Press Release
Milbank Sees Significant First Half Deal Flow
Firm’s Asia Offices Advise on More Than US$9 Billion in Capital Markets Deals So Far This Year
HONG KONG, SINGAPORE, 28 August 2009 – Milbank, Tweed, Hadley & McCloy LLP (Milbank) has been involved in over US$9 billion of closed capital markets deals across Asia this summer.
“The deal flow reflected a significant improvement of market conditions, a large backlog of deals in the pipeline, and confidence by Asian companies in the continuing growth of their economies, notwithstanding the continuing downturn in the major western economies,” said Anthony Root, head of Milbank’s corporate practice in Asia.
In addition to the biggest Asia ex-Japan bond offering for five years, the US$4.5 billion offering by Petroliam Nasional Berhad (Petronas), (announced separately), the deals included the first high yield offerings in Southeast Asia since 2007. The transactions included:
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US$1.46 billion rights offering by Axiata Group (formerly TM International), a leading Asian telecom company based in Malaysia. The lead manager was CIMB Investment Bank Berhad (Principal Advisor). Other banks included RHB Investment Bank Berhad, Goldman Sachs (Singapore) Pte, J.P. Morgan Securities Ltd, Maybank Investment Bank Berhad, Morgan Stanley Services Limited, Deutsche Bank AG and UBS AG.
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US$985 million rights offering by Neptune Orient Lines, one of the world’s largest shipping lines. The lead managers were DBS, HSBC, J.P. Morgan, and Morgan Stanley. Milbank represented the issuer.
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US$500 million GDR offering on the London Stock Exchange by Tata Steel, one of the world’s largest steel companies and a member of the Tata Group, one of India’s largest business groups. Milbank represented Citigroup, Goldman Sachs, JP Morgan and UBS as initial purchasers.
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US$470 million placement of shares by GCL-Poly, a Chinese power supplier listed on the HKSE after its merger with Jiangsu Zhongneng. Morgan Stanley was the sole global coordinator and a bookrunner, BOCI and UBS were joint bookrunners and ICBC, HSBC and CICC were placing agents. Milbank represented the issuer.
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US$420 million exchange offer of high yield bonds by Gajah Tunggal, an Indonesian tire manufacturer. Milbank represented Credit Suisse as dealer manager.
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US$200 million high yield bond issue and US$150 million high yield bond exchange offer by Matahari International, an Indonesian retailer. Lead managers were Citigroup and UBS. Milbank represented the issuer.
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US$151.6 million secondary block sale of shares of PT Adaro Energy, a leading Indonesian coal company. Milbank represented the consortium of selling shareholders, including Goldman Sachs.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex and innovative transactions. Our transactional expertise includes Acquisition Finance, Capital Markets, Corporate Finance, Project Finance and other major fields of law practice. Headquartered in New York, Milbank has 10 offices worldwide, including Beijing, Hong Kong, Singapore and Tokyo.