Thailand

A global retail company on the sale of its entire interest in its business in Thailand to C.P. Retail Development, a company held by various CP Group entities, which includes a portfolio of nearly 2,000 stores nationwide. The transaction represented the largest corporate acquisition ever in Thailand to-date and it was also the largest in the APAC region for calendar year 2020. 'M&A Deal of the Year: South & Southeast Asia', Asia Legal Awards 2021 and 'M&A Deal of the Year (Premium)', ALB Southeast Asia Law Awards 2021.

Engie Global Developments B.V. (an affiliate of Engie S.A.) on the disposal of its entire 69.1% interest in Glow Energy to Global Power Synergy. This EUR2.6bn deal represented Thailand’s largest completed M&A deal and Asia’s largest M&A deal in the power sector, both for the year 2018 and 2019. 'Power M&A Deal of the Year', The Asset Triple A Infrastructure Awards 2020 and 'Best Cross-Border M&A Deal: Thailand', The Asset Triple A Country Awards 2020.

Starbucks Corporation on the USD650m sale of its Thailand retail business to, and entry into franchising licensing arrangements with, Coffee Concepts Thailand Co., Ltd. (a JV between Maxim’s Caterers Ltd. and Thai partner F&N Retail Connection Co., Ltd.)

Acted as Thai and international counsel to the financial advisors and lead underwriters on the THB33.1bn initial public offering and listing of Ngern Tid Lor Public Company Limited (TIDLOR) on the Stock Exchange of Thailand. The IPO comprised a public offering of shares by TIDLOR and their existing shareholders in Thailand and a concurrent private placement to eligible investors outside Thailand, including to qualified institutional buyers in the United States pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act of 1933, as amended.

Advised the underwriters on the THB54bn initial public offering and listing of PTT Oil and Retail Business Public Company Limited on the Stock Exchange of Thailand. The IPO comprised a public offering of shares in Thailand and a concurrent offering outside Thailand, including to qualified institutional buyers in the United States pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act of 1933, as amended.

Acted as Thai and international counsel to the financial advisors and underwriters on the THB39.55bn initial public offering and listing of SCG Packaging Public Company Limited on the Stock Exchange of Thailand. The IPO comprised a public offering of shares in Thailand and a concurrent private placement outside Thailand pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act of 1933, as amended.

Acted as Thai and international counsel to the lead underwriters on the THB78.1bn initial public offering and listing of Central Retail Corporation Public Company Limited on the Stock Exchange of Thailand. The transaction also involved the group restructuring of CRC, including the delisting tender offer for Robinson Public Company Limited, concurrent with the IPO process. This was the largest corporate IPO in Thailand to-date.

Acted as Thai and international counsel to the lead underwriters on the THB35bn initial public offering and listing of Bangkok Commercial Asset Management Public Company Limited on the Stock Exchange of Thailand. The IPO comprised a public offering of shares in Thailand and a concurrent private placement outside Thailand pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act of 1933, as amended. 'Best Privatisation: Thailand', The Asset Triple A Country Awards 2020.

Advised the mandated lead arrangers and bookrunners on the inaugural syndicated cross-border and syndicated onshore sustainability-linked loans in Thailand and Japan to the equivalent value of THB12bn provided to Thai Union Group Public Company Limited. The syndicated cross-border loan comprised an originated amount of USD183m equivalent denominated in USD and JPY, with more than 20 financial institutions worldwide acting as lenders. The syndicated onshore loan in Thailand, meanwhile, comprised an originated amount of THB6.5bn equivalent denominated in THB and USD, with seven financial institutions in Thailand acting as lenders.

IFC, ADB and DEG on a landmark USD300m parallel blue loan financing package arranged by IFC for a subsidiary of Indorama Ventures Public Company Limited, which is the world’s largest manufacturer by volume of 100% recyclable polyethylene terephthalate (PET). The funding will help Indorama increase its PET recycling capacity in Thailand, Indonesia, the Philippines, India and Brazil, and to also invest in renewable energy and resource efficiency projects. 'Best Loan: Manufacturing', The Asset Triple A Sustainable Capital Markets Regional Awards 2020.

PTT Public Company Limited on its issuance of the THB-denominated Thai Overnight Repurchase Rate (THOR)-linked floating rate bonds under its THB-denominated medium-term note programme. This was the first ever THOR-linked floating rate bond issuance by a Thailand-based corporate.

Acted as international counsel to the global coordinators and bookrunners on the issuance of Basel III-compliant Additional Tier 1 perpetual non-call 5-year subordinated notes by Krungthai Bank Public Company Limited to the value of USD600m as part of its broader USD2.5bn Regulation S Euro MTN programme.

Advised the joint green structuring advisors and joint lead managers on the Kingdom of Thailand’s THB30bn dual-tranche sustainability bond issuance. The first THB10bn tranche will be used for liability management purposes and to refinance the capital expenditures of Bangkok’s Mass Rail Transit Orange Line (East) Project, while the second THB20bn tranche will be used to aid in resolving, remedying and restoring the economic and social impacts that have resulted in Thailand from the Covid-19 pandemic. 'Best Sustainability Bond', The Asset Triple A Country Awards 2020.

The Ministry of Finance of the Lao People’s Democratic Republic on its international sovereign bond issuance to the value of USD150m pursuant to Rule 144A and/or Regulation S under the U.S. Securities Act with the bonds listed on the SGX-ST in Singapore.