We have advised on some of the largest and most significant deals in Asia Pacific.
Banpu extends position in Asian mining
We advised Banpu on their A$2.5 billion off-market all cash takeover offer for Centennial Coal Company Ltd, Australia’s largest independent coal miner. Our cross border team of lawyers advised Banpu on the acquisition and the complex regulatory process. This deal saw Banpu become the largest independent coal producer in Asia, giving it significant depth in the market for commodities as demand continues to grow. The acquisition is the largest made to date by a Thai company.
Banking syndicate backs cross-border Asian commodity financing
We advised on the financing arrangements for the acquisition of Sucrogen Ltd, Australia’s largest raw sugar producer, by Wilmar International Ltd, one of Asia’s leading agribusiness companies. A syndicate of Australasian banks provided the combined loan facilities of approximately US$1.9 billion.
Our ability to offer on-the-ground expertise across Australia, Singapore and other key jurisdictions in the Asia Pacific region was crucial in this deal. This was one of the biggest deals of its kind in the sector and one of the first cross-border Asian acquisitions of an Australian soft commodity business. It ranks among the largest listed companies by market capitalisation on the Singapore Stock Exchange.
Best Syndicated Loan Award
Deals of the Year 2010
Brisbane Airport Corporation takes new approach to funding expansion
We advised Brisbane Airport Corporation Pty Limited on its US$400 million senior secured bond offering to US institutional investors.
BAC ran a dual US and Australian debt issue simultaneously through a US private placement and the Australian corporate bond market, which enabled it to generate competitive tension on issue size, pricing and tenor and achieve the best financing terms. Our cross-border team of lawyers negotiated a successful entry for BAC into these new markets. Both offerings were significantly oversubscribed and BAC closed three tranches of US notes.
Black Saturday bushfires class action
We have been instructed in representative proceedings arising out of the Kilmore and Beechworth Bushfires in Victoria in 2009. This is one of the largest representative proceedings in Australia and the instruction comes as a direct result of our monitoring role of the Royal Commission into the 2009 Victorian Bushfires for QBE 386.
The team represents the Department of Sustainability and Environment, the Country Fire Authority and Victoria Police (who are insured by the Victorian Managed Insurance Authority) in defence of the counterclaim brought against them by electricity distributor, SPI Electricity Pty Ltd. The largest proceeding arises out of the Kilmore East fire where 119 people died and many more were injured or suffered psychological injury. The property losses exceed A$1 billion. The plaintiff class comprises at least 900 individuals with the potential to reach 1400.
Asahi strengthens position in water and juice market
We advised Asahi on its acquisition of the water and juice manufacturing businesses of P&N Beverages Australia for A$188 million. This acquisition initially involved the acquisition of P&N Beverages Australia for A$364 million but was subsequently restructured following ACCC objections to the acquisition of the soft drink and cordial businesses of P&N. The restructured transaction involved significant complexity with the P&N Beverage's business having to be split at the same time as the acquisition completed.
Chinese banks take lead role in multi-billion dollar iron ore joint venture
We advised China’s second biggest steel producer Anshan Iron and Steel Company Limited (AnSteel) (as a joint venture partner with Gindalbie Metals Ltd) on the US$1.2 billion syndicated project financing for the Karara Iron Ore project. The funding was arranged by China Development Bank and Bank of China. We advised Ansteel on all project financing structuring, regulatory and documentation issues on the negotiations with the mandated lead arranger group.
Landmark PPP hospital project in Adelaide
We advised Leighton Contractors and Hansen Yuncken (as part of the SA Health Partnership Consortium which includes Macquarie Group and Spotless) in their bid to deliver the design and construction of the new Royal Adelaide Hospital Public Private Partnership.
The A$1.85 billion PPP is the largest and most advanced hospital project ever undertaken in Australia, and the single largest infrastructure project in the State’s history.