Milbank LLP’s Singapore capital markets practice has successfully closed over US$7 billion worth of debt transactions in the first half of 2021. Despite the disruption to global markets arising from the ongoing COVID-19 pandemic, the team has successfully priced and closed some of the largest and most significant transactions within the Asia region this year.
The issuances spanned a wide range of sectors, including retail and consumer, energy, manufacturing, real estate and infrastructure and included issuances from some of Asia’s blue-chip energy conglomerates as well as several of Indonesia’s leading market players.
“We are thrilled to have played a role in the success of these transactions. Given the current volatility in emerging markets, the investor interest speaks to the strong fundamentals of these leading issuers. The success of these transactions highlights Milbank’s unmatched ability to deploy a cross-border team of experienced attorneys to execute complex capital markets transactions across multiple jurisdictions,” said Partner Giles Kennedy.
All of the transactions were led by Milbank’s Singapore capital markets team led by partners Giles Kennedy and Naomi Ishikawa with associates Steven Holm, Raashi Mukherji, Edward Bentley and Andre Seah with legal assistant Ayu Maylinda. The transactions received support from New York partners Andrew Walker and Catherine Leef Martin and associates Megha Kalbag and Benjamin Heller; Washington DC partner Dara Panahy, special counsel Bijan Ganji and associate Pinky Mehta; and London partner James Warbey and associate Robert Wyse Jackson.
Milbank recently strengthened its Singapore capital markets capabilities with the addition of Special Counsel Terrence O’Donnell. Mr. O’Donnell has over 15 years of experience advising issuers and underwriters on a variety of debt and equity capital markets transactions, adding senior fire-power to Milbank’s Chambers Band 1-ranked Singapore and Indonesia capital markets practices. The team is highly active on the market’s biggest high-yield, investment-grade debt and equity deals and routinely has their transactions recognized with “Deal of the Year” awards by leading industry publications.
Milbank’s strong showing included the following transactions:
- Gajah Tunggal
Advised the initial purchasers in connection with a pre-deal consent solicitation offering of US$175 million 8.950% guaranteed senior secured notes due 2026 pursuant to Regulation S and concurrent tender offer for 8.375% guaranteed senior secured notes due 2022 by PT Gajah Tunggal Tbk, an Indonesian tire manufacturer listed on the IDX. This is an example of a rare CCC+ rated high yield transaction from Southeast Asia that was successfully executed to refinance an impending maturity. - Indofood CBP
Advised PT Indofood CBP Sukses Makmur Tbk, Indonesia’s largest food solutions supplier, in connection with its US$1.75 billion debut investment-grade bond issuance pursuant to Regulation S. This is the first investment-grade issuance by Indofood CBP, the first 30-year investment-grade offering by a non-state-owned company in Indonesia. - Petroliam Nasional Berhad (PETRONAS)
Advised the arrangers and dealers, joint bookrunners and the sole global coordinator in connection with the US$600 million annual update of PETRONAS 144A/Reg S NY Law GMTN Program, which included the novel addition of PETRONAS Energy Canada Limited, a Canadian issuer, as an additional issuer under the program and a subsequent US$3 billion takedown transaction off the updated GMTN Program. PETRONAS is a leading energy company ranked amongst the largest corporations on Fortune Global 500. - Delhi International Airport Limited (DIAL)
Advised DIAL, owner and operator of the Indira Gandhi International Airport, the largest airport in India, in connection with a US$450 million bond offering pursuant to Rule 144A and Regulation S. The bonds were classified as green bonds by CICERO, a first for an airport in India. - ABM Investama
Advised PT ABM Investama Tbk, an IDX listed integrated mining solutions provider, in connection with its offering of US$200 million 9.500% senior notes due 2026 pursuant to Rule 144A and Regulation S and concurrent tender offer for its 7.125% senior notes due 2022. - Japfa Comfeed
Advised PT Japfa Comfeed Indonesia Tbk, one of Indonesia’s largest agri-food companies, in connection with its issuance of US$350 million 5.375% Guaranteed Senior Notes due 2026. - Pakuwon Jati
Advised PT Pakuwon Jati Tbk, an Indonesian real estate developer, in connection with its issuance of US$300 million 4.875% Senior Notes due 2028 and subsequent US$100 million tap issuance. - BUMA
Advised PT Bukit Makmur Utama (BUMA), one of the largest independent coal mining contractors in Indonesia, in connection with the US$400 million issuance of high-yield notes.
