Sidley Advises on Genting Group’s Landmark US$1.25 Billion Perpetual Securities Issuance and Concurrent US$1.5 Billion Tender Offer

Sidley represented Barclays, Citi, Deutsche Bank, and J.P. Morgan as joint bookrunners in connection with the Genting Group’s issuance of US$1.25 billion dual-tranche subordinated perpetual securities and as dealer managers in a concurrent tender offer for the Genting Group’s outstanding US$1.5 billion 4.25% guaranteed notes due 2027.

The transaction was the largest perpetual securities issuance in Southeast Asia in the past decade and one of the first subordinated perpetual securities issuances to incorporate a subordinated keepwell deed and contingent put option, which was provided by Genting Berhad.

The perpetual securities were issued by GOHL Capital Holdings Limited and guaranteed on a subordinated basis by Genting Overseas Holdings Limited, each a subsidiary of Genting Berhad (BURSA: 3182).

Genting Berhad is a large-cap company listed in Malaysia, and the Genting Group operates a global leisure and hospitality business.

The Sidley team was led by partner Alexius Chong and senior counsel Alan Grinceri with support from David Howe, Joel Lam, and trainee solicitor Taran Narula.

Sidley is a leading adviser on debt offerings and complex liability management transactions across Asia Pacific. The firm’s Debt Capital Markets practice is recognized for advising on many of the region’s most significant and innovative transactions and has received consistent recognition from Chambers Asia Pacific, IFLR, Debtwire, Legal 500 Asia Pacific, FinanceAsia, and The Asset. Sidley was also named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024.