Allen & Overy financing deals receive praise at GlobalCapital Asia Awards 2020 and The Asset Country Awards 2020
17 December 2020
Allen & Overy’s Asia-Pacific Banking team is proud to have advised on two innovative loan transactions that have been were awarded ‘Best Loan’, ‘Best High Yield Syndicated Loan’ and ‘Best Leveraged and Acquisition Finance’ by GlobalCapital Asia Awards 2020 and also ‘Best LBO’ in India by The Asset Country Awards 2020.
The two transactions include:
USD600 million dual-tranche loan for Hexaware Technologies’ take-private by Baring Private Equity Asia
A&O advised a consortium of 12 arrangers on a USD600m financing to an entity controlled by Barings Private Equity Asia in connection with a take-private of Indian software provider Hexaware Technologies Limited. This deal is the largest ever syndicated leveraged financing in India, and given the number of banks involved was one of the largest LBOs to-date in Asia-Pacific. The deal, which highlighted the resilience of the loan market during Covid-19 as well as the importance of a well-structured transaction and syndication strategy was awarded both ‘Best Leveraged and Acquisition Finance’ and ‘Best Loan’ by GlobalCapital Asia Awards 2020. It was also awarded ‘Best LBO’ in India by The Asset Country Awards 2020.
This was the first time any of the arrangers had done a deal involving a financing of a take-private by way of a delisting offer in India. As such, a highly complex regulatory and enforcement analysis was required from a structuring perspective.
The A&O team, which was able to deliver a seamless package of English, Singapore and Dutch law advice on the financing, was led by partner Gautam Narasimhan and included counsel Daniel Tan, associates Christopher Tan and Dhruv Velloor. Advising on the Dutch law aspects were partners Aroen Kuitenbrouwer and Niels de Ru, senior associate Erik-Jan Wagenvoort and associate Bernadette van der Blij.
Trans Retail Indonesia’s USD740 million-equivalent dual currency loan
A&O advised the arrangers in relation to Trans Retail on its dual-currency USD740m equivalent five year syndicated loan. The transaction which was Indonesia’s largest corporate loan from the private sector and was signed and successfully syndicated during Covid-19, was awarded ‘Best High Yield Syndicated Loan’ by GlobalCapital Asia Awards 2020.
The A&O deal team was led by partner Gautam Narasimhan and included senior associate Matthew Del Rosso and associate Lynn Kan. Advising on the Indonesian law aspects were counsel Desi Dwitiarsrini, associates Nadzar Furqon, Dwiky Chandra and Nitra Anggi Nuremira.