Allen & Overy (Thailand) Co, Ltd’s ‘highly approachable and knowledgeable’ practice is led by ‘inclusive, engaged and clear communicator’ Sarah Wilson, who specialises in project finance transactions in the power and infrastructure sectors, across the Asia Pacific region. Other key members of the group include counsel Anchalee Limviriyalers, who advises on infrastructure and property funds, as well as project transactions in Thailand, and Stephen Jaggs, who acts for clients throughout Asia, with particular expertise in project and structured finance matters. The team works with both English and Thai law, advising across syndicated lending, leveraged and acquisition finance, project finance, trade and export finance, and restructuring.
Banking and finance in Thailand
Allen & Overy (Thailand) Co, Ltd
Practice head(s):
Sarah Wilson
Other key lawyers:
Anchalee Limviriyalers; Stephen Jaggs; Nonaya Patarakitnirun
Testimonials
‘Current and in-depth knowledge of the project finance market. A strong team with great team work. A pro-active, solution-orientated approach that addresses bank-ability requirements whilst keeping to timelines.’
‘Very professional and efficient. Full coverage of legal issues.’
‘Sarah Wilson is an inclusive, engaged and clear communicator. Draws from historic knowledge to inform current advice in a concise manner.’
Key clients
Standard Chartered Bank
Deutsche Bank AG
Malayan Banking Berhad
Sumitomo Mitsui Banking Corporation
Japan International Cooperation Agency
Asian Development Bank
International Finance Corporation
Norfund
Export–Import Bank of Thailand
Xekong Thermal Power Plant Company
Group Limited
Nam Ngum 3 Power Company/Chaleun Sekong Group Co., Ltd.
Nam Ngiep 1 Power Co., Ltd.
Kansai Electric Power Co., Inc.
EGAT International Co., Ltd.
Lao Holding State Enterprise
Bangkok Bank Public Company Limited
Credit Guarantee and Investment Facility
United Overseas Bank (Thai) Public Company Limited
Natixis’s Singapore Branch
Liu Chong Hing Investment Limited
Work highlights
- Advised the mandated lead arrangers and bookrunners on financing for the public tender offer by Gulf Energy Development Public Company Limited for the acquisition of 81.1% of the shares of Intouch Holdings Public Company Limited, which will be in addition to Gulf’s existing 18.9% stake.
- Advised Asian Development Bank, Japan International Cooperation Agency and Export–Import Bank of Thailand on a THB600m loan agreement to E Smart Transport Co., Ltd., a wholly-owned subsidiary of Energy Absolute Public Company Limited, to fund the development and operation of 27 electric ferries for mass rapid transport on Bangkok’s Chao Phraya River.
- Advised Asian Development Bank, International Finance Corporation, Japan International Cooperation Agency, Norfund and Export–Import Bank of Thailand on financing to Prime Road Alternative (Cambodia) Co., Ltd., a subsidiary of Thailand-based Prime Road Power Public Company Limited, to fund the development of a 60MW solar power project in Kampong Chhang Province in central Cambodia.
Baker McKenzie LLP
Baker McKenzie LLP’s banking and finance practice team is led by Thinawat Bukhamana, Sawanee Sethsathira and Komkrit Kietduriyakul. Bukhamana focuses on derivatives, project finance and debt restructuring, while Sethsathira’s expertise includes project development, financing and acquisition in the energy, chemical and mining sectors. Kietduriyakul has demonstrable experience in digital assets, blockchain and fintech. The team, which also counts on the expertise of Chaveewan Likhitwattanachai, who advises on infrastructure funds, REIT and debt capital market transactions, derivatives expert Benja Supannakul, Somika Phagapasvivat and Kullarat Phongsathaporn, stands out for its capability in fintech, derivatives and structured finance, private wealth management, and project finance.
