China/Hong Kong

Jones Day has advised Taiwan Semiconductor Manufacturing Co. Ltd. on its recent $1.5 billion bond offering. The company issued two tranches of notes—one consisting of three-year notes totaling $350 million and the other five-year notes worth $1.15 billion—through a British Virgin Islands subsidiary. The money will be used for general corporate purposes. Jones Day Hong Kong partner Julian Lin acted for the company, while Maples and Calder Hong Kong partner Christine Chang advised on BVI law. Cleary Gottlieb Steen & Hamilton Hong Kong partner Megan Tang acted as U.S. counsel to underwriter Goldman Sachs International. [Read full story]
Sidley Austin and Beijing’s Jincheng Tongda & Neal have advised Tianjin-based property developer Sunac China Holdings Ltd. on a $500 million senior notes offering on the Hong Kong Stock Exchange. Sunac plans to use the cash mainly to refinance its existing debt, with the remainder put toward general corporate purposes. Sidley Austin Hong Kong partners Constance Choy, Janney Chong, and Alex Lloyd acted as U.S. and Hong Kong counsel. Jincheng Tongda & Neal acted on matters of Chinese law, while  Conyers Dill & Pearman served as adviser on British Virgin Islands and Cayman Islands law.  Davis Polk & Wardwell Hong Kong partner William Barron acted for underwriters The Hongkong and Shanghai Banking Corp. Ltd., BOCI Asia Ltd., ICBC International Capital Ltd., Industrial and Commercial Bank of China (Asia) Ltd., and Morgan Stanley & Co. International Plc. Beijing-based Commerce & Finance Law Offices acted as local counsel to the underwriters.
Chinese property developer Greentown China Holdings Ltd. has issued $300 million worth of bonds in Hong Kong in order to refinance short-term debt, as well as for capital expenditures and general corporate purposes. White & Case Hong Kong partner Anna-Marie Slot and Beijing partner David Li advised the issuer on Hong Kong and U.S. law. T&C Law Firm and Maples and Calder served as Chinese and offshore counsel, respectively. Davis Polk & Wardwell Hong Kong partner William Barron represented underwriters Deutsche Bank AG, BOCI Asia Ltd., Goldman Sachs (Asia), The Hongkong and Shanghai Banking Corp. Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Standard Chartered Bank, and UBS AG as underwriters. Beijing-based Jingtian & Gongcheng was Chinese counsel to the underwriters.
Lee & Li has advised Foxconn (Far East) Ltd., an investment holding company for Taiwan-based electronics manufacturer Hon Hai Precision Industry Co. Ltd., on the sale of $146 million worth of yen-denominated corporate bonds. The sale was split into two tranches, one worth $100.3 million carrying a 1.28 percent interest rate and the remaining $46 million carrying a floating rate. The money will be used for working capital. Maples and Calder Hong Kong partner Christine Chang advised on Cayman Islands law. Linklaters acted for underwriter Mizuho Securities Asia Ltd.
Houston-based Nabors Drilling International II Ltd. has raised $139 million through the sale of Hong Kong–listed shares in China’s Honghua Group, an equipment manufacturer and drilling service provider. Nabors Drilling handled legal matters related to the sale in-house. Davis Polk & Wardwell Hong Kong partners Paul Chow and James Lin advised Morgan Stanley & Co. International Plc. as placing agent.
Asian hotel operator Dorsett Hospitality International Ltd. has issued $137 million worth of bonds on the Hong Kong Stock Exchange in order to fund future acquisitions and expansion. Reed Smith Richards Butler acted as Hong Kong and U.K. counsel to the company, while Maples and Calder Hong Kong partner Christine Chang advised on matters of Cayman Islands law. Linklaters advised underwriters Barclays Bank Plc., CITIC Securities Corporate Finance (HK) Ltd., Deutsche Bank AG, and The Hongkong and Shanghai Banking Corp. Ltd. on Hong Kong and U.K. law.
Skadden, Arps, Slate, Meagher & Flom Hong Kong partner Julie Gao and Sydney partner Adrian Deitz has advised Shanghai-based semiconductor company RDA Microelectronics Inc. and certain shareholders on the sale of over 8 million Nasdaq-listed American depositary shares, which raised $73.2 million. Davis Polk & Wardwell Hong Kong partner James Lin advised Credit Suisse Securities (USA), Morgan Stanley & Co. International Plc., and Barclays Capital Inc. as underwriters.


