The Asset Triple A
Infrastructure Awards 2019

Country deal awards (ASEAN)

Indonesia
Oil and gas deal of the year
Medco E&P Malaka/Medco E&P Tomori Sulawesi
US$500 million secured reserve-based lending facility
Sponsor:
Medco Energi Internasional
Mandated lead arrangers, underwriters and bookrunners:
ANZ, ING Bank, Societe Generale
Mandated lead arrangers:
Bank Mandiri, BNP Paribas, Credit Agricole CIB, Credit Suisse, DBS, HSBC, Mizuho Bank, MUFG, Natixis, Standard Chartered, Sumitomo Mitsui Banking Corporation, United Overseas Bank
Legal advisers:
Gibson Dunn, Hadiputranto, Hadinoto & Partners, Herbert Smith Freehills, Hiswara Bunjamin & Tandjung
The largest reserve-based financing closed in Asia in 2018. The transaction benefits from an enlarged and diversified borrowing base of two assets with complimentary profiles
Power deal of the year/PPP project of the year
Jawa 1 LNG-to-power project
US$1.3 billion project financing
Sponsors:
Pertamina, Marubeni Corporation, Sojitz Corporation, Humpuss Intermoda Transportasi, Mitsui OSK Lines
Financial adviser:
ING
Mandated lead arrangers:
Asian Development Bank, Credit Agricole CIB, Japan Bank for International Cooperation, Mizuho Bank, MUFG, Oversea-Chinese Banking Corporation, Societe Generale
ECA:
Nippon Export & Investment Insurance
Legal advisers:
Shearman & Sterling, Allen & Overy, Ginting & Reksodiputro
An innovative integrated LNG-to-power project in Asia with which Indonesia improves its energy mix in power generation. A priority public private partnership project for the Indonesian government, it will supply power to meet the growing demand from Java Island
Renewable energy deal of the year - Solar and Wind
Eastern Indonesia
US$215 million renewable energy project
Sponsor:
Vena Energy
Sole lender:
Asian Development Bank
Legal adviser:
Shearman & Sterling
An important milestone for Indonesia’s renewable energy market. It is the second greenfield wind power project and the first batch of utility-scale greenfield solar power projects developed by the private sector successfully close using limited-recourse financing
Renewable energy deal of the year – Geothermal
Supreme Energy Rantau Dedap geothermal power project
US$540 million financing
Sponsors:
Marubeni Corporation, Engie SA, Supreme Energy, Tohoku Electric Power Company
Mandated lead arrangers:
Mizuho Bank, MUFG, Sumitomo Mitsui Banking Corporation
Multilateral financing:
Asian Development Bank, ADB Clean Technology Fund
ECAs:
Japan Bank for International Cooperation, Nippon Export and Investment Insurance
Legal advisers:
Latham & Watkins, Milbank, Loyens & Loeff NV
This project adopts the Perusahaan Listrik Negara’s power purchase agreement (PPA) for new generation geothermal independent power producer (IPP) projects
Malaysia
Green financing of the year
Segi Astana
415 million ringgit Asean green medium term notes facility
Sponsor:
WCT Land, Malaysia Airports Holdings
Principal adviser, lead arranger and lead manager:
AmInvestment Bank
Legal adviser:
Adnan Sundra & Low
The first ringgit rated bonds issued under the Asean green bond standards
Petrochemical deal of the year
Pengerang Refining Company/Pengerang Petrochemical Company
US$8 billion bridge financing facility
Sponsors:
Petroliam Nasional, Saudi Arabian Oil Company
Mandated lead arrangers:
ANZ, Bank of China (Hong Kong), BNP Paribas, CIMB Bank, Citi, DBS, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, J.P. Morgan Chase, Maybank Investment Bank, Mizuho Bank, MUFG, OCBC Bank (Malaysia), Standard Chartered, Sumitomo Mitsui Banking Corporation, United Overseas Bank
Legal advisers:
Clifford Chance, Shearman & Sterling, White & Case, Rahmat Lim & Partners, Kadir Andri & Partners, Abuhimed Alsheikh Alhagbani
As the biggest single investment by a foreign firm in Malaysia, it will be the largest downstream petrochemical plant in Asia following completion in 2019
Power deal of the year
Tenaga Nasional
3 billion ringgit dual tranche sukuk wakala and murabaha
Principal advisers and Shariah advisers:
AmInvestment Bank, Maybank Investment Bank
Lead arrangers:
AmInvestment Bank, Maybank Investment Bank
Bookrunners and lead managers:
AmInvestment Bank, CIMB Investment bank, Maybank Investment Bank
Legal advisers:
Adnan Sundra & Low, Zaid Ibrahim and Company
The deal attracted strong demand resulting in aggressive yield compression and achieving credit spreads below government-guaranteed debt issuance. The 20-year tranche was the largest ringgit bond/sukuk for such tenor by a rated corporate issuer in 17 years
Renewable energy deal of the year
Longi Technology (Kuching)
US$69 million Sinosure facility
Sponsor:
Longi Green Energy Technology Company
Mandated lead arranger:
HSBC
ECA:
China Export & Credit Insurance Corporation (Sinosure)
Legal adviser:
Norton Rose Fulbright
The facility will fund the equipment procurement for a 1GW photovoltaic cells manufacturing plant in Malaysia and it represents Longi’s first ECA-supported financing
Transport deal of the year
DanaInfra Nasional
2.5 billion ringgit government-guaranteed sukuk
Shariah adviser:
RHB Islamic Bank
Lead arrangers:
AmInvestment Bank, CIMB Investment Bank, Maybank Investment Bank, RHB Investment Bank
Bookrunners and lead managers:
AmInvestment Bank, Bank Islam Malaysia, CIMB Investment Bank, Kenanga Investment Bank, Maybank Investment Bank, RHB Investment Bank
Legal advisers:
Adnan Sundra & Low, Shook Lin & Bok
The first issuance from the inaugural public funding platform for the Pan Borneo highway project
Myanmar
Telecom deal of the year
TPG Global
US$185 million acquisition financing for Pan Asia Majestic Eagle Limited
Sponsor:
TPG Global
Mandated lead arrangers:
DBS, ING, Oversea-Chinese Banking Corporation
Arranging bank:
Sumitomo Mitsui Banking Corporation
Legal adviser:
Norton Rose Fulbright
The largest telecom towers M&A in Myanmar and the first major non-recourse leveraged buyout financing in the country
Telecom deal of the year – Highly commended
OCK Yangon
US$68.2 million syndicated term loan
Mandated lead arrangers:
Bangkok Bank, OCBC Bank (Malaysia), United Overseas Bank
Sole bookrunner and lead coordinator:
OCBC Bank (Malaysia)
Legal advisers:
Allen & Gledhill, Rahmat Lim & Partners, VBD-Loi
The loan partly funded the construction and leasing of telecommunications towers to Telecom International Myanmar Company
Philippines
Oil & gas deal of the year
Atlantic Gulf and Pacific Company of Manila
6 billion pesos term loan facility
Lead arranger:
China Bank Capital Corporation
Joint lead arranger:
Development Bank of the Philippines
Lenders:
China Banking Corporation, Development Bank of the Philippines
Legal advisers:
Picazo Buyco Tan Fider & Santos, Romulo Mabanta Buenaventura Sayoc & de los Reyes
The facility enabled AG&P to efficiently refinance multiple loans and substantially simplify its financing relationship while also creating a facility to fund its rapid expansion into LNG infrastructure and services
Petrochemical deal of the year
Philippine Tank Storage International Holdings
US$150 million financing
Sponsor:
Philippine Investment Alliance for Infrastructure
Arranger:
BPI Capital Corporation
Legal advisers:
Puno Law, SyCip Salazar Hernandez & Gatmaitan