Practice head(s):
Thinawat Bukhamana; Sawanee Sethsathira; Komkrit Kietduriyakul
Other key lawyers:
Chaveewan Likhitwattanachai; Benja Supannakul; Kullarat Phongsathaporn; Somika Phagapasvivat
Testimonials
‘Practical advice.’
‘Strong individuals.’
‘Highly competent team.’
Key clients
Bangkok Bank Public Company Limited
The Siam Commercial Bank Public Company Limited
Kasikornbank Public Company Limited
Bank of Ayudhya Public Company Limited (affiliate of Mitsubishi UFJ Financial Group)
TMB Bank Public Company Limited
Krung Thai Bank Public Company Limited
EXIM Thailand
Kiatnakin Bank
TMB Bank
OCBC
Work highlights
- Advised Charoen Pokphand Holding Co., Ltd. (“CPH”), Ascend Group Co., Ltd., Freewill Solutions Co., Ltd., and Ascend Money Co., Ltd. in a THB 1,597,400,000 term loan facility financing transaction to CPH as borrower.
- Advised Krungthai Bank Public Company Limited on the offering of digital gold wallet products over a blockchain platform (offering gold investments to retail investors as an alternative to traditional savings), the first of its kind in Thailand.
- Advised Gulf Energy Development Public Company Limited (GED) on its THB 169.059 billion loan facilities from 12 Thai and foreign financial institutions for the purpose of funding its conditional voluntary tender offer for ordinary shares in Intouch Holdings Public Company Limited.
Linklaters
Pichitpon Eammongkolchai leads the banking and finance practice at Linklaters and advises domestic and international on cross-border matters, with a particular focus in leveraged finance, real estate finance, acquisition finance and refinancing transactions. The team stands out for its work across the full spectrum of banking matters, from corporate financing and structured financing to debt restructuring. The practice counts on the expertise of Wilailuk Okanurak and Wanwisar Nakarat, who is praised as a ‘go-to lawyer for complicated transactions in Thailand’ and has experience working across project, acquisition and real estate financing matters.
Practice head(s):
Pichitpon Eammongkolchai
Other key lawyers:
Wanwisar Nakarat; Wilailuk Okanurak; Soammaras Ratanavanich
Testimonials
‘Wanwisar Nakarat is very good at structuring advice.’
‘Well-coordinated approach in delivering maximium value to clients. Geographically diversified team helps to drive results in a timely and cost effective manner.’
‘Wanwisar Nakarat is an excellent lawyer, who has done an excellent job closing the bridge between both sides of the table. Definitely the go-to lawyer for complicated transactions in Thailand.’
Key clients
Bangkok Bank Plc.
Bain Capital Asia, LLC7
Bank of America Merrill Lynch
Bank of Tokyo – Mitsubishi UFJ
Bank of Ayudhya Plc.
Charoen Pokphand Group
Charoen Pokphand Foods Plc.
CIMB Thai Bank Plc.
Credit Suisse
Deutsche Bank
ICICI Bank
Jardines
KASIKORNBANK Plc.
Krungthai Bank Plc.
Minor International Plc.
RATCH Group Plc.
PTT Exploration and Production Plc.
IRPC Plc.
Mizuho Bank Limited
Thaicom Plc.
The Siam Commercial Bank Plc.
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation
The Hongkong and Shanghai Banking Corporation
TMB Bank Plc.
True Corporation Plc
United Overseas Bank
Work highlights
- Acted as lender counsels for US$800m acquisition financing transaction of 100% shares in Oxiteno S.A. – Industria e Comercio by TereftalicosIndustria e Participacoes Ltda as borrower from Ultrapar Participacoes S.A. as seller.
- Advised Charoen Pokphand Holding Co., Ltd to secure the financing of THB 3.98bn by Bangkok Bank Public Company Limited for its investment in Asia Era One Co., Ltd. for development of the first high-speed rail link in Thailand.
- Advised C.P. Retail Development Company Limited on the refinancing transaction of the existing loan of C.P. Retail Development Company Limited in an approximate amount of US$4bn to its existing group of lenders.
