Indian Railway Finance Corp. Ltd., the financing arm of the Ministry of Railways, established a program to issue tax-free, secured, redeemable, nonconvertible bonds worth $1.6 billion with an initial issue of $978 million. Proceeds from the issue will help the ministry pay for existing and new business activities. The Indian government is planning to spend as much as $1 trillion on infrastructure in the five years starting April. AZB & Partners acted as sole legal counsel to the issuer, and its team was led by Delhi-based partner Meera Singh Joyce. SBI Capital Markets Ltd., A.K. Capital Services Ltd., and ICICI Securities Ltd. are underwriters to the issue.

Southeast Asia

Freshfields Bruckhaus Deringer has the lead role advising London-based private equity firm CVC Capital Partners Ltd. on its proposed $1.36 billion offering of shares in Indonesian retailer Matahari Department Store. A group of investors including asset management company Blackrock Inc., Azentus Capital Management Ltd., Fidelity Investments Institutional Services Co. Inc., London investment management services company Schroders Plc., Singapore investment firm Temasek Holdings (Pte.) Ltd, and Och- Ziff Capital Management Group has agreed to cover $435 million of the offering. Freshfields is advising CVC on U.K. and U.S law while Indonesian firm Makes & Partners is acting as Indonesian counsel. The Freshfields team is being led by Singapore office head Stephen Revell and Hong Kong partner Ken Martin. Clifford Chance and Hiswara Bunjamin & Tandjung are advising CVC on refinancing aspects of the transaction. The underwriters are being advised by White & Case and Jakarta-based Hadiputranto Hadinoto & Partners. [Read full story]
Tire manufacturer PT Gajah Tunggal Tbk. has issued notes worth $500 million on the Indonesian stock exchange, mostly to repay its existing bond debt, and to fund capital expenditure. The notes will mature in 2018 and hold an interest rate of 7.5 percent. Jakarta-based Hadiputranto, Hadinoto & Partners partner Rambun Tjajo represented Credit Suisse (Singapore) Ltd., Deutsche Bank AG, and The Hongkong and Shanghai Banking Corp. as underwriters.


Thomsons Lawyers has acted for Bob Ingham on the $880 million sale of his poultry company, Inghams, to American private equity firm TPG Capital. Thomsons Sydney partners David Zwi and John Martin advised the seller on aspects of environment, property, trade practices, and dispute resolution, while TPG was advised by Herbert Smith Freehills Melbourne-based partners Baden Furphy and Robert Nicholson. [Read full story]
King & Wood Mallesons has advised Melbourne IT, an Australian domain name registration company, on the sale of its digital brands services division to U.S.–based Corporation Services Company for $157 million. Melbourne IT had bought the same business from Reston, Virginia–based Verisign Inc. for $50 million just five years ago. The King & Wood Mallesons team was led by Melbourne partners Craig Semple and Nicola Charlston. Skadden, Arps, Slate, Meagher & Flom, along with Gilbert + Tobin Sydney partner David Clee, advised Corporation Service.
King & Wood Mallesons represented mining company Independence Group NL on a $175 million secured loan facility agreement with National Australia Bank Ltd. The loan will help Independence Group complete the development of the Tropicana gold project located in Western Australia. The King & Wood Mallesons team was led by senior associate Nathan Collins and partner Nicholas Creed. Western Australia–based Independence Group is a nickel producer currently transitioning into mining of gold and other precious metals.


Parkway Pantai, one of the largest private health care providers in Asia, with operations in Singapore, Malaysia, China, India, Brunei, and Vietnam, has secured a $600 million five-year loan from DBS Bank Ltd., Malayan Banking Bhd., Oversea-Chinese Banking Corp. Ltd., Standard Chartered Bank, and United Overseas Bank Ltd. to repay debt. The Singapore-based borrower was advised by Allen & Gledhill, while the lenders engaged WongPartnership partner Christy Lim.
Singapore investment holding company Hong Fok Corp. Ltd. has established a $240 million multicurrency medium term note program and issued its first tranche of 2.75 percent notes due 2018 worth $80 million. The program was arranged by The Hongkong and Shanghai Banking Corp. Ltd. and Oversea-Chinese Banking Corp. Ltd. The issuer was advised by Allen & Gledhill partners Margaret Chin and Sunit Chhabra in Singapore. The underwriters were advised by WongPartnership.

