Since its establishment in 2010, Madison Pacific, a Tricor Company, has acted for a wide variety of clients, including international and local banks, sovereign wealth funds, institutional investors, hedge and private equity funds, family offices and trustees in various roles, involving transactions in excess of US$68 billion.

New Issuances

  • Facility Agent and Security Agent for US$34 million Indonesian loan facility and associated call & put options, share purchase and custody arrangements. (Indonesia)

 

  • Trustee & Security Trustee for US$100 million 3 year Euroclear listed notes for China Logistics Property Holdings Co. (PRC)

 

  • Offshore security agent for a cross-border inter-company US$500 million loan as part of a financing transaction. The security consisted, in part, of pledged of equipment by a PRC entity. (PRC)

 

  • Trustee, security agent, paying agent, conversion agent, bond registrar and warrant registrar in relation to US$150-million secured convertible bonds convertible into shares of a listed Singaporean company involved in aluminium products in the PRC. (Singapore, PRC)

 

  • Collateral Agent and Calculation Agent for a US$800 million Euroclear/Clearstream, SGX listed secured high-yield note issue. (Japan, US, Philippines)

 

  • Tabulation and Exchange Agent for an exchange offer for US$250 million Zero Coupon Convertible Bonds due 2012 and Trustee and Agent for the new bonds issued as result of the exchange. (India)

 

  • Facility Agent and Security Agent for US$170 million mezzanine facility to PRC property developer. (PRC)

 

  • Collateral Agent in respect of an issue of US$85 million PIK notes issued by a Cayman Islands financial advisory entity. (Cayman Islands)

 

  • Onshore Lender and Custodian of an IRA as part of a financing transaction involving a US$68 million offshore facility to PRC group of companies operating luxury cinemas in PRC. Novel VIE structure in place where the onshore loan by Madison Pacific is linked by an Intercreditor Deed to one of the offshore facilities as a mechanism to partly secure the offshore lender’s interest in an enforcement situation. (PRC)

 

  • Trustee and Security Agent for US$10 million CB and US$55 million Euroclear-listed convertible notes issued by Australian listed company Guildford Coal Limited. (Australia)

 

  • Security Trustee for US$37.5 million Convertible Bonds issued by Hong Kong listed company in the food industry. (Hong Kong)

 

  • Trustee of a co-investment trust which held up to US$40 million in Alibaba Group Holding Limited ordinary shares. Upon the expiry of the lock-up provision, we were instructed to convert the ordinary shares in the trust into American Depositary Securities (ADS) and the subsequent sale of those securities post Escrow. (Hong Kong)

 

  • Security Agent for A$70 million subordinated bridge facility. (Australia)

 

  • Global Offshore Security Trustee for note issuance for a pharmaceutical and biotechnology company headquartered in India. (India)

Special Situations

  • Replacement administrative agent and facility agent for one of the world’s largest restructuring transactions (value of US$13.4 billion). Our roles involved liaising with stake holders including the borrower and an international group of creditors and bondholders as well as calculating complex corporate work-out interest/principal repayments, restructuring and recapitalisation fees and consideration, and overseeing and managing payments of these amounts. (Indonesia)

 

  • Administrative and Facility Agent for US$492 million restructuring, exchange and cash tender offer. (Indonesia)

 

  • Appointed as successor Trustee in relation to the US$200 million secured exchangeable bonds for a Chinese real estate company. (PRC)

 

  • Onshore collateral Agent and Holding Period Trustee for a scheme of arrangement of a Cayman Islands company in provisional liquidation, the holding entity for a listed Chinese solar company. (Cayman Islands, US, PRC)

 

  • Replacement Agent and Security Trustee for a US$198 million Convertible Loan Facility of L’Sea Holdings Limited. We assisted in the implementation of the negotiated settlement which included the release of security in China, Cayman and Hong Kong and the granting of a mortgage over Hong Kong listed shares. To facilitate the settlement process, we also act as the Custodian of listed shares and work with the all stakeholders and their advisors. Stakeholders included several international financial institutions. (Hong Kong)

 

  • Replacement Facility Agent and Offshore Security Agent in respect of US$39 million defaulted loan transaction. International enforcement and anti-suit injunction proceedings commenced. Our roles involve working with Mauritius, Hong Kong, Indian and English counsel closely to preserve security and conduct enforcement actions, consulting on litigation strategy and otherwise working to protect and enforce the lenders rights. (India, Mauritius, Hong Kong, UK)

 