Chandler MHM Limited
Chandler MHM Limited’s banking and finance team is jointly led by ‘Thailand’s leading project finance lawyer’ Jessada Sawatdipong
, who has demonstrable experience in cross-border energy and natural resources projects, and ‘first-class lawyer’ Joseph Tisuthiwongse, whose expertise lies in project and acquisition finance matters, with a focus on the renewable energy sector. The practice, which has qualified Thai, US and Japanese lawyers, stands out for its work across major power, infrastructure and real estate projects. Other key members of the team include Pranee Klinratana, who is praised as ‘hands on, pragmatic and can be trusted to get deals done’, and Supattra Sathapornnanon, who works with leading domestic commercial banks on project finance matters.
Practice head(s):
Jessada Sawatdipong; Joseph Tisuthiwongse
Other key lawyers:
Supattra Sathapornnanon; Pranee Klinratana; Tanai Porasupattana
Testimonials
‘Outstanding team in the market, noted for their attention to detail and skill at managing complex projects. Also noted for being ahead of issues in terms of market developments.’
‘Pranee Klinratana stands out in the market as a leader, one of the best I have worked with. Hands on, pragmatic, and can be trusted to get deals done.’
‘Jessada Sawatdipong is Thailand’s leading project finance lawyer.’
‘Very professional.’
‘We have worked with CMHM for many years across project finance (particularly renewables), asset finance and general banking as well as restructuring/insolvency. The team know their stuff and are very responsive.’
‘Joseph Tisuthiwongse is a first class lawyer.’
‘Tanai Porasupattana is a great asset finance and banking lawyer.’
Key clients
Asian Development Bank (ADB)
B.Grimm Power Public Company Limited
Bangkok Bank Public Company Limited
CIMB Thai Bank Public Company Limited
Government Savings Bank
Hankyu Hanshin Properties Corp
Industrial and Commercial Bank of China (Thai) Public Company Limited
Japan Bank for International Cooperation (“JBIC”)
Kasikorn Bank Public Company Limited
Kiatnakin Phatra Bank Public Company Limited
Krung Thai Bank Public Company Limited
Standard Chartered Bank
The Siam Commercial Bank Public Company Limited
TISCO Bank Public Company Limited
Work highlights
- Acted for ADB, and other commercial lenders (Bangkok Bank, KASIKORNBANK, Kiatnakin Phatra Bank, ICBC (Thai) and Standard Chartered Bank) on the USD 160.5 million green financing of an approximate 200 MW utility-scale photovoltaic solar power project and its associated facilities in Tay Ninh Province, Vietnam, developed, owned and operated by Due Tieng Tay Ninh Energy Joint Stock Company.
- Advised B.Grimm Power Public Company Limited (“B.Grimm”), the sponsor, on the non-recourse financing for the development of 7 small gas-fired power plants. The gas-fired power plants will have a combined capacity of 980 megawatts with an approximate total value of THB 40 billion.
- Advised Government Savings Bank, Kiatnakin Phatra Bank Public Company Limited, and group of syndicated lenders comprising of Krung Thai Bank Public Company Limited, Kasikorn Bank Public Company Limited and The Siam Commercial Bank Public Company Limited on the financing of the investment by Gulf Energy Development PLC.
DLA Piper
Praised as ‘a first port of call for any foreign financier contemplating an investment in Thailand’, DLA Piper’s workload includes matters concerning leveraged and acquisition finance, corporate lending, project and real estate finance, as well as general banking issues. The practice is also trusted by financial institutions to advise on M&As, equity investments, asset sales and regulatory mandates. Waranon Vanichprapa, who acts for domestic and international banks, as well as multinational corporations, on financing and restructuring transactions, jointly leads the team alongside ‘outstanding banking and finance partner’ Timothy Tan, whose practice lies in acquisition financing and leveraged buyouts.
