Allen & Gledhill has advised Ascendas Funds Management, as manager of Ascendas REIT, on the issue of €300 million (US$355m) 0.75 percent fixed rate notes due 2028, under the S$7 billion (US$5.17b) euro medium term securities programme established by HSBC Institutional Trust Services (Singapore), as trustee of Ascendas REIT. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised GLP on the issue of US$300 million 4.6 percent green subordinated perpetual capital notes, under its US$5 billion euro medium term note programme. This is the fourth series under the programme. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has acted as Indian counsel to Schaffner Holding and its Indian subsidiary Schaffner India on the sale by Schaffner and its worldwide subsidiaries of their power magnetics division, including in India, to the AQ Group. Partners Darshika Kothari and Divya Mundra led the firm’s team in the transaction, which was valued at Rs1.8 billion (US$24m) and was completed on July 1, 2021.
AZB & Partners is also advising Fortum India on the approximately Rs25 billion (US$335 m) divestment of its solar projects Fortum Solar India and Fortum Solar Plus to Actis Fund, through Solenrgi Power and Sprng Energy. Partners Gautam Saha, Sachin Mehta, Punita Gupta and Anuja Tiwari are leading the firm’s team in the transaction, which was signed on June 21, 2021 and is yet to be completed.
Clifford Chance has advised global private equity firm TPG Capital on its acquisition of a majority stake in Made Group, an Australian beverages business. Made Group manufactures and distributes a range of health and wellness-focused food and beverage products, with a portfolio that includes coconut water label Cocobella, cold-pressed juice label Impressed, Rokeby Farms dairy products and vitamin water label Nutrient Water. Corporate partners Andrew Crook and Jacob Kahwaji led the firm’s team in the transaction.
Clifford Chance has also advised blockchain digital trade finance network Contour on its Series A+ preferred financing and fundraising round, securing new investment from Sumitomo Mitsui Banking Corporation, as well as existing investors. Contour now brings together 13 leading regional and global trade banks, including Bangkok Bank, BNP Paribas, Citi, CTBC, HSBC, ING, SEB, SMBC and Standard Chartered, who are also working to drive adoption of the network among their global communities of bank and corporate clients. Contour’s non-bank shareholders include R3 (developers of the Corda enterprise blockchain technology on which the Contour platform is based), Bain & Company and CryptoBLK, with Contour now operating in a live business environment across 44 countries. Partner Paul Landless (Singapore), supported by partners Valerie Kong (Singapore), Lena Ng (Singapore), Andrew Patterson (London), Monica Sah (London), Ling Ho (Hong Kong) and Richard Blewett (Brussels), led the firm’s team in the transaction.
Davis Polk has advised the joint lead managers on the Regulation S offering of US$150 million 9.625 percent bonds due 2022 by Greenland Hong Kong Holdings, a Hong Kong-listed developer of quality residential, commercial and hotel properties in various cities in China. Partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
Davis Polk has also advised the joint lead managers on a US$400 million Regulation S bonds offering by Shui On Development (Holding) of its 5.5 percent senior notes due 2026, pursuant to the Sustainability-Linked Bond Framework. The securities are guaranteed by Shui On Land as the parent guarantor. Shui On Land is one of the leading property developers in China, and the flagship property company of the Shui On Group in mainland China, with a focus on large-scale city-core property development projects. Partner Gerhard Radtke led the firm’s team in the transaction.
King & Wood Mallesons has acted as China, Hong Kong and US counsel to China Merchants Bank, as the lender, on a secured term loan facility provided to Taiying Group to finance the going-private transaction of China Customer Relations Centers (CCRC), a leading e-commerce and financial services business process outsourcing service provider in China. The going-private transaction, via merger of CCRC and Taiying International, the wholly-owned subsidiary of Taiying Group, was completed on July 6, 2021. The buyer group includes CEO and chairman of the Board Mr Zhili Wang, CFO and vice-chairman of the Board Mr Debao Wang and certain other shareholders of CCRC. Upon completion, CCRC will be delisted from the Nasdaq. Partners Jessica Zhou (Hong Kong), Stanley Zhou (Shanghai), Chunlong Xu (Shanghai), Eli Han (New York) and Tom Shoesmith (Silicon Valley) led the firm’s team in the transaction.
