Allen & Gledhill has advised Oversea-Chinese Banking Corporation and Standard Chartered Bank (Singapore), as the arrangers and dealers, on the establishment of a S$2 billion (US$1.4b) multicurrency debt issuance programme by DBS Trustee, the trustee of OUE Commercial Real Estate Investment Trust (OUE C-Reit) and OUE CT Treasury, a wholly-owned subsidiary of OUE C-Reit. The Bank of New York Mellon (BNYM) Singapore Branch was appointed as trustee, CDP issuing and paying agent, CDP calculation agent, CDP transfer agent and CDP registrar. The BNYM London Branch was appointed as non-CDP issuing and paying agent and non-CDP calculation agent, while the BNYM Luxembourg Branch was appointed as non-CDP registrar and non-CDP transfer agent. Partners Margaret Chin, Daselin Ang and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to BTG Holding on its S$434 million (US$305m) voluntary conditional cash offer, made on behalf of BTG Holding by United Overseas Bank, to acquire all the shares in BreadTalk Group. BTG Holding is a consortium comprised of George Quek, Katherine Lee and Minor International, a Thai-listed hospitality and leisure company. The firm also acted as transaction counsel to United Overseas Bank on the S$200 million (US$140.6m) term and revolving loan facilities to Piece Investment and S$55 million (US$38.7m) term loan facility to Minor BT Holding (Singapore). Partners Christopher Koh, Mark Quek and Lim Wei Ting led the firm’s team in the transaction.
Ashurst has acted as English, Singapore and New York law counsel to ANZ and ING, as the mandated lead arrangers and book-runners, on a US$400 million reserve-based lending facility to finance Udenna’s acquisition of Chevron’s 45 percent operating interest in the Malampaya gas field in offshore Palawan, Philippines. The Malampaya gas field is developed and operated by Shell Philippines Exploration, which also has a 45 percent interest. The acquisition fits strategically with Udenna’s long-term ambitions of developing a sustainable energy business in the Philippines. Partner Alfred Ng, supported by partners Jean Woo, Mike Neary and Christopher Whiteley, led the firm’s team in the transaction.
AZB & Partners has advised Ummeed Housing Finance on the Rs1.64 billion (US$21.7m) acquisition by NHPEA Kabru Holding and Lightstone Fund Raif of a more than 30 percent stake in Umeed. Partners Gautam Saha, Dushyant Bagga and Swati Chauhan led the firm’s team in the transaction, which was completed on February 25, 2020.
AZB & Partners has also advised Warburg Pincus portfolio companies Sagent Lending Technologies and Indecomm Global Services (India) on Indecomm’s Rs113 million (US$1.5m) acquisition of certain identified assets in India of ISG Novasoft Technologies, a subsidiary of Chambal Fertilizers and Chemicals. Partners Anil Kasturi, Nandita Govind and Ashish Pareek led the firm’s team in the transaction, which was completed on January 30, 2020.
Clifford Chance has advised Berjaya and its subsidiary Kyoto Higashiyama Hospitality Assets Tokutei Mokuteki Kaisha on the sale of the hotel component of the Four Seasons Hotel & Hotel Residences Kyoto, Japan to Godo Kaisha Tigre. The five-star hotel commenced operations in 2016 under the Four Seasons brand. The transaction was Berjaya’s first hotel development project in Japan. Tokyo partners Leng-Fong Lai and Eiichi Kanda led the firm’s team in the transaction, which was completed in March 2020.
CNPLaw has advised a US-headquartered Singapore graphic design company on securing additional financing, via a share subscription by a foreign investor. Completed in January 2020, the transaction is a significant capital injection for such company with a value of over S$70 million (US$49.2m). Partner Ken Chia led the firm’s team in the transaction.
Davis Polk has advised InnoCare Pharma on its IPO and listing in Hong Kong, and an international offering via Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$2.24 billion (US$289m), prior to any exercise of the over-allotment option. InnoCare Pharma is a clinical stage biopharmaceutical company. Partners Li He and Yang Chu led the firm’s team in the transaction.
Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law), member firm of Rajah & Tann Asia, has acted for Pepsi-Cola Products Philippines Inc (PCPPI) on its notification to the Philippine Competition Commission (PCC), and obtaining PCC clearance for Lotte Chilsung Beverage’s acquisition of up to 57.78 percent of PCPPI’s outstanding shares, through a tender offer to PCPPI’s shareholders. Partner Norge Patacsil led the firm’s team in the transaction.
Khaitan & Co has advised Cochin Shipyards on its acquisition, through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016, of Tebma Shipyard, a company which designs and constructs ships and vessels. The resolution plan submitted by Cochin Shipyard was approved by the National Company Law Tribunal on March 4, 2020. A Miniratna company under India’s Ministry of Shipping, Cochin Shipyards builds, designs, constructs, upgrades and repairs ships and vessels. The transaction was valued at Rs6.06 billion (US$80.4m), based on the amount of outstanding debts resolved under the resolution plan. The outstanding debts of the lenders aggregating to Rs6.06 billion (US$80.4m) is being settled by Cochin Shipyards for Rs650 million (US$8.6m). Partners Nikhilesh Panchal and Aashutosh Sampat, supported by executive director Dinesh Agrawal and partner Anisha Chand, led the firm’s team in the transaction.
Khaitan & Co has also advised the consortium of Jhunjhunwala and Kalpraj Dharamshi on the acquisition, via the resolution plan submitted in accordance with the Insolvency and Bankruptcy Code 2016, of Ricoh India, a subsidiary of Ricoh Japan. Ricoh India has been present in India for over 37 years, and operates through a pan-India network of seven offices and over 1,000 business partners. It is engaged in printing and ITS. Partner Kalpana Unadkat, supported by executive director Sudhir Bassi, led the firm’s team in the transaction, which was completed on January 23, 2020. J Sagar Associates advised Ricoh India’s committee of creditors.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Singapore Press Holdings on the issuance of S$300 million (US$211m) four percent subordinated perpetual securities, under its S$1 billion (US$703m) multicurrency debt issuance programme. Partners Lee Xin Mei and Eugene Lee led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted for United Overseas Insurance on its first real estate investment, the S$52 million (US$36.5m) acquisition of the property situated at 146 Robinson Road, Singapore from United Overseas Bank. Partners Norman Ho, Chou Ching and Tan Mui Hui led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised LGT Lightstone Aspada on its Series B round investment in Vivriti Capital, an online enterprise debt platform and lender. LGT Lightstone Aspada acquired less than 26 percent of the shareholding of Vivriti Capital. Partners Amit Khansaheb, Shilpa Mankar Ahluwalia and Promode Murugavelu, supported by partners Aparna Mehra and Gouri Puri, led the firm’s team in the transaction, which was valued at approximately Rs3.5 billion (US$46.4m) and closed on March 17, 2020. Cyril Amarchand Mangaldas advised Vivriti Capital, while J Sagar Associates advised Creation Investments India III, Vivriti Capital’s existing investor.
Shardul Amarchand Mangaldas & Co has also advised SBI General Insurance on the sale of 26 percent of its share capital by its shareholder IAG International, part of the Insurance Australia Group, to Napean Opportunities, a part of the Premji Invest Group, and Honey Wheat Investment, a part of the Warburg Pincus Group. Partners Nikhil Naredi and Roopal Kulsrestha, supported by partner Gauri Chhabra, led the firm’s team in the transaction. IAG was advised by AZB & Partners, while the purchasers were represented by Cyril Amarchand Mangaldas.
Skadden has advised Morgan Stanley and Goldman Sachs, as the joint sponsors, and UBS, China Merchants Securities, CMBI and SPDBI, as the underwriters, on InnoCare Pharma’s HK$2.2 billion (US$288m) IPO in Hong Kong. InnoCare is a Beijing-based clinical stage biopharmaceutical company, which is committed to developing innovative therapies for the treatment of cancer and autoimmune diseases for patients worldwide. The IPO’s retail tranche was over-subscribed by almost 300 times. Trading commenced March 23, 2020, after the first virtual listing ceremony in Hong Kong in the morning. Hong Kong partners Julie Gao, Paloma Wang and Christopher Betts led the firm’s team in the transaction.
WongPartnership is acting for Temasek Holdings as lead investor on the US$75 million extended funding round by Shopback. Partners Mark Choy, Kylie Peh and Kyle Lee led the firm’s team in the transaction.