Valerie Ching

Valerie’s experience includes advising*:

Equity Transactions

• ICICI Securities, Citigroup, JM Financial, Nuvama, and SBI Capital Markets as underwriters, in connection with the US$150 million IPO of Ajax Engineering Limited.
• Morgan Stanley India, ICICI Securities, Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, HDFC Bank, and J.P. Morgan India in connection with One97 Communications Limited’s US$2.467 billion India IPO. One97 Communications Limited operates as India’s largest digital payments and financial services platform under its brand “Paytm”.
• Go Digit, the Indian insurtech firm, in connection with its US$314 million IPO on the Bombay Stock Exchange and the National Stock Exchange of India.
• HSBC, J.P. Morgan, and Morgan Stanley Asia in connection with the US$1.3 billion IPO of 23,493,524,800 common shares of PT Dayamitra Telekomunikasi Tbk (Mitratel), a subsidiary of PT Telkom Indonesia (Persero) Tbk, which owns and operates telecommunications towers in Indonesia, on the Indonesian Stock Exchange.
• UBS, Huatai Financial, and CLSA, the joint sponsors and overall coordinators, in connection with the HK$194.1 million IPO of HighTide Therapeutics, Inc. on the HKEX.
• Citigroup, Huatai Financial, CCB International Capital and DBS Asia Capital, the joint sponsors and sponsor-overall coordinators in connection with the HK$595.2 million IPO of iMotion Automotive Technology (Suzhou) Co., Ltd. on the HKEX.
• Merrill Lynch, Citigroup, KKR Capital Markets, and TPG Capital, the placement agents with respect to a PIPE in connection with PropertyGuru Pte. Ltd’s business combination with Bridgetown 2 Holdings Limited, a Hong Kong-based SPAC listed on the Nasdaq. PropertyGuru Pte. Ltd. is a leading property technology company in Southeast Asia.