The facility is to fund the storage expansion of Philippine Tank Storage subsidiary, Philippine Coastal Storage and Pipeline Corporation, and to refinance existing debt
PPP deal of the year
MPCALA Holdings
24.2 billion pesos omnibus loan and security facility
Sponsor:
Metro Pacific Tollways Corporation
Financial adviser:
HSBC
Mandated lead arrangers:
BDO Capital and Investment Corporation, BPI Capital Corporation, Land Bank of the Philippines, RCBC Capital Corporation, SB Capital Investment Corporation, Union Bank of the Philippines
Legal advisers:
Picazo Buyco Tan Fider & Santos, Castillo Laman Tan Pantaleon & San Jose
As the largest financing in the Philippines for a toll road project outside Metro Manila, it also is the largest project finance deal in the Philippines in 2018
Transport deal of the year
Cebu Cordova Link Expressway Corporation
19 billion pesos financing
Sponsor:
Metro Pacific Tollways Vizmin Corporation
Financial adviser, mandated lead arranger and bookrunner:
Maybank ATR Kim Eng Capital Partners
Co-lead arranger:
RCBC Capital Corporation
Arranger:
Development Bank of the Philippines
Participating arrangers:
BPI Capital Corporation, Robinsons Bank Corporation, SB Capital Investment Corporation, Union Bank of the Philippines
Legal advisers:
Castillo Laman Tan Pantaleon & San Jose, Picazo Buyco Tan Fider & Santos
The project aims to ease traffic congestion between the rapidly developing areas of Cebu and adjacent Mactan island
Transport deal of the year – Highly commended
Cavitex Infrastructure Corporation
16.2 billion pesos loan facility
Sponsor:
Metro Pacific Investments Corporation
Arranger:
BDO Capital and Investment Corporation
Lender:
BDO Unibank
Legal advisers:
Picazo Buyco Tan Fider & Santos, Abuda Asis & Associates
As the second largest toll road financing in the Philippines in 2018, the proceeds support the enhancement works on the existing Manila Cavite expressway
Utility deal of the year
Apo Agua Infrastructura
9 billion pesos financing
Sponsors:
Aboitiz Equity Ventures, JV Angeles Construction Corporation
Mandated lead arranger, bookrunner and issue coordinator:
BPI Capital Corporation
Co-lead arranger:
China Bank Capital Corporation
Lenders:
Bank of Commerce, Bank of the Philippines Islands, China Banking Corporation, Development Bank of the Philippines
Legal advisers:
Picazo Buyco Tan Fider & Santos, SyCip Salazar Hernandez & Gatmaitan
This is the first large scale bulk water supply project in Mindanao designed to replace the diminishing water supply mainly sourced from deep wells
Singapore
Oil and gas deal of the year
Macquarie Asia Infrastructure Investments 2 Pte Limited
acquisition of 50% in Oiltanking Singapore Chemical Storage
Sponsor:
Macquarie Infrastructure and Real Assets
Mandated lead arranger and bookrunner:
DBS
This deal stands out as a non-recourse subordinated loan for a single asset
Telecom deal of the year
Capital Square Partners
acquisition of controlling stake in StarTek/Sale of Aegis to StarTek
Financial adviser:
William Blair & Company
Legal advisers:
Shearman & Sterling, Jenner & Block LLP
The transaction, involving leading providers of outsourcing and technology services, created a global leader in customer experience management
Utility deal of the year
Singapore’s 5th desalination plant local currency financing
Sponsors:
Tuas Power, Singapore Technologies Engineering Marine
Financial adviser:
DBS
Mandated lead arrangers:
DBS, Oversea-Chinese Banking Corporation
Legal advisers:
Allen & Gledhill, Rajah & Tann
Part of Singapore’s long-term strategy to supply 30% of the city state’s water demand from desalination facilities, the financing was structured as a long-term local-currency facility.
