Baker McKenzie acted as Thai and English law counsel to Singha Estate Public Company Limited on its dual-track offering of USD 180 million of convertible bonds and USD 50 million of shares, which comprised 400 million ordinary shares, under Regulation S. The new USD 180 million non-call three CBs are due August 2022. This is the largest convertible bond offering by a Thai company since 2014. The CBs are backed by a standby letter of credit issued by Krung Thai Bank and the transaction also had a stock borrow feature. The offerings were handled by Credit Suisse with Krung Thai Bank acting as financial advisor to the company on the CB offering.

Baker McKenzie's team was led in Bangkok by partners Viroj Piyawattanametha and Theppachol Kosol, supported by Kowit Adireksombat and Paphichaya Ratanagraisri and in Singapore by partner Pallavi Gopinath Aney, supported by senior associate Jitesh Shahani.

Commenting on the deal, Viroj Piyawattanametha said "We are so thrilled to take a leading part in this landmark capital markets transaction tapping both international and domestic investors. We also take pride in having navigated all the various cross-border complexities with the client and all relevant parties. The deal showcased our capability as a one stop service as we assisted the client with not only the offerings, but also with other ancillary transactions. By working on this ground-breaking deal, we have made our name resonate in the market." 

Pallavi Gopinath Aney also added that, "We are delighted to have assisted the Singha Estate team on this marqee transaction, which involved a seamless offering from our Bangkok and Singapore offices to fully support our client. The transaction has several unique features such as being a dual-track offering of CBs and equity, the SBLC and the stock borrow. Following our involvement in transactions such as the IPO of B.Grimm Power, the high yield offerings by Jain Irrigation and the Samvardhana Motherson group and the Edelweiss group’s “masala bonds” offering, this transaction further strengthens our position as a leading legal adviser on capital raisings in the Asian markets."

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