6 February 2017
- Raymond Tong, Gareth Deiner, Paul Landless, Thomas England, Ying Chiang Chong, Isabella Mashru, Eugenia Tan, Mae Yen Teoh, Helen Huang
Clifford Chance advises KrisEnergy on capital restructuring solutions across debt and equity capital markets, finance and derivatives
Leading international law firm Clifford Chance advised KrisEnergy Ltd. on a number of capital restructuring transactions including a consent solicitation for the mandatory exchange of its S$130 million and S$200 million senior unsecured notes for new S$130 million and S$200 million senior unsecured accrued interest notes, listed on the Singapore Stock Exchange, and a S$139.5 million preferential offering of senior secured notes and equity warrants, listed on the Singapore Stock Exchange. The firm's Banking and Finance team is also advising KrisEnergy on the restructuring of its revolving credit facility and the Derivatives team is advising on the restructuring of the currency swaps linked to the underlying bonds.
The matter showcased a number of firsts in the Singapore market: the first mandatory exchange of notes; the first oil price-linked bond; and the first preferential offering of senior secured zero coupon notes with free detachable warrants.
Partner Raymond Tong led on the deal and was supported by counsel Gareth Deiner, senior associate Ying Chiang Chong, associate Eugenia Tan, and trainees Helen Huang and Soojean Choi. Banking and Finance advice was provided by Partner Andrew Brereton, counsel Thomas England, senior associate Isabella Mashru, associate Lin Lee and trainee Nakul Patel, and guidance on Derivatives was provided by partner Paul Landless and associate Mae Yen Teoh.
Raymond said, "We were delighted to assist KrisEnergy on this landmark transaction in the Singapore market. Our engagement on this transaction demonstrated our ability to provide seamless and integrated advice across debt and equity capital markets, banking and finance and derivatives in providing a truly end-to-end business critical service to KrisEnergy."
Gareth added, "The success of this liability management exercise could prove an inflection point in the Singapore dollar market by moving away from financial maintenance covenants to more traditional high yield style incurrence covenants."
KrisEnergy is an independent upstream company focused on the exploration, development and production of oil and gas in the basins of South East Asia.