Most innovative deal
Bayfront Infrastructure Capital
US$458 million collateralized loan obligation
Sponsor:
Clifford Capital
Global coordinators:
Citi, Standard Chartered
Lead managers:
Citi, DBS, HSBC, SMBC Nikko, Standard Chartered
Legal advisers:
Allen & Gledhill, Clifford Chance, Latham & Watkins, Linklaters
The first ever securitization of project and infrastructure finance loans out of Asia-Pacific, creating a new source of liquidity for project finance
Thailand
Green financing of the year
B.Grimm Power Public Company Limited
5 billion baht green bond certified by Climate Bonds Initiative
Sole investor:
Asian Development Bank
Third party verifier:
DNV GL Business Assurance
Legal adviser:
Linklaters
The first green bond by B.Grimm Power and the first certified climate bonds issued in Thailand. The proceeds are earmarked for nine operational solar power plants and seven solar plants under construction in Thailand
Renewable energy deal of the year
AVA Grand Energy Company/Recovery House Company
804 million baht term loan facility
Sponsor:
Better World Green Public Company Limited
Mandated lead arrangers:
Kasikornbank, TMB Bank
Legal adviser:
Hunton Andrews Kurth (Thailand)
The waste-to-energy project adopts an environmental-friendly method for waste reduction
Infrastructure fund IPO of the year
Thailand Future Fund 44.7 billion baht IPO
Sponsor:
State Enterprise Policy Office, Ministry of Finance
Global coordinators, International financial advisers and bookrunners:
Bank of America Merrill Lynch, J.P. Morgan
Global coordinators, Domestic financial advisers and bookrunners:
Finansa Securities, Krung Thai Bank, Phatra Securities
Legal advisers:
Baker McKenzie, Latham & Watkins, Linklaters, Weerawong, Chinnavat & Partners
A multi-asset government-backed infrastructure fund, it allows public investors to invest in multiple public infrastructure assets operated by various state enterprises and government agencies
Telecom deal of the year
Digital Infrastructure Fund
asset acquisition and capital increase
Sponsor:
True Group
Financial adviser:
Siam Commercial Bank
Global coordinator, domestic bookrunner and lead underwriter:
Siam Commercial Bank
Bookrunners:
Bangkok Bank, Credit Suisse, Krung Thai Bank, Siam Commercial Bank
Lead manager:
Nomura
Legal advisers:
Baker McKenzie, Linklaters
Digital Infrastructure Fund’s equity offering is also the largest in Thailand since 2015 following the completion of an asset acquisition involving telecom towers and fibre optic cable valued at over 68 billion baht
Vietnam
Petrochemical deal of the Year
Long Son Petrochemicals Company
US$3.2 billion loan facility
Sponsor:
Siam Cement Group
Financial adviser:
Sumitomo Mitsui Banking Corporation
Mandated lead arrangers:
Bangkok Bank, Krung Thai Bank, Siam Commercial Bank, Export-Import Bank of Thailand, Sumitomo Mitsui Banking Corporation
Legal adviser:
Baker McKenzie
The first integrated petrochemical complex in Vietnam, it is expected to meet the country’s soaring demand for polymers, which is projected to expand given Vietnam’s strong economic growth
Renewable energy deal of the year
BIM Renewable Energy Joint Stock Company
US$211.50 million financing facility
Sponsors:
AC Energy, BIM Group
Mandated arranger:
RCBC Capital Corporation
Lender:
Rizal Commercial Banking Corporation
Legal advisers:
PJS Law, Picazo Buyco Tan Fider & Santos
In line with Vietnam’s push to increase the country’s installed clean energy capacity by 26% by 2030, the deal paves the way for cross-border financing of greenfield renewable energy projects in the country
Transport deal of the year
VinFast Trading and Production Limited Liability Company
US$950 million Euler Hermes-covered facility
Mandated lead arrangers and bookrunners:
Credit Suisse, HSBC
Lenders:
Deka Bank, DZ Bank, Helaba Landesbank, KfW-IPEX Bank, LBBW
ECA:
Euler Hermes
Legal advisers:
Norton Rose Fulbright, Allen & Overy
This landmark transaction is the first ECA-covered facility extended to a private sector company in Vietnam to partly finance the first “Made in Vietnam” automobile and motorcycle manufacturing plant in the country established by the Vingroup
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