As part of one of the biggest M&A deals reported so far this year in Singapore, Milbank, Tweed, Hadley & McCloy LLP advised DBS Bank, Ltd. on a US$890 million senior secured bridge financing provided to publicly listed STATS ChipPAC Ltd., a leading provider of advanced semiconductor and test services. DBS Bank, Ltd. acted as sole mandated lead arranger, bookrunner, underwriter, and lender in the financing. This complex financing included a perpetual securities offering and required taking security across seven jurisdictions globally.
Singapore-based STATS ChipPAC, Ltd is the world’s fourth-largest semiconductor-manufacturing support company; its services include packaging, testing and distribution and was controlled by a subsidiary of Singapore sovereign wealth fund, Temasek Holdings (Private) Ltd prior to its acquisition by a consortium led by Jiangsu Changjiang Electronics Technology Co. Ltd., a Shanghai Stock Exchange-listed company. The consortium also included the China Integrated Circuit Industry Investment Fund Co, Ltd. and Semiconductor Manufacturing International Corporation.
The Milbank team was led by David Zemans, Managing Partner of Milbank’s Singapore office, Singapore Partner Jacqueline Chan, senior Singapore attorney James Orme, and associates Gilly Hutchinson, Martin Wong and Kathleen Chun.
“We are very pleased to have played a key role in this very significant leveraged finance acquisition and to have supported such an important client like DBS.” Mr. Zemans said. “This is the kind of complicated cross-border transaction that Milbank is known for globally.”
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