Debt Transactions

• Credit Agricole CIB, DBS Bank, ING Bank, Mandiri Securities, Morgan Stanley, MUFG Securities, and Standard Chartered Bank in connection with a US$500 million Rule 144A/Reg S bond offering by Medco Maple Tree Pte. Ltd and (ii) the dealer managers in connection with concurrent tender offers by certain subsidiaries of PT Medco Energi Internasional Tbk.
• Greenko Wind Projects (Mauritius) Ltd in connection with the offering of US$750 million in aggregate principal amount of 5.50% Senior Notes due 2025, unconditionally guaranteed by Greenko Energy Holdings on a senior basis. It was the first international green bond issuance to fund the construction of an energy storage project in India in 2022.
• Mandiri Securities, the consent solicitation agent, in connection with the consent solicitation by Golden Energy and Resources Pte. Ltd. (formerly known as Golden Energy and Resources Limited) for its 8.50% Senior Secured Notes.
• CIMB Bank, J.P. Morgan, and Mandiri Securities, the dealer managers and consent solicitation agents, in connection with the concurrent tender offer and consent solicitation by LMIRT Capital Pte. Ltd. for its outstanding 7.500% Senior Notes due 2026.
• BNP Paribas, CIMB Bank, Deutsche Bank, and Shanghai Pudong Development Bank, the dealer managers and consent solicitation agents in connection with tender offers by LMIRT Capital Pte. Ltd. for its outstanding 7.250% Senior Notes due 2024 and 7.500% Senior Notes due 2026 and concurrent consent solicitations.
• Deutsche Bank and Morgan Stanley, the dealer managers and initial purchasers, in connection with an exchange offer by Mongolian Mining Corporation and Energy Resources LLC for their outstanding 9.25% Senior Notes due 2024 and issuance of new Senior Notes due 2026, respectively.
• CK Hutchison International (23) Limited, as Issuer, and CK Hutchison Holdings Limited, as Guarantor, in connection with the issuance of US$1.25 billion 4.750% Guaranteed Notes due 2028 and US$1.25 billion 4.875% Guaranteed Notes due 2033.
• BNI Securities, CIMB Investment Bank, and Deutsche Bank, the dealer managers and consent solicitation agents, in connection with tender offers by Theta Capital Pte. Ltd. for its outstanding 8.125% Senior Notes due 2025 and 6.750% Senior Notes due 2026 and concurrent consent solicitations.
• Sinopec Century Bright Capital Investment Limited and Sinopec Century Bright Capital Investment (America) LLC, as the Issuers, and China Petrochemical Corporation, as the Guarantor, in relation to changes in the Issuing Paying Agent and the terms of the Guarantee under their Commercial Paper Program.
• Standard Chartered Bank and Mandiri Securities, the dealer managers, in connection with a tender offer of the outstanding 5.875% Senior Notes due 2024 issued by Indika Energy Capital III Pte. Ltd. and the outstanding 8.25% Senior Notes due 2025 issued by Indika Energy Capital IV Pte. Ltd. subject to a combined aggregate purchase price of up to US$250 million. The Notes are guaranteed by PT Indika Energy Tbk and certain of its subsidiaries.
• ING Bank, Morgan Stanley, Standard Chartered Bank, and Mandiri Securities, the dealer managers, in connection with the tender offer of the outstanding 7.375% Senior Notes due 2026 issued by Medco Oak Tree Pte. Ltd. and the outstanding 6.375% Senior Notes due 2027 issued by Medco Bell Pte. Ltd. subject to a combined aggregate purchase price of up to US$150 million. The Notes are guaranteed by PT Medco Energi Internasional Tbk and certain of its subsidiaries.
• Morgan Stanley, Standard Chartered Bank, ANZ, DBS Bank, and ING Bank, the initial purchasers, in connection with an offering by Medco Laurel Tree Pte. Ltd of US$400 million in aggregate principal amount of 6.95% Senior Notes due 2028, unconditionally and irrevocably guaranteed by PT Medco Energi International TBk and certain of its subsidiaries.
• Deutsche Bank and Mandiri Securities, the initial purchasers, in connection with PT ABM Investama Tbk’s offering of US$200 million 9.5% senior notes due 2026.
• Deutsche Bank and Mandiri Securities, the dealer managers, in connection with the tender offer of the outstanding 7.125% Senior Notes due 2022 issued by PT ABM Investama Tbk.
• GLP Pte. Ltd. in connection with the issuance of US$850 million 4.50% green subordinated perpetual capital notes under its US$5 billion Euro Medium Term Note Programme. As at 2021, this was the first-ever offering of US$ green subordinated perpetual securities by an APAC corporate issuer and the largest US$ green subordinated perpetual offering globally.
• GLP Pte. Ltd. in connection with the update of its US$5 billion Euro Medium Term Note Programme.
• Deutsche Bank, the dealer manager, in connection with the solicitation of consents to adopt proposed amendments to the indenture constituting the 8.125% senior notes due 2023 issued by PT Bayan Resources Tbk unconditionally and irrevocably guaranteed by certain of PT Bayan Resources Tbk’s subsidiaries and the cash tender offer for up to US$220 million in aggregate principal amount of the Notes outstanding.
• Citigroup and HSBC, the joint bookrunners, in connection with an inaugural U.S. Rule 144A/Reg S private placement by a subsidiary of Coronado Global Resources (Coronado) of US$350 million 10.750% senior secured notes due 2026.
• Citigroup and Credit Suisse, the initial purchasers, in connection with the issuance and sale by Nickel Mines Limited of US$175 million 6.50% notes due 2024. The Notes are listed on the Singapore Exchange Securities Trading Limited.
• BNP Paribas, CIMB Investment Bank, Credit Suisse, Deutsche Bank, and Nomura, the consent solicitation agents, in connection with the solicitation of consents to adopt proposed amendments to the indenture constituting the 8.25% senior notes due 2025 and to the trust deed constituting the 6.75% senior notes due 2026. Each of the 2025 Notes and the 2026 Notes was issued by Theta Capital Pte. Ltd. and unconditionally and irrevocably guaranteed by PT Lippo Karawaci Tbk.
• Deutsche Bank, the dealer manager, in connection with the solicitation of consents to adopt proposed amendments to the indenture constituting the 8.00% senior notes due 2022 issued by Geo Coal International Pte. Ltd. unconditionally and irrevocably guaranteed by Geo Energy Resources Limited, and the cash tender offer for all of the outstanding Notes.

* Includes matters worked on prior to joining Sidley.