7 December – LAWFUEL – The Law News Network – HTIL (Hutchison Telecommunications International Limited) is the international business which was listed by the Hutchison Whampao group last year. It holds substantial telecommunications businesses in Hong Kong, India, Thailand and Israel with plans for expansion into a range of other markets.
This was a significant matter, with the financing governed by Hong Kong law and Mallesons acting for a roll call of top financial institutions.
Lead partner Steven Christopher worked particularly closely with ABN Amro (as the documentation bank) and Standard Chartered Bank (as facility agent and security trustee) and with the other mandated lead arrangers: Calyon, HSBC, WestLB, Export Development Canada, Bayerische Landesbank, Industrial and Commercial Bank of China (Asia), ING Bank, The Royal Bank of Scotland, Societe Generale, Sumitomo Mitsui Banking Corporation and United Overseas Bank.
The facility heralds another strategic step for HTIL: the financing has no recourse to the Hutchison Whampoa group and is raised at the holding group level. With the HTIL group’s broad geographic spread and relatively short life as a separate business, a legal and credit structure was crafted that, on syndication, proved very successful in the banking market.
Steven Christopher joined Mallesons’ Hong Kong office in January 2005. He has an established track record in telco financing and in working on fund raisings for the Hutchison stable of companies. On this transaction, he was supported by Mallesons’ Aaron Borg and Michelle Luk.
Mallesons’ Chief Executive Robert Milliner said: “This deal builds on the flow of other English and Hong Kong law cross-border financings handled by the firm this year; such as the US$1.25 billion financing for the Nam Thuen 2 hydropower project in Laos and several LBO financings. It demonstrates that the firm is clearly establishing itself as one of a select group of law firms with the credibility to act on big ticket financings in Asia.”
Freshfields Bruckhaus Derringer acted for HTIL.