Linklaters advises the Genting Group on its US$1.25bn subordinated perpetual securities issuance and concurrent tender offer

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Aditi Raisurana
Communications & Corporate Affairs Manager, Asia
+6566925819 aditi.raisurana@linklaters.com

Linklaters has advised the Genting Group on the successful issuance of US$1.25bn dual-tranche subordinated perpetual securities and a concurrent tender offer of the outstanding US$1.5bn 4.25% Guaranteed Notes due 2027. The perpetual securities were issued by GOHL Capital Holdings Limited, a wholly owned funding vehicle within the Genting Group, and guaranteed on a subordinated basis by Genting Overseas Holdings Limited.

The transaction also featured a subordinated keepwell deed and contingent put option provided by Genting Berhad, making it one of the first subordinated perpetual securities issuances to incorporate such features.

The issuance of US$1.25bn of subordinated perpetual securities is also one of the largest perpetual securities issuances in the region in the last few years.

The Linklaters team was led by partner and Head of South and Southeast Asia Capital Markets Amit Singh and capital markets partner Michele Discepola, with support from managing associate Alwyn Loy.

Partner and Head of South and Southeast Asia Capital Markets Amit Singh commented:

“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. This transaction highlights our ability to help clients navigate sophisticated financing structures and develop tailored, commercially effective solutions in evolving market conditions.”

With more than 50 years of experience in Asia, Linklaters has a market-leading reputation in the region’s capital markets, providing clients with practical expertise and commercial insights to capitalise on opportunities. The firm has one of the largest teams focussed on Southeast Asia and has advised on many of the region’s most high-profile and landmark transactions, including PTTGC’s US$1.1bn perpetual securities issuance, which at the time was the largest of its kind in South and Southeast Asia.