Australia/New Zealand

Chapman Tripp Auckland partners Stephen Lowe, Tim Tubman, Roger Wallis, and Pip England are advising state-owned electricity supplier Mighty River Power Ltd. on its expected $1.6 billion initial public offering. If completed, it will be the New Zealand Stock Exchange’s largest listing in history. Sidley Austin Sydney managing partner Robert Meyers and Russell McVeigh Auckland partner Pip Greenwood are representing underwriters First NZ Capital Securities Ltd., Credit Suisse (Australia) Ltd., Goldman Sachs New Zealand Ltd., and Macquarie Capital (New Zealand) Ltd. [Read full story]
Skadden, Arps, Slate, Meagher & Flom and Allens have advised Australia’s QBE Insurance Group Ltd. on a $600 million bond sale, which was conducted through a private placement in New York. QBE will use the money to refinance existing debt, and for general corporate purposes. Skadden Sydney partner Adrian Deitz advised on matters of U.S. law, while Allens Sydney partner Alex Ding acted on matters of Australian law. Davis Polk & Wardwell Hong Kong partner Eugene Gregor led the team representing initial purchasers Barclays Capital Inc. and Morgan Stanley & Co.
Minter Ellison Sydney partners Virginia Briggs and Elizabeth McKechnie have acted for DEXUS Property Group on the recent purchase of office buildings in Brisbane and Perth. DEXUS paid $557.4 million for a 31-story premium-grade office tower in Brisbane from Australian developer Grocon Pty. Ltd., which was advised by King & Wood Mallesons Melbourne partner Andrew Erikson. The property company also acquired three office towers in Perth that are being developed by Leighton Properties for $445.5 million. Leighton Properties was represented by Herbert Smith Freehills Perth partner Frank Poeta and Brisbane partner Luke Simpson.
Herbert Smith Freehills Sydney partners Peter Dunne, Philip Podzebenko, and Patrick Gay are advising wealth manager Perpetual Ltd. on its proposed $224.3 million acquisition of rival The Trust Co. The deal, subject to shareholder and regulatory approvals, is expected to close in August. King & Wood Mallesons Melbourne partner Craig Semple has been acting for The Trust Co. since it first received a takeover offer from another rival, Equity Trustees Ltd., in February. However, the company’s board has recommended that Trust Co. shareholders support the offer from Perpetual, and the two companies have entered into a scheme of arrangement in order to implement the latter’s proposal.
Australian plaintiffs firm Slater & Gordon, the world’s only publicly listed law firm, is raising $64 million in new capital to purchase three British law practices—Leeds-based Simpson Millar, Liverpool’s Goodmans Law, and the Cambridge-based personal injury practice of London’s Taylor Vinters—as well other planned expansion in the United Kingdom. The acquisitions are expected to close in the last quarter of 2013. The capital raising will include a $59 million placement with institutional investors, with $5 million in shares offered to individual investors in Australia and New Zealand. Arnold Bloch Leibler is acting as Slater & Gordon’s counsel on the deal, with Macquarie Capital (Australia) Ltd. acting as sole underwriter on the placement. [Read full story]
Minter Ellison Melbourne partner Marcus Best is advising China’s Zijin Mining Group on a proposed $20.4 million investment in Australian miner NKWE Platinum. Zijin will make the investment through the purchase of three-year convertible bonds, with the money being used to develop NKWE’s platinum mining assets in South Africa. Perth-based firm Steinepreis Paganin is representing NKWE, with partner Mark Foster leading the advisory team. Johannesburg law firms Edward Nathan Sonnenbergs and Werksmans are acting as South African counsel to Zijin and NWKE, respectively.

Southeast Asia

Linklaters Madrid partner Miles Curley is advising Japan’s Sumitomo Mitsui Financial Group Inc. on its $1.5 billion acquisition of a 40 percent stake in Indonesia’s PT Bank Tabungan Pensiunan Nasional Tbk. Simpson Thacher & Bartlett Tokyo partner David Sneider is acting for Goldman Sachs, financial adviser to the buyer. Sumitomo Mitsui is buying most of its stake in two tranches from private equity giant TPG Capital, which acquired a 71.6 percent stake in the Indonesian bank in 2008. Counsel for TPG was not known at press time. [Read full story]
Sao Paulo–based Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados is advising Malaysian state-owned oil company Petroliam Nasional Bhd. (Petronas) on its $850 million acquisition of a 40 percent stake in two Brazilian offshore exploration blocks. Herbert Smith Freehills partners Simon Tysoe in London and Hilary Lau in Hong Kong are acting for the seller, Rio de Janeiro–based oil producer OGX Petroleo e Gas Participacoes SA. [Read full story]
Clifford Chance Bangkok counsel Doungporn Prasertsomsuk represented commodities trader Noble Group Ltd. on the sale of $97 million in Thai baht-denominated bonds. The Singapore Exchange–listed company will use the money in order to refinance debt and for general corporate purposes. Baker & McKenzie Bangkok partner Viroj Piyawattanametha and Singapore partner James Huang acted for joint lead arrangers The Hongkong and Shanghai Banking Corp. Ltd. and TMB Bank Plc.

