Sidley Austin and Linklaters have advised on the landmark USD300 million international bond issuance by EDL-Generation Public Company, a majority state-owned power producer.
Sidley Austin said the transaction represented the first international bond issuance by a corporate issuer from Laos.
The offering comprised USD300 million 11.125% notes due 2031. Issued under Rule 144A and Regulation S of the US Securities Act, the notes were listed on the Singapore Exchange Securities Trading, or the SGX-ST.
Sidley Austin represented JP Morgan as international counsel on English and US federal securities law matters. Partner Alexius Chong and senior counsel Alan Grinceri led the team, which included partners David Howe, Prabhat Mehta, Robert Kreitman and Steve Quinn, senior managing associates Joel Lam and Alvin Wang, and trainee solicitor Taran Narula.
“We provided US securities law advice and conducted due diligence in relation to applicable regulatory and compliance matters so the notes could be offered within the United States to institutional investors and to investors outside the United States,” Chong told Asia Business Law Journal.
“We also advised on other regulatory matters, including sanctions, anti-corruption and anti-money laundering. We co-ordinated with Laos counsel on compliance with applicable Laos regulatory requirements, including obtaining the necessary approvals from the Lao Securities Commission Office.”
Chong said the transaction was not only Laos’ first international US dollar bond issuance by a corporate issuer but could also provide a roadmap for other companies in the jurisdiction seeking to issue bonds.
“The transaction establishes a precedent and paves the way for future international US dollar bond issuances by other corporate issuers from Laos,” he said.
Linklaters advised EDL-Generation through a team led by South and Southeast Asia capital markets head Amit Singh and capital markets partner Xunming Lim. Additional support was provided by associates Alex Cui and Anushri Maskara.
Listed on the Lao Securities Exchange, EDL-Generation was the power generation arm of ?lectricité du Laos, the national electricity utility of Laos that was wholly owned by the Ministry of Finance, Sidley Austin said.
EDL-Generation produces green energy through the operation of hydropower and solar assets in Laos.
