Clifford Chance Asia Pacific

We have advised the Urban Renewal Authority 市區重建局 (URA) on its triple-tranche HK$12 billion senior bonds offering under its Medium-Term Note Programme. This offering is one of the largest Hong Kong dollar-denominated note issuances, and marks URA’s return to the Hong Kong dollar public institutional bond market. The proceeds from the Offering will be used to address urban decay, improve living conditions for residents in Hong Kong's older districts and for general corporate purposes. Partner Mark Chan led the deal team with support from George Mok and Christine Chan. https://lnkd.in/daaN3v79

We have advised L'Occitane International S.A. (LOI) and its independent board committee on the privatisation and delisting of LOI from the Hong Kong Stock Exchange. Partner Alex Bidlake led a cross-border Clifford Chance team in Hong Kong and Luxembourg, showcasing our firm's global reach and expertise in complex transactions. See the full team in comments below. A few points about the deal: 👉 Reinold Geiger, the indirect majority owner of both LOI and the offeror (L’Occitane Holding S.A.), initiated this strategic transaction to provide the group with the flexibility needed for making long-term strategic decisions while remaining dedicated to its brand and geography-specific strategies.   👉 The offer, initially made for cash consideration only, was subsequently updated to give shareholders an option to receive cash or shares in the offeror.   👉 The offer was financed through a combination of external debt facilities from Crédit Agricole Corporate and Investment Bank (CA-CIB) and financing from Blackstone and Goldman Sachs Alternatives.   We are pleased to report that all conditions to the privatisation offer were satisfied, and the offer successfully closed on 6 August 2024. https://lnkd.in/dSTh5XEe

Hong Kong is positioning itself as a #DigitalBond hub as interest in such issues continues to increase. Partner Mark Chan spoke with Morgan M. Davis at IFR Asia about Hong Kong's focus on making existing financial systems compatible with the new technology rather than implementing new regulations, and why this approach makes sense. Get in touch with Mark to find out more or read the full article in IFR Asia: https://lnkd.in/gUq3rvD4 [For subscribers only] As IFR Asia notes, Hong Kong's standpoint so far has been that the digital nature of the securities does not detract from the fundamental nature of the product as a bond, essentially making the approach “technology neutral”.

We have advised SeaTown Holdings International on the formation of SeaTown Private Credit Fund II (PCF II), a US$1.3 billion fund focused on credit investments in the Asia Pacific region. Tony Chang, Chief Operating Officer of SeaTown Holdings International, remarked, “PCF II builds on the solid foundation and success of SeaTown Private Credit Fund I (PCF I), with a continued focus on investing in highly tailored financing solutions across Asia Pacific. We are pleased to welcome a diverse group of existing and new investors, whose overwhelming support underscores the growing recognition of SeaTown's private credit investment expertise and strategies. We would also like to thank the Clifford Chance team for their seasoned and professional advice throughout the fundraising process.” Kai Schneider led a cross-border team of lawyers in Singapore, London, and New York advising on private funds, tax and US regulatory and ERISA aspects. 👇 See the full team in comments below. https://lnkd.in/gwewbkXm #PrivateCredit

👏Congratulations to Chloe Teng, Emma Choo, Gwendolyn Oh, Larry Low, Nicholas Khong, Noah Lim, Phone Myat Thu and Jing Wen Wong who were recently called to the Singapore Bar, having completed their practice training contract with Cavenagh Law, our formal law alliance in Singapore. Your dedication, hard work, and commitment to excellence have led you to this significant milestone. We are delighted for you and wish you all the best in the next stage of your career journey! Learn more about career opportunities at Clifford Chance: https://lnkd.in/ghNQzVim #Law #Careers #WhereBrightMindsMeet

🔍 How Are #PrivateCredit Funds Capitalising on their Dry Powder? 🔍 Private credit funds are seeing increased deployment in bespoke transactions where sponsors seek additional leverage – Partner Elizabeth Hundt Russell shares further insights on this trend in the Australian market below 👇.   Discover valuable insights from our Global Private Credit Group in this briefing: https://lnkd.in/gsuPajP9 or get in touch.

🌟 Asset Tokenisation in APAC: What's next? 🌟   The next instalment in our APAC Perspectives Webinar Series on 📅 Wednesday, 4 September delves into the world of #AssetTokenisation in the APAC region.   Lawyers in our #FinTech Group will share their learnings and experiences from working on industry pilot projects and pioneering use cases. They will cover: 🔹 Trends and recent developments in asset tokenisation 🔹 Structuring tokenisation projects: legal, regulatory, commercial, and technological considerations 🔹 Best practices and practical considerations for planning and executing a tokenisation project 🔹 Potential disputes and litigation risks arising from digital asset projects and strategies to mitigate them Email [email protected] if you would like to attend.

#PrivateCredit + Corporate #Distress Partner Shaun Langhorne highlights that despite the various economic indicators, there has not been the level of #distress or #restructuring activity that might be expected outside of mainland China real estate. When it comes to #PrivateCredit there are two main trends he highlights – scroll 👉 through below. Discover valuable insights from our Global Private Credit Group in this briefing: https://lnkd.in/gsuPajP9

Terry Yang in #HongKong recently spoke with IFLR for its "Five minutes with..." series on the multifaceted life of a finance lawyer and how his father has been an inspiration.   👇 Click through below for extracts from the conversation. Read the full interview: https://lnkd.in/gMzQuaDN (registration required)

⭐ Private Credit APAC Update ⭐  Credit funds in APAC are increasingly targeting bilateral direct lending opportunities, which allow them full control over structuring, terms and decision-making throughout the life of the debt. These deals often involve highly structured instruments, including convertibles and warrants. Watch this space as we unpack the #PrivateCredit developments and trends for the region. First up, scroll through below 👇 for a few specific insights on the APAC market.    Discover valuable insights from our Global Private Credit Group in this briefing https://lnkd.in/gsuPajP9 and get in touch to learn more. Elizabeth Hundt Russell Chin Seng Chew Shaun Langhorne