Sidley Advises on the US$1 Billion GMTN Bond Offering by ST Engineering

A multioffice Sidley team recently advised Singapore Technologies Engineering and its U.S. subsidiary ST Engineering Urban Solutions USA in connection with its inaugural issuance of US$1 billion of 5- and 10-year Singapore Stock Exchange–listed notes under its Global Medium-Term Note program. The offering included US$700 million of 3.375% notes due 2027 and US$300 million of 3.75% notes due 2032. The notes, which are governed by English law, were offered in reliance on Rule 144A, Regulation S, and other available exemptions under the US Securities Act of 1933 and other applicable securities laws.

ST Engineering is a global technology, defense, and engineering group with a diverse portfolio of businesses across the aerospace, smart city, defense, and public security segments. The net proceeds of the offering are to be used to refinance short-term debt incurred by it and other subsidiaries in connection with its recent high-profile acquisition of U.S.-based TransCore Partners, LLC, and TLP Holdings, LLC.

The Sidley team included partners Mark Walsh and Alan Grinceri based in London; partner Alexius Chong, counsel Shashwat Tewary, managing associate Joel Lam, associate Edward Lee, and legal assistants Caulyn Bong and Daniel Ang, all based in Singapore; partner Nick Brown, managing associate Tyler Combest, and counsel Carla Teodoro, based in New York; and partner Andrew Shoyer, based in Washington, D.C. Members of the team also advised ST Engineering in connection with the conversion of its Euro Medium-Term Note program to a global program and on the short-term debt and related credit facilities refinanced with the proceeds of the offering.