Practice head(s):
Waranon Vanichprapa; Timothy Tan
Testimonials
‘DLA Piper’s Thailand office is a first port of call for any foreign financier contemplating an investment in Thailand. DLA Thailand combines local market and legal knowledge with an international standard of practice.’
‘Timothy Tan is an outstanding banking and finance partner with great connections, local knowledge and technical legal expertise. He is also very involved in deals and accessible.’
‘DLA Piper offered very extensive services to close our complicated international investment.’
‘Mr. Waranon is very attentive and responsive. He arranges most of the things needed to meet the client’s requirements and preferences.’
Key clients
CIMB Bank (Thai) Public Company Limited
Sumitomo Mitsui Banking Corporation (Bangkok Branch)
TISCO Bank Public Company Limited
Bangkok Bank Public Company Limited
The Siam Commercial Bank Public Company Limited
Bank of Ayudhya Public Company Limited
Kasikornbank Public Company Limited
Kiatnakin Phatra Bank Public Company Limited
IRPC Clean Power Co., Ltd.
Global Power Synergy Public Company Limited
Bank of China
China Minsheng Bank
Deutsche Bank
Rabobank N.V.
PT MNC Investama Tbk
QuEST Global Services PTE LTD
Government Savings Bank
Work highlights
- Representing The Siam Commercial Bank Public Company Limited on its USD330 million acquisition financing for Gulf Energy Public Company Limited in acquiring shares of Intouch Holdings through a bidding process.
- Representing IRPC Clean Power Co Ltd, as borrower, on the THB7 billion financing of the 70 MW gas-fired combined cycle cogeneration power plant project and the refinancing of its existing cogeneration power plant project.
- Representing private equity fund sponsor Capital Square Partners on its highly structured LBO of the CSS Corp group of companies.
Norton Rose Fulbright
Counting investment, commercial and development banks, as well as sovereign entities and international corporations, among its key roster of clients, Norton Rose Fulbright advises on project, acquisition and corporate finance matters, and is well-placed to leverage the firm’s global footprint to handle a range of cross-border banking and finance issues. Tassanai Kiratisountorn leads the ‘proactive’ team and acts for clients on multi-jurisdictional financings, particularly in the energy sector, while senior associate Chormas Premsirinirund represents lenders in transactions.
Practice head(s):
Tassanai Kiratisountorn
Other key lawyers:
Chormas Premsirinirund
Testimonials
‘They are persistent in finding solutions to complex transactions and show good collaboration across the team. Although their team is small, they have been able to deliver and provide good support throughout the transactions.’
‘Tassanai, as partner and head of the team, has a good understanding of the project finance documentation and is good at negotiating terms.’
‘The team is helpful with great legal knowledge. Punctual on the committed deadline.’
‘Not only having strong legal knowledge, the team also has commercial sense; as a result, they can pick up what the client needs and reflect it in the terms.’
‘Flexible and proactive.’
Key clients
Bangkok Bank Public Company Limited
Bank of Ayudhya Public Company Limited
Export-Import Bank of Thailand
Frasers Property Holdings (Thailand) Co., Ltd.
International Finance Corporation (IFC)
Kasikornbank Public Company Limited
Krung Thai Bank Public Company Limited
Mizuho Bank, Ltd.
Prinx Chengshan Tire (Thailand) Company Limited
Sumitomo Mitsui Banking Corporation, Bangkok Branch
The Siam Commercial Bank Public Company Limited
TMBThanachart Bank Public Company Limited
Work highlights
- Advised International Finance Corporation (IFC) on a sustainability-linked financing for five Singapore incorporated subsidiaries of Precious Shipping Public Company Limited (PSL).
- Advised TMBThanachart Bank Public Company Limited in respect of a financing to Constant Energy for development of rooftop solar project portfolio in Thailand with total capacity of approximately 75 MW.
