White & Case Advises on IFLR Asia "High-Yield Deal of the Year"

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International Financial Law Review (IFLR) has named a transaction on which White & Case advised in 2016 its "High-Yield Deal of the Year" at the IFLR Asia Awards presented on March 2. The IFLR Asia Awards "celebrate legally innovative teams and deals in the Asia-Pacific region," according to IFLR.

In the winning transaction, White & Case advised financial institutions—including Deutsche Bank, Bank of America Merrill Lynch, Australia and New Zealand Banking Group and BOC International—on a US$1.2 billion senior secured notes offering and an HK$233 super senior revolving credit facility for Studio City Company Limited (60 percent of which is held indirectly by Melco Resorts & Entertainment Limited, a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, with the remaining 40 percent held indirectly by New Cotai, LLC)

The notes offering comprised US$350 million aggregate principal amount 5.875% senior secured notes due 2019 and US$850 million aggregate principal amount 7.25% senior secured notes due 2021. It was the largest high yield corporate bond offering ever in North Asia. More information about the winning transaction is available here.

"This was an outstanding and significant transaction for our clients and demonstrates the experience of our Banking and Capital Markets teams and our ability to support clients in Asia-Pacific on complex financing work against tight deadlines," said Eugene Man (Hong Kong), who led the Firm's deal team.

Eric Berg (Hong Kong), head of Asia-Pacific for White & Case, added, "It also shows our high level of commitment and the importance of maintaining strong relationships with our clients, having previously advised on numerous other financings and offerings for members of Melco Resorts & Entertainment Limited."

The White & Case team which advised on the transaction was led by partners Eugene Man (Hong Kong) and Rob Mathews (London) and local partner Jessica Zhou (Hong Kong), with support from associates Stephen Howard, Jessica Tam, Sabrina Lee (all Hong Kong), Anna Soroka (London) and Christina Lui (Singapore).