Allen & Gledhill has acted as transaction counsel to DBS Bank, BNP Paribas, Oversea-Chinese Banking Corporation, United Overseas Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch and MUFG Bank Singapore Branch on the €300 million (US$321m) term loan facilities and €740 million (US$791m) term loan facilities to SATS Treasury. DBS, BNP, OCBC and UOB were appointed as mandated lead arrangers of the €300M (US$321m) facility, while DBS, HSBC, MUFG and OCBC were appointed as mandated lead arrangers of the €740M (US$791m) facility. The facilities will be used to fund Promontoria Holding 264, a wholly-owned subsidiary of SATS, on its redemption and purchase of certain fixed and floating rate notes. Partner Lim Wei Ting led the firm’s team in the transaction.
Allen & Gledhill has also advised Oversea-Chinese Banking Corporation, acting through its Sydney Branch, on the issue of A$1 billion (US$659m) floating rate green notes due 2026, under its US$30 billion global medium term note programme. OCBC, Australia and New Zealand Banking Group Singapore Branch, National Australia Bank and Westpac Banking were appointed joint lead managers in respect of the notes. Partner Glenn David Foo led the firm’s team in the transaction.
Moreover, Allen & Gledhill has acted as transaction counsel to Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust (KIT), on its S$299.6 million (US$221.6m) equity fund raising, comprising of a private placement of new units in KIT to institutional and other investors, and a non-renounceable underwritten preferential offering of new units to entitled unitholders of KIT. The net proceeds from the private placement and preferential offering will be used towards the partial repayment of bridge facilities, totalling S$590 million (US$436m), which were used to initially fund acquisitions by KIT in green infrastructure segments across Norway, Sweden, the UK, Germany and South Korea. The acquisitions will grow KIT’s exposure to the global green infrastructure sector, allowing KIT to meet the growing global demand for renewables, clean energy and decarbonisation solutions. The acquisitions will also reinforce KIT’s commitment to ESG targets, and support the global climate agenda. Partners Bernie Lee, Kern Wong and Jessie Lim led the firm’s team in the transaction.
Further, Allen & Gledhill has advised Bayfront Infrastructure Management on the issue of US$500 million 4.257 percent notes due 2026, guaranteed by the Government of Singapore. The Hongkong and Shanghai Banking Corporation Singapore Branch and Standard Chartered Bank (Singapore) were appointed joint lead managers of the notes. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction.
Allen & Overy has advised the underwriters on the IPO and listing of ADNOC Logistics & Services (ADNOC L&S) in Abu Dhabi. ADNOC L&S is the maritime logistics arm of the ADNOC Group, and is the largest fully-integrated shipping and logistics company in the region, supporting the energy supply chain through three major business segments: shipping, integrated logistics and marine services. The final offer price for the shares in ADNOC L&S offered by Abu Dhabi National Oil Company (ADNOC) via the IPO was set at the top end of the price range, raising approximately US$769 million and implying a market capitalization (at the time of listing) of ADNOC L&S of approximately US$4.05 billion. The IPO saw significant demand from both local and international investors, with total gross demand amounting to over US$125 billion, implying an oversubscription level in excess of 163 times, the highest ever oversubscription level for a UAE IPO. Abu Dhabi partner Khalid Garousha and US securities partner Adam Wells led the firm’s cross-border team involving lawyers in the UAE, London, the US and Belfast in the transaction.
AZB & Partner has advised VR Dakshin on its financing, through the issue of listed non-convertible debentures, of Rs7.5 billion (US$91m) with a maturity date of 12 years from Standard Chartered Bank and Deutsche Bank. Partners Hardeep Sachdeva and Ravi Bhasin led the firm’s team in the transaction, which was completed on April 19, 2023.
AZB & Partners has also advised Amazon on its approximately Rs1.65 billion (US$20m) acquisition, along with other investors, of stake in Hit The Mark. Partners Hardeep Sachdeva and Ravi Bhasin also led the firm’s team in the transaction, which was completed on May 24, 2023.
Moreover, AZB & Partners has advised WestBridge Crossover Fund, ICP Holdings I (Saama Capital) and ON Mauritius (Omidyar Network) on the acquisition of a majority stake in Vistaar Financial Services by Aqua Lagoon Investment, an affiliate of Warburg Pincus, from WestBridge, Saama Capital, Omidyar Network, Elevar Equity Mauritius and other investors. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which had its first closing on May 12, 2023 and its second closing on May 25, 2023.
Further, AZB & Partners has advised Filter Capital India Fund I on its acquisitions of stake in Sekhmet Technologies. Partners Nanditha Gopal and Gautam Rego led the firm’s team in the transaction, which was completed on March 31, 2023.
Cyril Amarchand Mangaldas has advised Aditya Birla Fashion and Retail (ABFR) on its acquisition of 51 percent stake in TCNS Clothing, via share purchase from TCNS promoters, followed by a conditional open offer to TCNS public shareholders, and subsequent merger of TCNS in ABFR. Credit Suisse acted as investment banker for TCNS. Partners Nivedita Rao (corporate deputy head), partners Ruetveij Pandya and Anand Jayachandran, supported by partners Avaantika Kakkar (competition head), Kirthi Srinivas and Pallavi Rao, led the firm’s team in the transaction, which was signed on May 5, 2023 and will close within 9-12 months.
Cyril Amarchand Mangaldas has also advised Kotak Mahindra Capital, Axis Capital, IIFL Securities, Jefferies India and JP Morgan India, as the book-running lead managers, on the IPO of Mankind Pharma. The IPO comprised an offer for sale of more than 40 million equity shares aggregating to Rs43.26 billion (US$524m) by the promoter selling shareholders, namely Ramesh Juneja, Rajeev Juneja and Sheetal Arora, and the investor selling shareholders, namely Cairnhill CIPEF and Cairnhill CGPE (Capital International Group affiliates), and Beige and Link Investment Trust (ChrysCapital affiliates). The transaction, which was signed on April 28, 2023 and closed on May 4, 2023, was India’s largest IPO in 2023, and the third largest since 2022. Partners Yash Ashar (capital markets head) and Gokul Rajan (northern region markets head) led the firm’s team in the transaction, while Sidley Austin acted as international counsel.
WongPartnership is acting for Cercano Management, as lead investor, on the US$25 million Series B1 funding of Singapore-based social music creation platform BandLab. Partner Kyle Lee is leading the firm’s team in the transaction.
WongPartnership is also advising Aleph Tav on its voluntary unconditional cash offer for Penguin International, as well as the financings relating to such offer. This is a consortium made up of Penguin International’s Executive Chairman, Managing Director and a special purpose vehicle under private equity firm Dymon Asia, which is making its second attempt to take the company private. They are offering shareholders 82 cents per share, higher than the previous offer price of 65 cents per share. Partners Andrew Ang and Anna Tan are leading the firm’s team in the transaction, together with partners Christy Lim and Bernadette Tan.