Southeast Asia
Stephenson Harwood has advised Indonesia’s Lion Air on a $24 billion order for aircraft from Airbus SAS. The discount carrier will purchase 234 Airbus A320 and A321 aircraft in order to meet its expansion plans in Indonesia and throughout Southeast Asia, Airbus said in a statement. Singapore partner Paul Ng, head of Stephenson Harwood’s global aviation practice, led the team advising on the deal. Ng also represented Lion Air on a similar deal announced in late 2011, when the company paid $21.7 billion for 230 Boeing 737s. Negotiations for Airbus were handled by the firm’s in-house team. [Read full story]
White & Case and Thai law firm Weerawong, Chinnavat & Peangpanor are advising conglomerate BTS Group Holdings Pcl., which operates Bangkok’s SkyTrain mass transit network, on a $2 billion initial public offering for a new infrastructure fund. The deal, if successful, is slated to be Thailand’s biggest ever public offering. BTS Group will use the funds raised in order to invest in new mass transit projects, as the company seeks to benefit from a Thai government plan to expand Bangkok’s mass transit rail network to 316 miles by 2029 from just 50 miles today. [Read full story]
Milbank, Tweed, Hadley & McCloy and Latham & Watkins have advised on a $500 million senior note offering from Indonesian tire maker PT Gajah Tunggal Tbk. The company plans to use the money to repay existing bond debt and for capital expenditures, according to local media reports. Milbank Singapore partner Naomi Ishikawa represented the company, with Latham Singapore partner Timothy Hia acting for underwriters Credit Suisse, Deutsche Bank AG, and The Hongkong and Shanghai Banking Corp.
Japan
Sullivan & Cromwell, Simpson Thacher & Bartlett, Mori Hamada & Matsumoto, and Nagashima Ohno & Tsunematsu had the lead roles on a $7.8 billion share sale by Japan Tobacco Inc. The sale, which was held earlier this month, was part of a larger effort by the Japanese government to raise funds in order to pay for reconstructions costs related to the earthquake and tsunami of March 11, 2011. Through the sale, the government’s holding in the company dropped to about a one-third stake from 50 percent. Sullivan & Cromwell Tokyo partner Izumi Akai and Mori Hamada & Matsumoto partners Toru Ishiguro and Katsumasa Suzuki acted for Japan Tobacco and the government on the international and domestic offerings, respectively. Simpson Thacher Tokyo partner Alan Cannon represented joint lead managers Goldman Sachs International, Daiwa Capital Markets Europe Ltd., and J.P. Morgan Securities Plc, with Nagashima Ohno partner Shinichi Araki acting as Japanese counsel. [Read full story]
Singapore
Drew & Napier has advised Singaporean conglomerate Tuan Sing Holdings Ltd. on its establishment of a $719.6 million note program. The company, which operates in the real estate and hospitality sectors, among others, is raising funds for property development and investment, as well as for general corporate purposes. Director Farhana Siddiqui led the team advising Tuan Sing. Allen & Gledhill partner Margaret Chin acted for DBS Bank Ltd. as lead arranger.
Allen & Gledhill and Stamford Law Corp. took the lead on the recent $596.6 million take-private deal of luxury property developer SC Global Developments Ltd. by MYK Holdings Pte. Ltd., the investment holding company of former SC Global CEO Simon Cheong. Allen & Gledhill partners Andrew Lim, Hilary Low, Lim Wei Ting, and Lauren Chung advised MYK on the deal. Stamford Law senior partner Lee Suet-Fern acted for SC Global.
Allen & Gledhill partners Jerry Koh and Teh Hoe Yue have acted for Ascendas Funds Management Ltd. on its private placement of 160 million units in its Ascendas Real Estate Investment Trust, which raised $325 million. Acendas plans to use the money to repay existing debt, among other general corporate purposes. Allen & Overy advised joint lead managers Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd.
China
Skadden, Arps, Slate, Meagher & Flom is advising Chinese online retailer Vipshop Holdings Ltd., which trades on the New York Stock Exchange, on a follow-on offering of American depositary shares. The company and certain shareholders are selling 7.2 million ADSs at $24 each, raising $172.8 million. However, Vipshop will receive proceeds only from those ADSs it sells itself, and not from the selling shareholders, which is expected to be about $96 million. The money will be used to further expand the company’s logistics network and to bolster its information technology infrastructure, as well as for general corporate purposes. Hong Kong partner Julie Gao is acting for Vipshop. Simpson Thacher & Bartlett Hong Kong partner Leiming Chen is representing underwriters Goldman Sachs (Asia), Deutsche Bank Securities Inc., and J.P. Morgan Securities.
O’Melveny & Myers has advised Chinese genome research and sequencing company BGI-Shenzhen on its $117 million purchase of American genome sequencing company Complete Genomics Inc., Asian Lawyer sister publication The Recorder reported this week. Menlo Park partner Paul Scrivano, Hong Kong partner David Johnson Jr., Washington, D.C., partners Theodore Kassinger and Jonathan Sallet, and partner Wendy Pan in Shanghai acted for BGI Shenzhen on the all-cash deal. Complete Genomics was represented by Latham & Watkins Menlo Park partners Alan Mendelson and Luke Bergstrom. [Read full story]
Email: tbrennan@alm.com.
