White & Case Transactions Win Five FinanceAsia Achievement Awards
White & Case advised on deals winning five awards in FinanceAsia’s Achievement Awards for 2013. These awards recognize the best deals from each of the main markets in Asia.
The following 2013 awards were given by FinanceAsia:
Best Indonesia Deal and Best Equity Deal: Matahari Department Store re-IPO
In one of the largest transactions in the region since early 2011, White & Case represented CIMB, Morgan Stanley and UBS as joint global coordinators and joint bookrunners. The transaction, comprising a secondary sale of 40 percent of the outstanding shares of the company, was valued at approximately US$1.3 billion. CVC was one of the selling shareholders. The sale involved a Rule 144A/Regulation S offering outside of Indonesia, and included 15 cornerstone institutional investors who purchased approximately 33 percent of the offered shares.
Best IPO: BTS Mass Transit Growth Infrastructure Fund (BTSGIF) IPO
This IPO, which required complex structuring, is considered by FinanceAsia to be “the most innovative IPO of this year and one that looks likely to have the biggest impact on the equity capital markets long-term.” The IPO, on which White & Case advised BTSGIF as the issuer, was also significant in terms of size. The offering raised US$2.1 billion for BTSGIF, with US$1.4 billion sold to public investors—making it the largest private sector IPO ever in Thailand and the second largest listing in Southeast Asia in 2013. The company was able to attract 20 high-quality domestic and international cornerstones who agreed to take up 60 percent of the shares sold to the public.
Best Sovereign Bond: Republic of Indonesia (ROI)
The winning sovereign issue was ROI’s US$1.5 billion senior unsecured Sukuk (Islamic bond) offering. White & Case advised ROI in the transaction which was the first benchmark international bond to be launched and priced by an Asian, non-Japanese sovereign since the slowdown in primary activity over the summer months. Given its status as the last issuance of the year, and one with a short duration (five-and-a-half years), the deal attracted an order book of US$5.7 billion from 290 accounts. Of note, 24 percent of the allocation originated in the United States.
Best Loan: Alibaba's US$8 billion loan
Alibaba's impressive US$8 billion loan was the largest syndicated loan in US dollars out of Asia in 2013. White & Case advised the mandated lead arrangers ANZ, Citi, Credit Suisse, DBS, Deutsche Bank, HSBC, JP Morgan, Mizuho and Morgan Stanley. Structured as a US$6.5 billion senior term loan and a US$1.5 billion revolving credit facility, the loan was widely syndicated.