Allen & Gledhill has advised CapitaLand Treasury and CapitaLand on the issue of S$800 million (US$581m) 3.15 percent notes due 2029, under their S$5 billion (US$3.63b) euro medium term note programme. CapitaLand is the guarantor for the notes. Partners Tan Tze Gay, Wu Zhaoqi and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Mapletree Treasury Services and Mapletree Investments on the issue of S$300 million (US$217.9m) 3.15 percent notes due 2031, under the S$5 billion (US$3.63b) euro medium term note programme established by Mapletree Treasury. Mapletree Investments is the guarantor for the notes issued under the programme. Partner Glenn Foo led the firm’s team in the transaction.
Ashurst has represented Barclays Bank, Citigroup Global Markets, Deutsche Bank Singapore Branch, Emirates NBD Bank, Investec Bank, JP Morgan Securities, Morgan Stanley & Co International and Standard Chartered Bank, as the joint book-runners and lead managers, and JP Morgan Securities, as lead green structuring agent, on the offering of US$950 million senior notes by Greenko Solar (Mauritius), a subsidiary of Greenko Energy Holdings. The notes comprise two tranches: US$500 million 5.55 percent senior notes due 2025 and US$450 million 5.95 percent senior notes due 2026. The notes are guaranteed on a senior basis by Greenko Energy, and secured by a share pledge over Greenko Solar’s capital stock and a first priority security interest in an escrow account of the net proceeds from the sale of the notes, prior to the release therefrom to subscribe for rupee NCDs or loan rupee ECBs to be issued or borrowed by certain Greenko subsidiaries in India. Backed by the sovereign wealth funds of Singapore and Abu Dhabi, Greenko is India’s largest clean energy producer with 4.1 gigawatts of operational capacity. Global head of high-yield partner Anna-Marie Slot, assisted by partner Jeffrey Koppele, led the firm’s team in the transaction, which was the largest high-yield bond issuance from India this year and the largest corporate green bond issuance from Asia.
AZB & Partners has advised WestBridge Crossover Fund on the acquisition by its affiliate, JIH II, and other investors of more than 10 percent equity stake in Aptus Value Housing Finance India. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was valued at Rs8.8 billion (US$124m) and was completed on September 9, 2019.
AZB & Partners is also advising Tata Consultancy Services on its acquisition of certain assets of General Motors Technical Centre India. Partner Nilanjana Singh is leading the firm’s team in the transaction, which was signed on September 16, 2019 and is yet to be completed.
Baker McKenzie Wong & Leow has acted as lead counsel to Vertex Ventures on the formation of Vertex Growth Fund I, which raised US$290 million in capital commitments from investors, predominantly from Asia. The fund will leverage Vertex Ventures’ global network of early-stage venture capital funds, including regional funds in the US, China, Southeast Asia and Israel, and a global healthcare-focused fund, to identify promising portfolio companies. Principal Kelvin Poa led the firm’s team in the transaction.
Clifford Chance has advised Mitsubishi on leading an investment in next-generation utility company BBOXX. Mitsubishi led the US$50 million Series D funding into London-based BBOXX, which provides off-grid energy via innovative plug-and-play solar home systems in 12 countries in Africa and the developing world. BBOXX has impacted nearly one million people through access to pay-as-you-go solar energy using mobile money, and plans to use the investment to open up new markets and provide other key utilities, along with fundamental consumer services, such as insurance and finance. Partner Natsuko Sugihara led the firm’s team in the transaction.
J Sagar Associates has advised Export-Import Bank of India on the update of its US$10 billion global medium term note programme and on the dual-tranche issue of ¥25 billion (US$232.8m) and ¥7 billion (US$65.2m) Japanese yen bonds, which is EXIM’s first standalone samurai bond issuance since 2006. Partners Dina Wadia and Uttara Kolhatkar, supported by partner Kumarmanglam Vijay, led the firm’s team in the two transactions.
J Sagar Associates has also advised REC (formerly Rural Electrification Corporation) on its issue of US$650 million bonds under its US$5 billion medium term note programme. Partners Dina Wadia and Uttara Kolhatkar also led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is advising San Teh on the S$95.77 million (US$69.6m) voluntary conditional cash offer by Singapore San Teh Real Estate for the shares of San Teh. The company is engaged in property development and investment, hotel, and PVC pipes and fittings businesses. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.
RHTLaw Taylor Wessing is advising a high-net-worth individual on a joint venture in China, which has a value of more than Rmb750 million (US$105.4m). International China practice head partner Amanda Chen and private wealth deputy head partner Benjamin Szeto are leading the firm’s team in the transaction.
Shook Lin & Bok is acting for Heliconia Capital Management on its acquisition of a minority stake in Singaporean gaming chair startup Secretlab, one of the winners of the Emerging Enterprise Awards in 2017. The Heliconia-Secretlab partnership, which is valued at approximately S$200 (US$145.3m) to S$300 million (US$218m), will aid in boosting Secretlab’s research and development initiatives, procurement of supply chain, as well as efforts to attract talent and global partnerships. Partners Ho Ying Ming and Chua Shi Ying led the firm’s team on the transaction.
Skadden has represented Recruit Holdings on its ¥359.5 billion (US$3.3b) global offering of common stock, which is listed in Tokyo. Recruit Holdings is a leading global provider of HR technology, media and solutions, and staffing services. The offering closed on September 18, 2019. Tokyo partner Kenji Taneda led the firm’s team in the transaction.