Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Allen & Gledhill LLP is widely regarded as a powerhouse in the market for its consistently active roles on high profile transactions.With a string of well regarded talent on board, the firm focuses primarily on lender-based transactions, and advises ... [more]

Allen & Gledhill LLP is widely regarded as a powerhouse in the market for its consistently active roles on high profile transactions.

With a string of well regarded talent on board, the firm focuses primarily on lender-based transactions, and advises on an extensive array of financing transactions ranging from pure banking to cross border, structured and Islamic financing.

In a recent high value deal, partner and renowned capital markets lawyer Tan Tze Gay headed a team for Global Logistic Properties’ IPO on the Singapore Exchange Securities Trading, and a simultaneous public offering without listing in Japan.

Meanwhile, partners Kok Chee Wai, Kelvin Wong and Ho Chien Mien are representing the lender, RBS, as Singapore legal counsel regarding US$1.3 billion in recourse project financing of a large scale petrochemical plant for Jurong Aromatics. The firm has worked in tandem with Linklaters to advise on most aspects of the transaction, including procurement of raw materials, supplies and utilities, and consultancy agreements.

In the Islamic Finance space, Jerry Koh, Foong Yuen Ping, Penny Goh, Chew Mei Choo, Tan Boon Wah and Serena Choo advised on Singapore’s first, and largest, listed Shari’ah compliant REIT by assets globally.

Partners Margaret Chin and Mark Hudspeth come highly recommended for banking work, and the firm’s co-head of banking, Eugene Ooi, is held in high regard for his depth of understanding regarding client needs. Big things are expected from new partner Lim Wei Ting. “He’s very promising,” says one client.

[hide]

Renowned for the calibre of its transactional work, WongPartnership moves up the rankings this year as it continues to impress with its volume of complex, big ticket deals undertaken. In one transaction, prominent acquisition financing partner Christy ... [more]

Renowned for the calibre of its transactional work, WongPartnership moves up the rankings this year as it continues to impress with its volume of complex, big ticket deals undertaken.

In one transaction, prominent acquisition financing partner Christy Lim headed a team for healthcare service provider, Parkway Holdings, on its landmark S$750 million Murabaha financing.

Lim also worked on the refinancing of Orchard Turn Retail Investment, which is owned by CapitaMalls Asia and Sun Hung Kai Properties. The transaction was one of the largest property financing deals of the year and resulted in the granting of syndicated credit facilities of S$1.618 billion from the lenders.

Susan Wong and Alvin Chia are lead contacts for the banking and finance department. Meanwhile, Tan Mei Yen joined this year as a partner in the banking and financial disputes practice.

In the capital markets space, partners Rachel Eng and Colin Ong acted as lead advisers to the joint global coordinators and joint issue managers on Mapletree Industrial Trust’s real estate investment trust IPO.

Meanwhile, partner Karen Yeoh was involved in the S$3.9 billion IPO of Global Logistic Properties, serving as legal adviser to the joint global coordinators and joint underwriters. This is the first IPO of a company in which the Government of Singapore Investment has a majority stake.

Choon Yuen Hui and Chee Shan Long head up the firm’s capital markets team, and US securities specialist, Gail Ong, joined this year as head of the equity capital markets practice.

[hide]

Drew & Napier “goes the extra mile”, claims one client. The firm is particularly well regarded in both debt and equity work.In one noteworthy capital markets deal, directors Sandy Foo and Farhana Siddiqui acted for Overseas Union Enterprise (OUE) in ... [more]

Drew & Napier “goes the extra mile”, claims one client. The firm is particularly well regarded in both debt and equity work.

In one noteworthy capital markets deal, directors Sandy Foo and Farhana Siddiqui acted for Overseas Union Enterprise (OUE) in its issue and listing of up to S$200 million in aggregate principal amount of convertible notes, and the listing of shares in OUE to be issued upon conversion of convertible notes.

It was the first fully documented primary and secondary capital markets deal, and involved significant management of disclosure issues to ensure all shareholders received the same information.

The firm’s capital markets and funds practice group is led by Sin Boon Ann, Yeo Wee Kiong and Petrus Huang. Director Valerie Kwok heads up the banking and finance group, which covers the full spectrum of debt financing arrangements – from bank loans to tapping public debt capital markets, domestic as well as cross border.

[hide]

Rajah & Tann remains one of the top firms in the market for having consistently highly regarded capital markets and restructuring teams. In a highlight banking transaction this year, partner Angela Lim advised Resorts World at Sentosa on secured ... [more]

Rajah & Tann remains one of the top firms in the market for having consistently highly regarded capital markets and restructuring teams.

In a highlight banking transaction this year, partner Angela Lim advised Resorts World at Sentosa on secured credit facilities of S$4.2 billion for the refinancing of facilities constructed on Sentosa Island by Resorts World at Sentosa.

The firm’s restructuring and insolvency practice head, Lee Eng Beng, also continued to make an impression, representing lenders and creditors in several large restructuring and rehabilitation cases this year.

