Sumitomo Mitsui Banking Corp. has made a $2 billion triple-tranche offering of bonds on the Singapore Exchange. The issuance comprises two fixed-rate tranches with a combined value of $1.5 billion, and a $500 million tranche of senior floating rate bonds. The bonds have been made available internationally as a Rule 144A/Regulation S offering. Davis Polk & Wardwell advised the issuer, SMBC, on U.S. law through Tokyo partner Theodore Paradise. Japanese counsel to SMBC was provided by Nagashima Ohno & Tsunematsu, headed by corporate finance partner Fumihide Sugimoto. Simpson Thacher & Bartlett‘s team advising the underwriters included Tokyo corporate partner Alan Cannon and New York tax partner Robert Holo. The underwriters did not have a separate Japanese legal advisor. [Read full story]
Australia
Allens Arthur Robinson‘s Sydney corporate partners Richard Kriedemann and Kylie Brown landed the lead roles advising mining behemoth Rio Tinto on a joint bid with Japan’s Mitsubishi Corp. to buy the remaining equity in Coal & Allied Industries Ltd., a coal producer based in Brisbane. If the deal goes through, it will give the buyers the outstanding 14 percent interest that they don’t already own in the company, worth some $1.6 billion. Blake Dawson is acting for Mitsubishi, which will own a 20 percent stake in Coal & Allied after the deal. Stephen Menzies, Jason Lambeth, and Ian Williams are leading the firm’s team from Sydney. Gilbert + Tobin is advising the target, through Sydney partners Gary Besson and Gary Lawler. [Read full story]
