Linklaters has successfully advised the Genting Group on the issuance of US$1.25b in dual-tranche subordinated perpetual securities, alongside a concurrent tender offer for US$1.5b of 4.25% Guaranteed Notes due 2027. The securities were issued by GOHL Capital Holdings Limited, a funding vehicle within Genting, and are guaranteed by Genting Overseas Holdings Limited.
This transaction is notable for incorporating a subordinated keepwell deed and a contingent put option provided by Genting Berhad, marking it as one of the first of its kind in the region. The issuance is also one of the largest perpetual securities offerings in recent years in the area.
Amit Singh, Head of South and Southeast Asia Capital Markets at Linklaters, led the team with partner Michele Discepola and managing associate Alwyn Loy. Singh remarked, “We are pleased to have supported the Genting Group on this significant capital markets transaction which required careful structuring to achieve the desired ratings and accounting outcomes.”
Linklaters, with over 50 years of experience in Asia, has a strong reputation in the region’s capital markets. The firm has been involved in numerous high-profile transactions, including PTTGC’s US$1.1b perpetual securities issuance, previously the largest in South and Southeast Asia.
This transaction underscores Linklaters’ ability to navigate complex financing structures and deliver tailored solutions in evolving market conditions, further solidifying its market-leading position in Southeast Asia.