WongPartnership is advising Changi Airport Group (Singapore) Pte. Ltd. on the development of its fourth airport terminal, a project worth $968 million. The new terminal, which is expected to be completed by 2017, will have a capacity of 16 million passengers a year and cater to both full-service and low-cost airlines. Singapore partners Christopher Chuah and Lesley Tan reviewed contracts for the development.
The Singapore Sports Hub has picked Sports Catering Services, a joint venture between Singapore caterer SATS and Buffalo, New York–based hospitality and food service company Delaware North Cos., to provide food and drinks catering at five of the Hub’s venues. The contract is for 21 years, with expected revenue of about $40.1 million per year, totaling as much as $842 million over the life of the deal. The joint venture will commence operations when the Singapore Sports Hub—which comprises indoor and outdoor stadiums and aquatic and water sport centers, among other facilities—is fully operational in April 2014.  Rajah & Tann partners Lim Wee Hann and Terence Quek advised the joint venture company and its shareholders.  ATMD Bird & Bird acted for Sportshub Pte. Ltd.
Milbank, Tweed, Hadley & McCloy has represented Hong Kong’s First Pacific Co. Ltd., the Philippines’ Manila Electric Co., and their joint venture vehicle FPM Power Holdings Ltd. on their purchase of a liquefied natural gas power plant in Singapore from GMR Infrastructure Ltd. of India. The acquisition totaled $488 million, according to Philippines media. The Milbank deal team was led by Singapore partner Gary Wigmore, with Allen & Gledhill partners Kelvin Wong and Oh Hsiu Hau acting on matters of local law. White & Case partners Nandan Nelivigi in New York and Jonathan Olier in Singapore acted for GMR Infrastructure Ltd. 

Southeast Asia

Jakarta firm Hadiputranto, Hadinoto & Partners represented state-owned PT Bank Rakyat Indonesia (Persero) Tbk. on the issue of $500 million senior notes. The bank is raising money in order to strengthen its financial position. Hadiputranto, Hadinoto partners Erwandi Hendarta and Indah N Respati acted for Bank Rakyat. Herbert Smith Freehills partner Phillip Lee and Indonesian firm Hiswara Bunjamin & Tandjung acted for underwriters Citigroup Global Markets Ltd., Standard Chartered Bank, and PT Bahana Securities.


King & Wood Mallesons is advising Suncorp Group Ltd. on its $500 million subordinated notes offering on the Australian Securities Exchange, with the money raised used to boost the company’s capital position and for general corporate purposes. The King & Wood Mallesons team is being led by banking and finance partner Ian Paterson and Evie Bruce in Sydney. Clayton Utz Sydney partner Stuart Byrne acted for underwriters ANZ Securities, National Australia Bank, RBS Morgans, UBS AG, and Westpac Institutional Bank.
Allens represented Sydney construction and development company Lend Lease Group on the sale of its aged care business to Australian Aged Care Partners, which is controlled by New York–based funds manager Archer Capital Management, for $270 million. Lend Lease is selling the business, which owns and manages 30 aged care facilities across Australia, in order to refocus on its core development development, according to local media reports. Allens Sydney partner Tom Story led the firm’s team acting for Lend Lease. Corrs Chambers Westgarth represented Australian Aged Care Partners.
Allens was engaged by Melbourne-based software developer Nintex Group Pty. Ltd. on a its $222 million takeover by a consortium of American private equity firms including Boston-based TA Associates and Washington D.C.–based Updata Partners. Nintex, majority-owned by the company’s two founders and Sydney-based investment bank Macquarie Group Ltd., is a specialist information technology company focused on developing business productivity-related software. Allens Melbourne partner Robert Pick led the firm’s team. Counsel for the buyers were not available at press time.