China/Hong Kong

Sidley Austin has advised China National Offshore Oil Corp. on a $2 billion bond issue. Proceeds from the transaction, which will be divided into a $1.3 billion dollar-denominated tranche and a $700 million euro-denominated tranche, will be used to finance state-owned CNOOC’s $1.93 billion acquisition of the Queensland Curtis liquefied natural gas project in Australia. That deal, announced by CNOOC in May, will be completed by the end of the year. Hong Kong partner Matthew Sheridan led a Sidley team on the deal that also included Hong Kong partner Janney Chong and foreign legal consultant Renee Xiong. Allen & Overy acted for financial advisers BOCI Asia Limited, Goldman Sachs (Asia) L.L.C., J.P.Morgan Securities plc, and UBS AG, Hong Kong Branch, with Jun He Law Offices serving as Chinese counsel. [Read full story]

Linklaters advised Chinese state-owned aerospace company AVIC International Holding Corp. on two bond offerings worth a combined $500 million. Beijing Sunlight Law Firm and Conyers Dill & Pearman advised the issuer on Chinese law and British Virgin Islands law, respectively. Davis Polk & Wardwell Hong Kong partner Paul Chow advised underwriters BOCI Asia Ltd., The Royal Bank of Scotland Plc, Credit Suisse Securities (Europe) Ltd., the Hongkong and Shanghai Banking Corp. Ltd., and Industrial and Commercial Bank of China (Asia) Ltd., with Jingtian & Gongcheng acting as Chinese counsel.

Davis Polk & Wardwell has advised Chinese game developer Forgame Holdings Ltd. on its $206.4 million Hong Kong initial public offering. Hong Kong partners Bonnie Chan and James Lin, Beijing partner Li He, and London partner John Paton all worked on the matter for Davis Polk. Jingtian & Gongcheng advised the issuer on Chinese law. Kirkland & Ellis Hong Kong partners Dominic Tsun, David Zhang, Li-Chien Wong, and Benjamin Su acted for underwriters Morgan Stanley Asia Ltd., J.P. Morgan Securities (Asia Pacific) Ltd., China International Capital Corp. Hong Kong Securities Ltd., Macquarie Capital Securities Ltd., and Guotai Junan Securities (Hong Kong) Ltd., with Commerce & Finance Law Offices acting as Chinese counsel.


Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising the International Finance Corp. on a $1 billion rupee-linked bond issue. The IFC, the private-sector investment arm of the World Bank, will sell the notes to overseas investors in order to fund further investments in Indian companies. In a statement, the IFC said the bond issue would strengthen India’s capital markets and attracter greater foreign investment at a time of global economic uncertainty.

Amarchand & Mangaldas & Suresh A. Shroff Co. has advised a consortium of banks on a $250 million loan facility to Wardha Power Company Ltd., an Indian thermal power plant operator. The consortium comprises India’s IDBI Bank Limited, Dubai, and Standard Chartered Bank, London. The facility will be used to refinance Wardha Power’s existing debt to Rural Electrification Corp. Ltd., Housing & Urban Development Corp. Ltd., Indian Overseas Bank, Bank of India, and UCO Bank. New Delhi partner Amit Kumar led the Amarchand team advising the lender on local law matters. White & Case also acted as the banks’ international counsel.

Southeast Asia

K&L Gates is advising the Philippines’ Robinsons Retail Holdings Inc. on an expected $925 million initial public offering. Robinsons is a subsidiary of conglomerate JG Summit Holdings Inc., which has 940 department stores, pharmacies, and supermarkets throughout the Philippines. Hong Kong partner David Johnson is leading the K&L Gates team advising Robinsons Retail. Philippine firm Romulo Mabanta Buenaventura Sayoc & de los Angeles is advising the company on local law matters, with its team led by partner Stella Alegre-Batungbacal. Sidley Austin Hong Kong partner Alexander Lloyd is acting for underwriters Deutsche Bank AG, UBS AG, and J.P. Morgan Securities Plc. [Read full story]

Allen & Overy and Paul Hastings have the lead roles on the $434 million initial public offering of the Philippine casino operator Travellers International Hotel Group Inc. Travellers operates Resorts World Manila, a three-hotel casino complex in the Philippine capital. The money will be used to finance the expansion of the casino, as well as for general corporate purposes. Allen & Overy Hong Kong partner James Grandolfo is advising Travellers on the deal, with Picazo Buyco Tan Fider & Santos partner Gabriel Dee acting as Philippine counsel. Paul Hastings Hong Kong partners Patricia Tan Openshaw and Steven Winegar are advising underwriters CIMB Securities (Singapore) Pte. Ltd., Maybank Kim Eng Securities (Singapore) Pte. Ltd., Merrill Lynch (Singapore) Pte. Ltd., Religare Capital Markets Hong Kong Ltd., and UBS AG. Angara Abello Concepcion Regala & Cruz Law Office is advising the banks on local law matters. [Read full story]

Norton Rose Fulbright advised a consortium of banks providing a $150 million term facility and a $20 million revolving facilities to London-based liquefied natural gas shipping company Golar LNG. Golar will use the proceeds to construct a LNG floating storage and regasification unit in Indonesia. The consortium, led by Sumitomo Mitsui Banking Corp, includes The Bank of Tokyo-Mitsubishi UFJ, Oversea-Chinese Banking Corp. Ltd., and Standard Chartered Bank. Watson, Farley & Williams Singapore partner Andrew Nimmo represented Golar LNG.


Rodyk & Davidson has advised Singapore homebuilder and hotel operator Fragrance Group Ltd. on a $799 million bond issue. The company will use the proceeds to fund investments and refinance debt, and for general working capital. Allen & Gledhill partner Margaret Chin served as counsel for underwriters DBS Bank Ltd. and The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch, while partner Magdalene Leong advised trustee HSBC Institutional Trust Services (Singapore) Ltd.

Rajah & Tann advised Singapore property and hotel developer OUE Ltd. in the $95 million sale of its hotel investments in China to Gold Pot Developments Ltd. The two target companies being sold in the transaction hold the Meritus Shantou China and Meritus Mandarin Haikou hotels. Shanghai partners Teo Yi Jing, Koh Tien Gui , Linda Qiao led the Rajah & Tann team. Singaporean firm Ching Ching, Pek Gan & Partners acted for the purchaser.

Paul Hastings has advised Philippine real estate developer Vista Land & Lifescapes Inc. on a $100 million notes issue on the Singapore Stock Exchange. Proceeds generated from the issuance will be used to finance Vista Land’s capital expenditures and for general corporate purposes. Paul Hastings Hong Kong partners Patricia Openshaw and Steve Winegar, and London partner James Cole led the representation. Maples and Calder also advised the issuer on Cayman Islands law, led by partner Jenny Nip while Allen & Overy acted for the underwriters CLSA, HSBC and UBS AG, Hong Kong Branch, with a team led by Hong Kong partners James Grandolfo and John Lee.