"Lee and Li is the best in the securitisation field as they have a bigger pool of professionals with consistent high quality, while some law firms sometimes only rely on a few people," a client comments. Such a compliment goes beyond the firm's capital markets capabilities, becoming attributed to the firm's solid reputation across banking, project finance, and M&A work, where it consistently holds its position in the top tier....
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"Lee and Li is the best in the securitisation field as they have a bigger pool of professionals with consistent high quality, while some law firms sometimes only rely on a few people," a client comments. Such a compliment goes beyond the firm's capital markets capabilities, becoming attributed to the firm's solid reputation across banking, project finance, and M&A work, where it consistently holds its position in the top tier.
Representative security deals come with three tranches of bonds offerings by Central American Bank for Economic Integration (CABEI) from December 2008 to February 2009, totalling NT$7 billion ($213.5 million), where the firm advised lead arranger HSBC in the issuance. Morgan Stanley also mandated the firm in its subscription of 99% of the euro-convertible bonds issued by E Sun Financial Holding Company, worth $200 million. Acting for the issuer, the firm worked on Gintech Energy Corporation's $49.7 million GDRs in March 2009, when Goldman Sachs served as the global co-ordinator and sole bookrunner.
"They provide appropriate advice not only for documentation but also for structuring or regulation consultation, which is very important for new products or first-time structured deals," says a client. "With different types of asset structures, it would be very tough for the arranger to put together a deal without good legal advice. Lee and Li was able to deal with all those issues for us."
The client adds: "And, more importantly, they also have deep understanding about the regulator's rationale and purpose of those regulations so that it helped a lot for us to communicate with regulator to get a deal through." Clients also named team head Abe Sung as particularly impressive.
Banking practice highlights include several syndicated loan deals for the aviation industry. Investec Bank engaged the firm in the financings for two aircrafts sold and leased back to Eva Airways and China Airlines, valued at $164 million and $37 million, respectively. Again counselling the lender, the firm advised on the financing of eight spare engines sold by China Airlines to a Cayman SPV, with a $37 million loan provided by DVB Bank to the buyer.
In an acquisition financing deal, the firm advised Avenger International on syndicated loans consisting of NT1.2 billion ($36.6 million) onshore financing and $10 million for the borrower's offshore holding company, provided by Chinatrust Commercial Bank, Citibank's Taipei branch, and another $26 million offshore loan from Citibank. The fund is provided for the acquisition of Cable-Giant CATV.
From the M&A practice, clients note Robin Chang: "He is very experienced in dealing with M&A matters and helps us to obtain our aim." Ken-Ying Tseng and counsel Sarah Wu also receive praise for their excellence.
Recent transactions saw the firm advising ING Group on the sale of its Taiwan subsidiary, ING Life Insurance, to local company Fubon Financial Holding for $600 million. Standard Chartered Bank also retained the firm on its NT3.3 billion ($100.7 million) acquisition of Asia Trust, a distressed bank from CDIC.
Other strategic acquisitions saw the firm representing Nanya Technology Corporation (Nanya) and Micron Technology's $400 million purchase of Qimonda's shares in joint venture Inotera Memories. The firm also worked on Korea Exchange Bank's NT$3.4 billion ($103.7 million) acquisition of shares in ProMOS Technologies, acting for the seller.
The firm is also helping 22 local financial institutions on their claims against Lehman Brothers since the investment bank's demise in September 2008, totalling $1.3 billion.
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