Asia Deal Digest: January 24, 2013

 

Sidley Austin Hong Kong partners Matthew Sheridan and Janney Chong acted for Chinese real estate developer Shimao Property Holdings Ltd. on its recent $786.3 million dollar-denominated note issue. The money will be used to refinance existing debt, fund development projects, and for general corporate purposes. Harneys also advised Shimao on British Virgin Islands and Cayman Islands law. Davis Polk & Wardwell Hong Kong partner Eugene Gregor represented the underwriters—The Hongkong and Shanghai Banking Corp. Ltd.; Standard Chartered Bank; UBS AG, Hong Kong Branch; Goldman Sachs (Asia); and J.P. Morgan Securities Plc. Commerce and Finance Law Offices advised the underwriters on Chinese law.
 

Sullivan & Cromwell Hong Kong partners Kay Ian Ng and Michael DeSombre are advising U.S. medical device maker Stryker Corp. on its proposed $764 million acquisition of Trauson Holdings Co. Ltd., a Chinese manufacturer of orthopedic products. In a statement, Stryker said it made the all-cash offer for Trauson, a leading maker of trauma and spinal orthopedic implants, in order to bolster its presence in China and capture a piece of the country’s growing low-cost orthopedics market. Beijing partners Gwen Wong and Garth Bray are also acting for Stryker. Ashurst Hong Kong partners Lina Lee and Robert Ogilvy Watson are representing Trauson. [Read full story]

 

Latham & Watkins advised Chinese property company Hopson Development Holdings Ltd. on a $300 million bond issue. The company, which engages in property development, management, and investment, issued the U.S. dollar-denominated notes in order to refinance existing debt and finance related construction projects, and for general corporate purposes. Latham Hong Kong partner Eugene Lee advised Hopson on U.S. law, while Minter Ellison Hong Kong partner Barbara Mok advised on Hong Kong law. The issuer was also represented by Chinese firm Han Kun Law Offices, Bermudan firm MJM Ltd., and British Virgin Islands firm Maples and Calder. Drake & Co. advised on matters of Samoan law. Davis Polk & Wardwell Hong Kong partner William Barron acted for initial purchasers UBS AG, Hong Kong Branch, and Industrial and Commercial Bank of China (Asia) Ltd.

 

Weil, Gotshal & Manges has advised U.S. private equity company Lindsay Goldberg on its $410 million purchase, through a subsidiary, of 275,000 marine cargo containers. The sellers, two funds controlled by German investment company Buss Capital, were represented by Watson, Farley & Williams Singapore partner Damian Adams.

 

Manila's Picazo Buyco Tan Fider & Santos Law Offices has represented Philippine conglomerate GT Capital Holdings Inc. in a $249 million equity issue. A majority of the proceeds will be used to fund GT Capital’s $221.5 million acquisition of an additional 30 percent stake in Toyota Motor Philippines from Metropolitan Bank & Trust Co., with the rest going toward general corporate purposes. Sidley Austin Hong Kong partner Alex Lloyd acted for UBS as the transaction’s sole bookrunner.