  • Replacement Agent and Security Agent in relation to US$250 million Pre-Export Finance Facility to a project in Western Africa, in default. As part of that appointment, we were responsible for enforcing the security by conducting a sale process for the sale of all of the shares of the two companies that hold a controlling interest in the project in Western Africa following the successful defence of Hong Kong court proceedings brought by a party seeking to prevent the sale. (Western Africa, UK, Hong Kong)

 

  • Replacement Trustee for a US$54 million defaulted corporate bond issuance by an Indian conglomerate. Enforcement proceedings undertaken in United Kingdom and ongoing inter-creditor negotiations with judicial administrators of a related entity in Singapore. Our work includes spearheading discussions with international bondholders, formulating litigation strategy and overseeing its implementation and conducting scheme of arrangement negotiations, with the aim of both expediting and maximising bondholder recovery. (India, Singapore, UK)

 

  • Security Trustee of defaulted A$23 million notes issued by an Australian mining corporation. Subsequent to enforcement and our appointment of Receivers, we assisted in the distressed sale of the defaulted notes and the associated transactions that led to the discharge of Receivers. (Hong Kong, Singapore, Australia)

 

  • Replacement facility agent and security trustee in relation to c.US$50 million secured shipping loan. (South Korea)

 

  • Successor Facility Agent and Onshore Security Agent for restructured US$50 million facility to an Indonesian shipping company and its associated companies, secured by listed shares. (Indonesia, BVI)

Escrow & Custody

  • Escrow Agent in respect of HK$1 billion deposited by the Facility Agent in relation to a HK$1 billion facility. The fund was deposited into the escrow account and transferred out before close of business on the same day. (Hong Kong)

 

  • Escrow Agent for a US$31 million aircraft re-financing transaction. We provided a tailored, bespoke service to stakeholders where timely and efficient “bank-like” escrow arrangements such as real time funds processing and instruction confirmations, all carried out during a closing conference call.

 

  • Escrow Agent in respect of a settlement agreement involving the sale and purchase of a marine vessel. The Escrow Agent role included liaising with the Maritime Port Authority of Singapore and holding funds in the amount of US$11.62 million along with original documents relating to the sale of the vessel. (Singapore, UK, India)

 

  • Nominee of Lender and Calculation Agent on behalf of PRC bank mortgagee holding HK$3 billion worth of shares in a Hong Kong listco. (Hong Kong)

 

  • Custodian for Receivers over shares of an unlisted investment trust. (Hong Kong, Curacao)

 

  • Escrow Agent and Custodian the liquidators of a Cayman Islands fund in liquidation in respect of securities across a range of asset classes which are from a number of Asian jurisdictions including Hong Kong, Singapore, Taiwan and Korea. (Cayman Islands, Hong Kong, Singapore, Korea, Taiwan)

 

  • Escrow Agent and Security Trustee for US$210 million note secured by US listed bond. (Hong Kong, USA)

Others

  • Meeting and voting services

 

  • Agent for the service of process to receive legal notices in Hong Kong, London and Singapore

 

  • Trustee of a co-investment trust which held up to US$40 million in Alibaba Group Holding Limited ordinary shares. Upon the expiry of the lock-up provision, we were instructed to convert the ordinary shares in the trust into American Depositary Securities (ADS) and we assisted with the subsequent sale of those securities post Escrow. (Hong Kong, USA)

 

  • As part of our appointment as custodian for the liquidators of a Cayman Islands fund in liquidation, we assisted with the sale of a portfolio of securities across a range of asset classes and Asian jurisdictions. (Cayman Islands, Hong Kong, Singapore, Korea, Taiwan)

 

  • Facility Agent, Offshore Security Trustee, Onshore Security Agent and Custodian of a US$52.6 million loan secured by listed Indonesian shares. Upon the occurrence of an event of default, we were instructed to enforce and sell the pledged securities in the market to repay the outstanding amounts. (Indonesia)

 

  • Replacement facility agent and replacement security trustee roles in respect of a loan facility of up to US$175 million and including a Singapore listed company borrower involved in the shipping industry. We assisted the secured lenders in a sophisticated restructuring exercise whereby secured vessels were transferred into an SPV trustee structure specifically set up to hold and operate the vessels. We worked closely with technical and commercial managers of the vessels to ensure smooth transitions and operations. (Singapore, Indonesia)

 

  • Unit Trustee of a newly created wholesale investment trust to make real estate investments in Spain with excess of EUR50 million subscribed. We are responsible for overall administration of the trust and for liaising with both the investment manager and other service providers to protect investors interests. (Hong Kong, Spain)
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