- Advised Kasikornbank Public Company Limited in respect of a financing to Thai Digital Energy Development Company Limited for development of rooftop solar project portfolio in Chiang Mai, Thailand.
Tilleke & Gibbins
Tilleke & Gibbins advises its roster of clients on a broad range of mandates concerning asset finance, bilateral financing, commercial banking, bonds, corporate lending, derivatives and syndicated loans. The team regularly acts for domestic and foreign banks, securities firms, equity and investment firms, as well as other financial institutions, on market entry, lending activities and day-to-day operations in Thailand. Kobkit Thienpreecha jointly leads the practice alongside Santhapat Periera, who specialises in asset finance matters, namely aircraft financing, as well as project financing in the energy and infrastructure sectors. Senior associate Niti Muangkote, who joined the firm from Baker McKenzie LLP in September 2021, is another key contact in the team.
Practice head(s):
Santhapat Periera; Kobkit Thienpreecha
Other key lawyers:
Cynthia M. Pornavalai; Niti Muangkote
Key clients
Brown Brothers Harriman
Canadian Imperial Bank of Commerce
China Development Bank
Fabrinet
Goldman Sachs
Grab
KBZ Group
Sumitomo Mitsui Banking Corporation
TMBThanachart
UOB Kay Hian Credit Pte. Ltd.
Work highlights
- Assisting a multinational tire manufacturing company in the iteration of a syndicated loan financing administered by global investment bank JPMorgan Chase.
- Acted as Thai legal counsel to aircraft in connection with a sale and leaseback transaction involving four Airbus A320-200 aircraft with a leading budget airline.
- Advising a leading international bank on various amendments and waivers to, and the restatement of, a GBP 25 million Senior Facilities Agreement and related security documents between an international fitness company and the client.
Weerawong, Chinnavat & Partners
Weerawong, Chinnavat & Partners’s banking and finance team is jointly led by Weerawong Chittmittrapap and Sunyaluck Chaikajornwat. The team advises domestic and international lenders, as well as borrowers, on bank lending issues, energy and infrastructure project financing, in addition to acquisition and corporate finance matters. Chittmittrapap is noted for his expertise in advising on the financing aspects of major infrastructure projects, while Chaikajornwat represents domestic banks, financial institutions, real estate and investment companies on financing mandates. Thammavaranucupt focuses on the financing aspects of infrastructure and PPP projects.
Practice head(s):
Weerawong Chittmittrapap; Sunyaluck Chaikajornwat
Key clients
Rabobank (Singapore)
ADK Marketing Solutions INC
Sumitomo Mitsui Banking Corporation
United Overseas Bank Limited (Singapore)
Global Power Synergy Public Company Limited
Thai Beverage Public Company Limited
Northern Bangkok Monorail Company Limited
Eastern Bangkok Monorail Company Limited
Bangkok Bank Public Company Limited
Italian-Thai Development Public Company Limited
Handelsbanken
DFDL Legal & Tax
Noted for its capability in handling project finance matters, the team at DFDL Legal & Tax is collectively led by Audray Souche, Vinay Ahuja, Nipaporn Supha-Utchaichan, Kraisorn Rueangkul and Walanchathas Sanguanwong. Counting lenders, issuers, development banks and international financial institutions among its key roster of clients, the practice has demonstrable experience across the energy and infrastructure, financial services, consumer goods and financial technology sectors. Ahuja advises on commercial and institutional lending, acquisition and leveraged finance, as well as regulatory compliance mandates, while Souche focuses on the financing aspects of energy and infrastructure projects, and Sanguanwong handles cross-border financings.
Practice head(s):
Vinay Ahuja; Nipaporn Supha-Utchaichan; Walanchathas Sanguanwong; Audray Souche; Kraisorn Rueangkul
Key clients
Lendable Asset Management
B.Grimm Power Public Company Limited and Phu Yen TTP Joint Stock Company
Work highlights
- Assisting a consortium of Thai lenders (Krung Thai Bank as Intercreditor Agent) in relation to new financing to be granted to the Lao power company Xayaburi Power Company in relation to the development and operations of the 1,285 MW Xayaburi hydropower project in the Lao PDR.
