A roundup of some notable recent deals.
DEBT
Stamford Law Corporation acted with regard to Singapore law for Theta Capital, a unit of Indonesian property developer PT Lippo Karawaci (LPKR), in a $150 million issuance of senior notes. The bond issue was 4.5 times oversubscribed, indicating a strong belief among global markets in the fundamentals of LPKR and the Indonesian economy, said LPKR president director Ketut Budi Wijaya, in a statement. The funding will go towards the development of new retail malls, hospitals and large scale integrated developments, as well as the company’s capital requirements and general corporate purposes. Yap Wai Ming led the team for Stamford Law. Milbank, Tweed, Hadley & McCloy LLP advised on English law, while Makes and Partners advised on Indonesian law and Allen & Gledhill LLP advised on Singapore tax law. Shearman & Sterling and Melli Darsa & Co. Menara acted for the joint bookrunners, while Mallesons Stephen Jaques served as legal advisrr to the trustee.
Indonesia’s Hiswara Bunjamin & Tandjung advised the Indonesia Eximbank on the issuance of $500 million in senior notes, as part of a $1.5 billion euro medium-term note program. Partner Ibnu Fajar Ramadhan led the Hiswara team. Philip Lee, corporate partner with Herbert Smith advised HSBC, Mitsubishi UFJ Securities International PLC and Standard Chartered Bank, the underwriters on the program.
M&A
Hogan Lovells Lee & Lee advised Trafigura on a $130 million equity investment in an oil refinery being built by Nagarjuna Oil Corporation Limited in Cuddalore, India. Besides taking the equity stake, Trafigura will invest an additional $120 million in the firm for the construction of storage facilities on other infrastructure at the site. Corporate partner Stephanie Keen led the Hogan Lovells team, while Manjula Chawla, a partner with Phoenix Legal in Delhi, served as Indian counsel to Trafigura. Merrick White, a partner with Clifford Chance, advised Nagarjuna Oil. Trafigura is a Singapore-based division of Dutch company Trafigura Beheer, the world’s third largest crude trader.
AZB & Partners advised Lemon Tree Hotels in a $122 million sale of a 6 percent stake in the Delhi-based hotel chain to APG, a Holland-based pension fund manager. The two firms entered into an agreement to build 35 hotels in India over the next four years. Anil Kasturi, a Delhi-based partner, led the AZB team. APG was advised by a team from J. Sagar Associates, which was led by partner Rupinder Malik. Hong Kong-based Susheela Rivers, a partner with DLA Piper, served as international adviser to APG.
OTHER
Indian firm AZB & Partners advised Earnest Towers Private Limited on a $180 million deal involving the establishment and assignment of Mumbai’s First International Financial Centre Condominium to Citibank N.A. and Citibank Global Markets India Private Limited. Earnest Towers is a special vehicle set by Vornado Realty Trust, Starwood Capital Group, Urban Infrastructure Real Estate Fund, The Chatterjee Group, Hiranandani Properties Private Limited, Sharanya Trading Private Limited and Jai Corp Limited. Partner Nohid Nooreyezdan led the AZB team. ALB
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