Together with partners Sim Kwan Kiat and Ryan Loh, Lee acted for bank lenders regarding the insolvency of Korea Line. The company’s Singapore subsidiary alone owes US$100 million, but was placed under bankruptcy protection by Korean courts. Lee also advised creditors regarding the insolvency of Drydocks World Group, which carried US$100 million in debt.

Clients particularly value the depth of industry knowledge within the firm’s restructuring and insolvency team, and the quick turnaround time of deals. “The lawyers there are good, easily accessible and very innovative,” says one.

This year, the firm also started the first integrated regulatory practice dedicated to compliance in Singapore.

[hide]

This year Shook Lin & Bok advised financiers and borrowers on a wide range of credit products. These included secured and unsecured bilateral and syndicated loans, short, medium and long term credit facilities, leveraged and acquisition finance, asset ... [more]

This year Shook Lin & Bok advised financiers and borrowers on a wide range of credit products. These included secured and unsecured bilateral and syndicated loans, short, medium and long term credit facilities, leveraged and acquisition finance, asset finance, project finance, property finance, structured finance, trade finance and refinancings.

Notable deals include the establishment of a US$800 million syndicated term loan facility granted to Lanco Infratech to finance its acquisition of Griffin Coal Mining and Carpenter Mine Management. This was the largest investment by an Indian enterprise in Australia to date.

Partners Tan Woon Hum and Markus Blenntoft also advised HSBC Institutional Trust Services, the trustee of Sabana Sharia Compliant Industrial Reit in its IPO. This is Singapore’s first sharia compliant Reit and raised S$491 million (US$378 million). It is a particularly innovative transaction, as Hum and Blenntoft had to work around shariah structures to create what is reportedly the largest shariah compliant Reit in the world.

[hide]

Stamford Law’s banking team, under Susan Kong, is valued for its professional and accessible approach to clients.Kong headed a team advising UOB on the arrangement of its US$50 million senior facilities to Solu Sindo Kreasi Pratama. This was for repayment ... [more]

Stamford Law’s banking team, under Susan Kong, is valued for its professional and accessible approach to clients.

Kong headed a team advising UOB on the arrangement of its US$50 million senior facilities to Solu Sindo Kreasi Pratama. This was for repayment of external borrowings and shareholder loans. The deal involved a complex security structure, as the security comprised Indonesia-located telecom tower assets and therefore needed to take into account Indonesian law concerning the rights of numerous telecom towers at various stages of completion, licences and operations.

On the capital markets side, clients value the firm’s good relationships with Singapore’s regulators. Chun Bin Soh and Bernard Lui are also noted for their understanding of Chinese and Taiwanese law. “They are both extremely technical,” says one client.

In one transaction, Soh and practice head Joo Khin Ng advised Hyflux on the listing of its first cumulative preference shares, and the first preference shares offering in Singapore by a non financial. The deal offered dividends on a cumulative basis and had an upsize option to raise an additional S$200 million, on top of the original S$200 million, which was fully exercised due to overwhelming demand.

[hide]

Rodyk & Davidson Headed up by partners Doreen Sim and Tan Joo Thye, Rodyk & Davidson keeps a respectable practice in the banking and finance space. In a highlight deal on the banking side this year, corporate partner Valerie Ong and real estate ... [more]

Rodyk & Davidson

Headed up by partners Doreen Sim and Tan Joo Thye, Rodyk & Davidson keeps a respectable practice in the banking and finance space.

In a highlight deal on the banking side this year, corporate partner Valerie Ong and real estate lawyer Lee Ho Wah advised Overseas Union Enterprise in respect of a S$750 million transferable term loan facility with an embedded debt security conversion option.

RHT Law

RHT Law is a new firm founded this year by former KhattarWong managing partner Tan Chong Huat and senior partners Rajah Menon and Hee Theng Fong. Amita Dutt, the head of KhattarWong’s finance and real estate practice, is one of 24 KhattarWong partners who have joined RHT Law. Seven equity partners have also left for RHT Law, decimating KhattarWong’s respected capital markets practice and introducing a new player in the competitive Singapore market.

Straits Law Practice

Straits Law Practice has extensive experience in project financing for power plant, mining and other major infrastructural projects. The firm regularly acts for lenders, borrowers and project sponsors, advising on every aspect involved in securing and managing a project finance transaction.

Clients benefit from the group’s ability to identify and resolve issues that could potentially delay or break deals. M Rajaram is a key contact.

TSMP Law Corporation

TSMP Law Corporation’s banking and finance team had a very active year, with the strongest activity in real estate and asset financing.

In one highlight, the firm, led by director Jennifer Chia, advised Singapore listed Low Keng Huat (Singapore) in its purchase of land from the Housing & Development Board under HDB’s Design, Build & Sell Scheme (DBSS) for public sector housing. As part of the S$155 million purchase, the firm also assisted the LKHS group in its financing for the project with a major local bank.

[hide]