Kudun and Partners has represented Thailand-listed Prima Marine, a full-service provider in the marine transport industry and one of the largest fully integrated business operator in oil tanker and oil and petroleum storages in Thailand, on its acquisition of up to 100 percent shares in Big Sea, a maritime petroleum transportation service company which owns 14 ships and has the second-highest market share in Thailand. The first phase of the acquisition started in 2018, while the second phase was successfully concluded in Q1 of 2021. Partner Kom Vachiravarakarn led the firm’s team in the transaction.
Kudun and Partners has also represented a consortium consisting of Opes Callan, Hatton Equity Partners (Thailand) and Japan South East Asia Finance Fund, a private equity invested by Development Bank of Japan, on its acquisition and project financing of 100 percent stake in Microfiber Industries for β1.85 billion (US$56.7m). The acquisition financing was partially funded by Japan Southeast Asia Finance Fund. Partners Mayuree Sapsutthiporn and Kongkoch Yongsavasdikul led the firm’s team in the transaction.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has acted as Cayman Islands and BVI counsel to CIFI Holdings (Group) on its issuance of US$350 million 4.45 percent senior notes due 2026, and US$150 million 4.8 percent senior notes due 2028. The notes are guaranteed by certain non-Chinese incorporated subsidiaries of CIFI Holdings and will be listed in Hong Kong, via debt issues to professional investors. CIFI Holdings also made an offer to purchase its outstanding US$300 million 7.625 percent senior notes due 2023. Partner Lorraine Pao led the firm’s team in the transaction, while Sidley Austin acted as US and Hong Kong counsel, and Commerce & Finance Law Offices acted as Chinese counsel. Davis Polk & Wardwell acted as US counsel, while Jingtian & Gongcheng acted as Chinese counsel for the initial purchasers.
Maples and Calder, the Maples Group’s law firm in Hong Kong, has also acted as Cayman Islands and BVI counsel to eHi Car Services on its issuance of US$300 million 7.75 percent senior notes due 2024. The notes are listed in Hong Kong. eHi Car Services is a the leading car rental and chauffeured car services platform, operating in the massive and high growth mobility-as-a-service (MaaS) industry in China. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while Latham & Watkins advised as to US and Hong Kong laws. The purchasers were advised by Shearman & Sterling as to US law.
Paul Hastings has advised Hong Kong-listed CIMC Vehicles (Group) on its compliance with Hong Kong listing rules for its Rmb1.76 billion (US$272m) IPO in Shenzhen. Haitong Securities, China International Capital Corporation and Ping An Securities acted as the lead underwriters. CIMC Vehicles, which debuted in Hong Kong in 2019, achieves “A+H” dual-listing status with the Shenzhen IPO, and marks the first Hong Kong-listed company to trade on the ChiNext Board in Shenzhen. As a subsidiary of China International Marine Containers (Group), a world-leading supplier of logistics and energy equipment in China, CIMC Vehicles is a leader in the global semi-trailer industry, primarily engages in the manufacture, sale and after-sale services of semi-trailers. Chair of Greater China global partner Raymond Li and corporate partner Chaobo Fan led the firm’s team in the transaction.
WongPartnership has acted for Hangry on its US$13 million Series A funding round. Partner Kyle Lee led the firm’s team in the transaction.
WongPartnership has also acted for CapitaLand on the approximately S$534.4 million (US$395m) disposal of its 75 percent equity interest in Galaxis to Ascendas REIT. Partner Kyle Lee led the firm’s team in the transaction, together with partners Tan Teck Howe and Felix Lee.