China/Hong Kong

Mayer Brown JSM Hong Kong partners Jacqueline Chiu, Jason Elder, and Robert Lynn are advising Langham Hospitality Investments on its upcoming $800 million Hong Kong initial public offering. Langham Hospitality is a trust backed by Hong Kong real estate company Great Eagle Holdings Ltd. that owns and operates the Langham, Langham Place, and Eaton hotels in Hong Kong’s Kowloon district. The issuer is planning to use funds raised in the IPO for working capital and to repay debt. Conyers Dill & Pearman Hong Kong partner Richard Hall is also advising Langham Hospitality on Cayman Islands law. Counsel for the underwriters Citigroup Inc., Deutsche Bank AG, and HSBC Holdings Plc. has not been disclosed. [Read full story]
Cleary Gottlieb Steen & Hamilton Hong Kong partner Megan Tang advised China’s CITIC Securities Co. Ltd. on a recent $800 million bond issue. CITIC, which plans to use the funds for generate corporate purposes, also engaged King & Wood Mallesons and Walkers on matters of Chinese and British Virgin Islands law, respectively. Davis Polk & Wardwell Hong Kong partners Eugene Gregor and Paul Chow acted for joint lead managers Standard Chartered Bank, Bank of China Ltd., Bank of China (Hong Kong) Ltd., Citigroup Global Markets Ltd., CITIC Securities Corporate Finance (HK) Ltd., and The Hongkong and Shanghai Banking Corp. Ltd. Jingtian & Gongcheng advised the banks on Chinese law.
Davis Polk & Wardwell Hong Kong partners Eugene Gregor and Paul Chow acted for Sinochem HongKong (Group) Co. Ltd., a subsidiary of China’s state-owned Sinochem Group, on a $600 million note issuance. Tian Yuan Law Firm advised the company on Chinese law, while Harney Westwood & Riegels served as counsel in regard to British Virgin Islands law. Shearman & Sterling Hong Kong partner Kyungwon Lee represented underwriters Citigroup Global Markets Inc., UBS AG, Goldman Sachs (Asia), Morgan Stanley & Co. International Plc., The Hongkong and Shanghai Banking Corp. Ltd., Crédit Agricole Corporate and Investment Bank, Société Générale Corporate & Investment Banking, and Standard Chartered Bank. Haiwen & Partners acted for the banks on Chinese law.
Mayer Brown JSM Hong Kong partners Jeckle Chiu and Phill Smith advised Beijing Enterprise Water Group Ltd. on a recent $500 million issue of five-year dollar-denominated bonds. The Chinese water and sewage treatment company is raising the funds in order to repay existing debt and to acquire overseas projects. The counsel for joint lead managers Agricultural Bank of China Ltd., DBS Bank Ltd., Deutsche Bank AG, The Hongkong and Shanghai Banking Corp. Ltd., Standard Chartered Bank, and UBS AG was not known at press time.
Sidley Austin partners Singapore partner Matthew Sheridan and Hong Kong partner Janney Chong represented China Oil and Gas Group Ltd. on a $350 million senior notes issue. The pipeline company is raising the money for capital expenditures, debt refinancing, and other general corporate purposes. Jingtian & Gongcheng acted on matters of Chinese law, and Appleby advised on Bermuda and British Virgin Islands law. Davis Polk & Wardwell advised initial purchasers Deutsche Bank AG and Morgan Stanley & Co. International Plc., with King & Wood Mallesons serving the banks as Chinese counsel.


Allen & Gledhill partners Jafe Ng and Daselin Ang have advised Australia and New Zealand Banking Group Ltd., Malayan Banking Bhd., United Overseas Bank Ltd., Chinatrust Commercial Bank Co. Ltd., and Bank of East Asia Ltd. on a $553.7 million term loan to AREIF (Singapore I) Pte. Ltd. The latter, a Singapore-focused property holding company of the pan-Asian Asia Real Estate Income Fund, is using the money to refinance existing debt. Drew & Napier acted for AREIF.
Allen & Gledhill has acted for Sabana Shari’ah Compliant Industrial Real Estate Investment Trust on the establishment of a $407.2 million multicurrency Islamic trust certificates issuance program, as well as for CIMB Bank Bhd as arranger of the program. The Singapore-based company will issue the certificates through its subsidiary Sabana Sukuk Pte. Ltd. Partners Jerry Koh and Long Pee Hua advised Sabana, while partners Yeo Wico, Suhaimi Zainul-Abidin, and Jeanne Ong advised CIMB.


Herbert Smith Freehills acted for Goldman Sachs on the $110 million investment by two of its affiliates in Indian cable TV provider DEN Networks Ltd. The Singapore-based affiliates, Broad Street Investments and MBD Bridge Street 2013 Investments, are buying a preferential allotment of shares in the publicly traded DEN Networks, though the total amount of shares was not disclosed. J. Sagar Associates Mumbai with partners Akshay Chudasama, Vikram Raghani, and Mithun V. Thanks are serving as local counsel to Goldman and the affiliates. Amarchand & Mangaldas & Suresh A. Shroff Co. New Delhi partner Puja Sondhi is representing DEN Networks on the deal.
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