G. MATTHEW SHERIDAN is a partner and a member of Sidley’s Executive Committee. He is also Co-Head of Sidley’s International Corporate Finance Practice in Asia and works from both the firm’s Singapore and Hong Kong offices. He has lived and worked in Asia since 1994. Mr. Sheridan represents underwriters and issuers, including corporate enterprises, financial institutions, governments and governmental entities in connection with corporate financings through global offerings of debt and equity securities, as well as mergers and acquisitions and corporate restructurings. He advises clients throughout the Asia-Pacific region, including Indonesia, mainland China, Hong Kong, Taiwan, India, Singapore, Malaysia, Thailand, the Philippines and Vietnam. His experience includes transactions involving a broad range of sectors, including real estate, telecommunications, financial institutions, technology, transportation, metals industry, mining, forest products, consumer products, power and oil and gas.
Mr. Sheridan has been recognized as a leading lawyer by several publications, including Chambers Global, Chambers Asia, International Financial Law Review's IFLR 1000, Asia Law & Practice's Asialaw Leading Lawyers, Who’s Who Legal and PLC Which Lawyer.
Mr. Sheridan has advised on numerous transactions in Asia since 1994, including the following:
Debt and Other Transactions
- SOHO China Limited, in connection with the offering of US$600 million 5.75% Senior Notes due 2017 and US$400 million 7.125% Senior Notes due 2022, including “high yield” covenants and pursuant to Regulation S. SOHO China is a leading commercial property developer focused on central Beijing and Shanghai;
- Goldman Sachs, Standard Chartered Bank and UBS as the joint lead managers and the initial purchasers, in connection with Fosun International Limited’s offering of US$300 million 7.5% Senior Notes due 2016, including “high yield” covenants. Fosun is a Chinese conglomerate listed in Hong Kong whose core operational businesses include pharmaceuticals and healthcare, property, steel and mining;
- Morgan Stanley, Standard Chartered, Citi and HSBC as underwriters, in connection with Longfor Properties Co. Ltd.’s offering of US$750 million 9.5% Notes due 2016, including “high yield” covenants;
- PT Indosat in connection with two debt tender offers and a high yield bond offering. In the tender offers, Indosat tendered for its 7.75% bonds due 2010 and 7.125% bonds due 2012. Indosat issued US$650 million 7.375% Senior Notes due 2020, including “high yield” covenants, pursuant to Regulation S and Rule 144A. The notes were issued by Indosat’s wholly-owned subsidiary Indosat Palapa Company B.V. This transaction was named in 2010 as Best High-Yield Bond by FinanceAsia;
- Shimao Property Holdings Limited in connection with the offering of US$500 million 9.65% Senior Notes due 2017, including “high yield” covenants, pursuant to Regulation S. This transaction was named in 2010 as Best High-Yield Bond by The Asset;
- Country Garden Holdings Co. Ltd., one of China's leading property developers, in its issue of US$600 million convertible bonds pursuant to Regulation S, with a concurrent synthetic share buy-back through a cash-settled swap transaction. The bonds are listed on the Singapore Exchange Securities Trading Limited. This transaction was named in 2008 as a “Deal of the Year” by CFO Asia, “Equity-Linked Deal of the Year” by IFR Asia, “Most Innovative Deal” by The Asset, and in 2009, “Debt and Equity-Linked Deal of the Year” by IFLR (International Financial Law Review) and “Debt Market Deal of the Year” by Asian Legal Business;
- J.P. Morgan Securities Limited and ING Bank, London Branch, as initial purchasers in connection with the offering by Indo Integrated Energy B.V. of US$250 million 8.50% Senior Notes due 2012, which were guaranteed by its parent, PT Indika Inti Energi, a leading Indonesian energy conglomerate with a 46.0% equity interest in the third-largest coal mine in Indonesia. This transaction was named “Best High Yield Bond 2007” by FinanceAsia;
- Agile Property Holdings, in connection with the issuance of its US$400 million 9% Senior Notes due 2013, including high-yield covenants pursuant to Regulation S and Rule 144A. This transaction was named “Best High Yield Bond” in 2006 by The Asset;
- AA Investments Company Limited, a special-purpose vehicle for the acquiror management team, in connection with its issuance of US$535 million Senior PIK Notes due 2012 and warrants in connection with a “going private” transaction involving Asia Aluminum Holdings Limited, a company formerly listed on The Stock Exchange of Hong Kong Limited and the largest manufacturer of aluminum extrusion products in the P.R.C. This transaction was named “Most Innovative Deal 2006” by FinanceAsia and “Best LBO” and “Most Innovative Deal - Debt 2006” by The Asset. Mr. Sheridan also advised Asia Aluminum in 2004 in connection with its high-yield debt issue of US$450 million 8.00% Senior Notes due 2011; and
- PT Indosat Tbk, one of Indonesia's leading telecommunications providers and second-largest cellular operator, in connection with two separate high-yield debt offerings by its finance subsidiaries of US$250 million 7.125% Guaranteed Notes due 2012 and US$300 million 7.75% Notes due 2010, which issue marked PT Indosat Tbk’s first international debt offering and received Asiamoney's “Deal of the Year 2003 - Best Sub-Investment Grade Bond”.
- Sands China Ltd. in connection with its initial public offering listed on The Stock Exchange of Hong Kong Main Board with concurrent global placement pursuant to Regulation S and Rule 144A. Sands China is the Macau-unit of the Las Vegas Sands Corp. casino operators. Proceeds: US$2.5 billion. This transaction was named Equity Deal of the Year by IFLR and by China Law and Practice in 2010;
- Goldman Sachs and CIMB as joint bookrunners in the US$660 million secondary follow on equity offering of PT XL Axiata Tbk, Indonesia’s third largest cellular telecommunications operator. This transaction was named in 2010 as Best Secondary Offering by The Asset;
- J.P. Morgan and Bahana Securities, as joint lead managers, in the privatization through an equity offering in 2007 by the Ministry of State-Owned Enterprises of shares of PT Bank Negara Indonesia (Persero) Tbk. With proceeds of US$885 million, this is the third largest equity offering ever from Indonesia (Mr. Sheridan was also issuer's counsel on the two largest offerings, PT Indosat (1994) and PT Telkom (1995)). This transaction was named as a “Deal of the Year 2007” by Asian Counsel; and
- Nine Dragons Paper (Holdings) Limited in its initial public offering listed on The Stock Exchange of Hong Kong Main Board with concurrent global placements pursuant to Regulation S and Rule 144A. Proceeds: US$500 million. This transaction was named “Best Mid-Cap IPO” in 2006 by The Asset.