China/Hong Kong

Norton Rose has advised Shun Tak Holdings Ltd. on the establishment of a $1 billion guaranteed medium-term note program with an initial issue of $400 million. Shun Tak is engaged in the property, transportation, hospitality, and investment businesses in Hong Kong and Macau. The Norton Rose team was led by capital markets partners Ji Liu and Liza Lee in Hong Kong. Underwriters Crédit Agricole and the Hongkong and Shanghai Banking Corp. Ltd were advised by Linklaters.
Slaughter and May Hong Kong partner Lisa Chung has advised Swire Properties Ltd. on a $500 million guaranteed notes issue on the Hong Kong Stock Exchange by its subsidiary, Swire Properties MTN Financing Limited. The notes are issued under a previously announced $3 billion program.
King & Wood Mallesons is acting for Goodman Hong Kong Logistics Fund, a real estate trust investing in industrial assets in Hong Kong, on a $463 million acquisition of logistics terminals in Hong Kong. As part of the deal, Dubai’s DP World, one of the world’s largest container terminal operators, has agreed to sell a 75 percent interest in CSX World Terminals Hong Kong Ltd., which operates a container terminal and a logistics center in the city, to Goodman Hong Kong, a unit of Sydney-based property developer Goodman Group. The transaction will give Goodman a 25 percent ownership in ATL Logistics Centre Hong Kong. King & Wood Mallesons Hong Kong partner Hayden Flinn and counsel Matt Egerton-Warburton led the deal team.
Reed Smith Richards Butler has advised Far East Consortium International Ltd., an Asian property developer, on a $161 million bond offering on the Hong Kong Stock Exchange. The bonds hold a 5.875 percent interest rate and are due 2016. Maples and Calder was offshore counsel to the issuer, and its team was led by Hong Kong partner Jenny Nip. The underwriters—Barclays Bank Plc., Deutsche Bank A.G., Credit Suisse (Hong Kong) Ltd., and CITIC Securities Corporate Finance (HK) Ltd.—were advised by Linklaters.
Shearman & Sterling has advised Xinchen China Power Holdings Ltd. on a $113 million initial public offering on the Hong Kong Stock Exchange. Xinchen Power is a subsidiary of Chinese car company Brilliance China Automotive that develops, manufactures, and sells gasoline and diesel engines. Proceeds from the offering will be used primarily to fund the expansion of production capacity and development, and the construction of a new research and development center in Chengdu. Jingtian & Gongcheng advised the issuer on Chinese law, while Appleby Hong Kong partner Judy Lee acted as Cayman Islands counsel.


Paul Hastings is representing South Korea’s Samsung Electronics on its $110 million acquisition of a 3 percent stake in Sharp Corp., the Japanese manufacturer of electronics goods and components. The Paul Hastings team is being led by Seoul partner Daniel Sae-Chin Kim and Tokyo partner Hajime Kanagawa. Sharp is being advised by Osaka-based Kitahama & Partners and Nishimura & Asahi in Tokyo.


Osaka-based trading company Itochu Corp. and its subsidiary Itochu Techno-Solutions Corp. have agreed to acquire Singapore’s CSC Automated Pte. Ltd. and Malaysia’s CSC ESI Sdn Bhd from U.S. information technology services provider Computer Sciences Corp. for $90 million. Both CSC companies help businesses develop their IT infrastructures and also provide IT maintenance services. Partners Lim Wee Hann and Tan Chon Beng of Rajah & Tann and partner Yon See Ting of Malaysian firm Kamilah & Chong advised the buyers. Computer Sciences was represented by Baker & Mackenzie.Wong & Leow in Singapore and Wong & Partners in Kuala Lumpur.

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