Clifford Chance is advising Asia Outsourcing Gamma Ltd., a company controlled by private equity group CVC Capital Partners, on its $300 million acquisition of the outsourcing arm of Philippine Long Distance Telephone Co., the Philippines’ largest telecommunications carrier. The deal, which is subject to regulatory approval, is expected to close in March. As part of the deal, Philippine Long Distance will reinvest 20 percent of the proceeds from the sale into Asia Outsourcing Gamma, and continue to partner with CVC in its business operations. Clifford Chance Hong Kong partner Neeraj Budhwani is leading the firm’s team on the deal. Counsel for Philippine Long Distance Telephone was not available at press time.

 


Australia
 

Allens is advising Westpac Banking Corp. on a $1.25 billion hybrid security sale. The notes, which will be used as reserve capital, will pay a quarterly distribution and convert to ordinary shares in eight years. Allens Sydney partners Stuart McCulloch, Larry Magid, and Julian Donnan are acting for Westpac, while Herbert Smith Freehills Sydney partners Philippa Stone and Patrick Lowden are representing joint lead managers Westpac Institutional Bank, ANZ Securities Ltd., Commonwealth Bank of Australia, Macquarie Capital (Australia) Ltd., Morgan Stanley Australia Securities Ltd., and UBS AG.
 
King & Wood Mallesons and Herbert Smith Freehills are advising on the National Australia Bank’s proposed $750 million sale of convertible preference shares. The shares are expected to start trading on the Australian Securities Exchange on February 21. King & Wood Mallesons Sydney partners Diana Nicholson and Ian Paterson are representing the issuer while Herbert Smith Freehills Sydney partner Philippa Stone is acting for underwriters NAB Wholesale, J.P. Morgan, RBS Morgans, Evans & Partners, Commonwealth Bank of Australia, UBS AG, and Deutsche Bank AG.
 
King & Wood Mallesons has advised Guohua Energy Investment Co. (Guohua) on its $400 million purchase of a 75 percent stake in Hydro Tasmania’s 168-megawatt Musselroe wind farm project in East Tasmania. Shenhua Clean Energy Holdings, a joint venture of Guohua and a Shenhua Group subsidiary, and Hydro Tasmania will establish a joint venture, Musselroe Wind Power Holdings, to develop the project. The 300-megawatt wind power facility is expected to be operational by June 2013. The King & Wood Mallesons team was led by Beijing partner Xin Jiong and senior associate Claire Rogers in Sydney. Herbert Smith Freehills acted for Hydro Tasmania.
 


China/Hong Kong

 
Latham & Watkins has acted for MCE Finance, a subsidiary of Macau casino operator Melco Crown Entertainment, on its $1 billion notes issue on the Singapore Exchange. The company plans to use the proceeds to pay down existing debt worth about $965 million. Hong Kong partners Bryant Edwards and Eugene Lee advised MCE finance, while Walkers Hong Kong partner Kristen Kwok advised on offshore matters. White & Case and Maples and Calder represented joint bookrunners and joint lead managers Deutsche Bank AG, The Australia and New Zealand Banking Group, Bank of America Merrill Lynch, and Citigroup Inc. Manuela Antonio Lawyers and Notaries and Henrique Saldanha Lawyers and Notaries advised MCE Finance and the underwriters, respectively, on Macau law. [Read full story]
 

KWG Property Holding Ltd., a Chinese property developer, has issued $300 million worth of senior notes in Hong Kong. Sidley Austin advised the issuer on Hong Kong and U.S. law, while Jingtian & Gongcheng advised on Chinese law. Conyers Dill & Pearman served as offshore counsel. Davis Polk & Wardwell Hong Kong partner William Barron and London partner John Paton advised initial purchasers Citigroup Global Markets Ltd., Goldman Sachs (Asia), The Hongkong and Shanghai Banking Corp. Ltd., ICBC International Securities Ltd., Standard Chartered Bank, and UBS AG. Beijing’s Commerce & Finance Law Offices advised the banks on Chinese law.

 
Herbert Smith Freehills Beijing partner Tom Chau and New York partner Kevin Roy are representing Chinese power producer Huaneng Power International Inc. on its $241 million bond sale on the Hong Kong Stock Exchange. Linklaters is acting for joint lead managers China International Capital Corp. Hong Kong Securities Ltd., ICBC International Securities Ltd., and Merrill Lynch International.
 
Davis Polk & Wardwell has advised China’s CITIC Resources Holding Ltd. on an offer to buy back $201 million of its outstanding $1 billion in senior notes due 2014. Hong Kong partner William Baron and London partner John Paton acted for the commodities company, with Conyers Dill & Pearman advising on Bermuda and British Virgin Islands law. Sidley Austin represented Morgan Stanley & Co. International Plc. as the sole dealer manager on the transaction.