Singapore – LAWFUEL – The Law News Network – The Singapore office of international law firm Clifford Chance has recently advised DBS Bank Ltd, Macquarie Securities (Asia) Pte Limited and UBS AG as joint lead managers on the first infrastructure fund to list on the Singapore Stock Exchange – the offering of 502,550,000 shares, at an offering price of S$1.00 per share, of Macquarie International Infrastructure Fund Limited. This also represents the Macquarie Group’s first fund to be listed in Singapore.
The shares were sold in reliance on Regulation S. The fund employed a novel structure where ownership of certain of its assets was held through total return swaps, and includes infrastructure assets in Europe, the United States and Australia.
Citibank Global Market Securities Singapore Pte Ltd, Credit Suisse First Boston (Singapore) Limited and Merrill Lynch (Singapore) Pte Ltd acted as sub-underwriters.
The Clifford Chance Wong team was led by partners Crawford Brickley and Joan Janssen, with assistance from associates Chris Holland, Krishna Ramachandra and Helen Pinder.
Crawford Brickley commented:
“We are delighted to have been involved in this groundbreaking IPO. Given the success of this transaction, I am confident that this is only the first of many such funds to be launched in Singapore.”
Clifford Chance’s Asian capital markets team has been involved in most of the high profile capital markets transactions in Singapore in recent years. They have advised on IPOs by A-REIT, Singapore Post and Yellow Pages Singapore, and on debt offerings by OCBC, Singapore Technologies, United Overseas Land and United Overseas Bank.