Allen & Overy Hong Kong partner Amit Singh has advised Indian telecommunications giant Bharti Airtel Ltd. on a $2 billion dual-currency bond offering. Through a wholly owned subsidiary, Bharti Airtel International (Netherlands) B.V., the company sold the bonds in two tranches: $1 billion in 10-year dollar-denominated notes and $1 billion in seven-year euro-denominated notes. Proceeds will be used to refinance Bharti Airtel’s current debt. Milbank, Tweed, Hadley & McCloy Singapore partner Naomi Ishikawa represented underwriters Barclays Bank plc, BNP Paribas, Hongkong And Shanghai Banking Corp. Ltd., Standard Chartered Bank, JP Morgan Securities plc. and Bank of America Merrill Lynch, with Axon Partners New Delhi partner Abhimanyu Bhandari serving as Indian counsel. [Read full story]
China/Hong Kong/Macau/Taiwan
Davis Polk & Wardwell Hong Kong partners Eugene Gregor and Paul Chow and Beijing partner Li He have advised China Cinda Asset Management Co. Ltd. on a $1.5 billion bond offering on the Hong Kong Stock Exchange. The Chinese state-owned “bad bank,” which collects nonperforming loans from other banks, sold the dollar-denominated bonds in one $1 billion tranche of five-year notes and one $500 million tranche of 10-years. Proceeds will be used for investment and as working capital. Haiwen & Partners served as Chinese counsel to the issuer. Walkers Hong Kong partner Kristen Kwok acted as China Cinda’s British Virgin Islands counsel. Linklaters Hong Kong partners David Ludwick and William Liu advised underwriters BOCI Asia Ltd., Merrill Lynch International, Morgan Stanley & Co. International plc, UBS A.G. Hong Kong branch and Credit Suisse Securities (Europe) Ltd. King & Wood Mallesons served as Chinese counsel to the banks. [Read full story]
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