1 October – LAWFUEL – The Law News Network – Linklaters has advised UBS AG, as Sole Bookrunner and Sole Lead Manager, on the issuance of US$100 million Notes due 2010 by G-Steel Plc. This is the first high-yeld debt deal out of Thailand for at least eight years (since the Asian financial crisis). In addition to high-yield style financial covenants, the conditions of the Notes contain Thai law-governed security arrangements in respect of interest payments due on the Notes.
G-Steel is a leading Thai producer of materials used primarily in the construction and automotive industries. The proceeds of this Issue will be used to expand the company’s steel production facilities.
The Linklaters team was led by partners Jeremy Webb and Wilailuk Okanurak with assistance from Steve Chojnacki, Brad Gordon, Alexander Naidenov, Prakasit Itharat, Magdalene Leong and Taraket Thawornpanich.
Other legal advisers were Allen & Overy (as Thai and international counsel to G-Steel) and Freshfields (as counsel to the Trustee).