ltd., China International Capital Corp.–Hong Kong Securities Ltd., and Haitong International Securities Co. Ltd., as well as trustee DB Trustees (Hong Kong) Ltd.


Herbert Smith Freehills has advised Australian miner Whitehaven Coal Ltd. on its arrangement of $1.3 billion in loan facilities from The Australia and New Zealand Banking Group Ltd. They will refinance Whitehaven’s existing facilities, according to a company statement, and be used for general corporate purposes and capital expenditure. Herbert Smith partner Joel Rennie advised Whitehaven on the transaction. King & Wood Mallesons represented ANZ, working with in-house lawyer John Anthony, who is senior manager at the bank’s loan structuring and execution team. The King & Wood Mallesons partners involved with the transaction were not available at press time. [Read full story]
King & Wood Mallesons was engaged by Perth-based mining and services group Ausdrill Ltd and its subsidiary, Ausdrill Finance Pty. Ltd., on the latter’s $300 million issue of guaranteed senior unsecured notes. The bonds, which will yield 6.875 percent and come due in 2019, were offered to qualified institutional buyers in the United States. Perth partners Nicholas Creed and Nathan Collins advised Ausdrill, with the company receiving U.S. counsel from Skadden, Arps, Slate, Meagher & Flom. Shearman & Sterling and Allens acted for joint lead managers and joint bookrunners Morgan Stanley, Deutsche Bank, and Standard Chartered on U.S. and Australian law, respectively.
Clayton Utz represented animal feed company Ridley Corp. Ltd. on its $80 million acquisition of BPL Melbourne Pty. Ltd. from the Baiada poultry group. The deal gives the ASX–listed Ridley a position in the poultry and mammalian waste products business, where meat and bone meal are used to make animal feed, pet food, and fertilizer, among other products. Melbourne partner Michael Linehan advised Ridley on the transaction, while Henry Davis York Sydney partner Scott Murray acted for Baiada.

Southeast Asia

Allen & Overy has advised Thai state-owned energy and petrochemical company PTT Plc. on a recent $1.1 billion bond offering. The October 25 bond sale, which was PTT’s first U.S. dollar-denominated issue since 2005, was split between two tranches: a 10-year tranche worth $500 million and a 30-year tranche worth $600 million. Allen & Overy Hong Kong partner James Grandolfo advised PTT on the transaction. Clifford Chance Hong Kong partner Crawford Brickley acted for joint bookrunners Barclays, Citi, Deutsche Bank, and J.P. Morgan. [Read full story]


Cleary Gottlieb Steen & Hamilton represented CJ HelloVision, South Korea’s largest provider of cable television services, on its $267 million initial public offering. The deal, which priced on October 29 and closed on November 5, began trading on the KRX KOSPI Market of the Korea Exchange on November 9. Partner Yong G. Lee in Seoul led the deal for Cleary Gottlieb. Allen & Overy Hong Kong partners Walter Son and James Grandolfo represented joint global coordinators and bookrunners J.P. Morgan, Daewoo Securities, and HI Investment & Securities, as well as co–lead manager IBK Securities.


Allen & Glehill acted for shipping company Neptune Orient Lines Ltd. on its latest issue of $245.3 million in euro-denominated notes, which are part of a larger $1.5 billon medium-term note program. Partners Tan Tze Gay and Bernie Lee advised the company on Singapore law. The joint lead arrangers—The Hongkong and Shanghai Banking Corp. Ltd., Oversea-Chinese Banking Corp., and Standard Chartered Bank—were represented by Linklaters.
Email: .