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Deals 16 April 2004

Deals 16 April 2004

Freehills acted for Members Equity Pty Limited and ME Portfolio Management Limited on a US Securities Exchange Commission registered US$1 ($1.3) billion residential mortgage-backed…

Freehills acted for Members Equity Pty Limited and ME Portfolio Management Limited on a US Securities Exchange Commission registered US$1 ($1.3) billion residential mortgage-backed securitisation issue. This deal was due to close on 14 April 2004. Lawyers involved were Peter Rowe (lead partner), Lachlan Roots, Tanya Lister and Sean Crosky.

Coudert Brothers has advised Arcelor, the world’s largest steel producers, on its sale of Thainox Steel Limited, the only stainless steel producer in Thailand, to Prayudh Mahagitsiri, the company founder. Thainox is the sole producer of cold-laminated stainless steel sheets in Thailand and throughout the entire ASEAN region, generating sales of the order of US$300 ($392) million in 2003. Arcelor is the world’s largest steel producer, with a turnover of 25.9 billion euros ($41.2 billion) and shipments of 40.2 million tons of steel in 2003. The Coudert Brothers team was led by Dr. Chanvitaya Suvarnapunya, partner, and Melisa Uremovic, senior associate, at Coudert Brothers’ Bangkok office. Other advisers included Prayudh Mahagitsiri, represented by Linklaters, and the deal was financed by state-owned Krung Thai Bank Plc, which was represented by Chandler & Thongek.

Pillsbury Winthrop represented the underwriters including Merrill Lynch & Co., Goldman, Sachs & Co., Robert W. Baird & Co., Piper Jaffray, and A.G. Edwards & Sons, Inc. in a registered public offering of 2 million shares of common stock of Hawaiian Electric Industries, Inc. The aggregate value of the shares of common stock sold was approximately US$104 ($137.6) million. Hawaiian Electric Industries is a holding company whose principal subsidiaries engage in the electric public utility and banking businesses in Hawaii. In addition, Pillsbury Winthrop represented the underwriters including Goldman, Sachs & Co. and Piper Jaffray in a subsequent registered public offering of 2 million 6.5 per cent cumulative quarterly income preferred securities, Series 2004 (QUIPS) with an aggregate liquidation amount of US$50 ($65.8) million of HECO Capital Trust III, a Delaware statutory trust, fully and unconditionally guaranteed by Hawaiian Electric Company, Inc.

Linklaters has acted for container shipping company Koninklijke Nedlloyd N.V. (Nedlloyd) in the first Dutch IPO in three years. The firm advised Nedlloyd on its 190 million euro ($303 million) rights offering, which is being carried out to fund, in part, Nedlloyd’s purchase of P&O’s 50 per cent shareholding in P&O Nedlloyd Container Line Ltd. The bulk of the work was completed in five weeks. Linklaters also advised Nedlloyd on the M&A aspects of the deal. Linklaters also advised Deutsche Bank as lead manager and underwriter on the issue by Reliance Energy Limited of US$178 ($232) million zero coupon convertible bonds. The bonds were listed on the Singapore Exchange Securities Trading Limited and are convertible into shares listed on the Mumbai Stock Exchange or GDRs listed on the London Stock Exchange. The firm’s team was led by consultant James Wood, in Singapore. Other members of the team included Swain Roberts, Helen Pinder, Gillian Creed, Kevin Wong, and Mairead NiDhonncha.

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Deals 16 April 2004
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