- Assisting a consortium of Thai lenders (Krung Thai Bank as Intercreditor Agent) in assessing satisfaction of Lao law conditions to the resumption of the drawdowns of the facilities granted to Xe Pian Xe Namnoy Power Limited Company for the purpose of the financing of the development of the Xe Pian Xe Namnoy hydropower project in Champasak province, Lao PDR.
- Acted as Vietnamese legal counsel to B.Grimm PLC (the sponsor) and Phu Yen TTP Joint Stock Company (the borrower) in relation to the take out financing of a solar power plant project with an aggregate installed generating capacity of up to 257 MWp (214 MWac) Phu Hoa District, Phu Yen Province, Vietnam.
Hunton Andrews Kurth LLP
Hunton Andrews Kurth LLP has a strong focus in the energy sector, and acts for domestic and international banks on secured and unsecured financing transactions. Stephen John Bennett leads the practice and advises on the financing aspects of high-end M&As and project developments, while associate Thanyaporn Achariyawong acts for Thai commercial banks on financing projects across the real estate, conventional and renewable energy sectors. Key clients include the International Finance Corporation, Asian Development Bank and Deutsche Investitions- und Entwicklungsgesellschaft, among others.
Practice head(s):
Stephen John Bennett
Other key lawyers:
Thanyaporn Achariyawong
Key clients
International Finance Corporation
Asian Development Bank
Deutsche Investitions-Und Entwicklungsgesellschaft MBH (DEG)
Kreditanstalt für Wiederaufbau (KfW)
J.P. Morgan
Kasikornbank Public Company Limited
Bangkok Bank Public Company Limited
Credit Suisse AG
Industrial and Commercial Bank of China (Thai) Public Company Limited.
Mizuho Bank, Ltd.
TMBThanachart Bank Public Company Limited
Sumitomo Mitsui Banking Corporation
Bank of Ayudhya Public Company Limited
Ares SSG/Link Capital I (Mauritius) Limited
United Overseas Bank (Thai) Public Company Limited
Kiatnakin Phatra Bank Public Company Limited
Work highlights
- Advised International Finance Corporation in providing a three-year loan of up to US$100 million to Ngern Tid Lor Company Limited (NTL).
- Advised International Finance Corporation as sole subscriber to a number of different structured bonds issued by TMBThanachart Bank Public Company Limited, Credit Suisse AG, Cayman Islands Branch, Kasikornbank Public Company Limited and TMBThanachart Bank Public Company Limited.
R & T Asia (Thailand) Limited
Rajah & Tann Singapore LLP’s banking and finance team is led by Surasak Vajasit, who has demonstrable experience advising on corporate and financing transactions, including privatisations, securities transactions, loan facilities, project finance and bankruptcy-related work. The practice, which is noted for it capability in handling cross-border mandates, relies on the expertise of Piroon Saengpakdee, who focuses on project development and finance issues. Pakpoom Suntornvipat is another key contact in the team.
Practice head(s):
Surasak Vajasit
Other key lawyers:
Piroon Saengpakdee; Pakpoom Suntornvipat
Work highlights
- Assisting Krung Thai Bank PCL in a committed credit facility agreement whereby Krung Thai Bank PCL will provide financial support to a joint venture chemicals company (SCG Dow Group).
SRPP Ltd.
SRPP Ltd.’s banking and finance team counts acquisition, real estate and equity financings, in addition to refinancings and debt restructurings, in its workload. With experience across the energy, hospitality, aviation and telecoms sectors, the group’s client roster includes domestic and international companies, financial institutions, as well as lenders, borrowers, guarantors, and security providers. Practice leader Passawan Navanithikul advises on matters concerning domestic and cross-border acquisition finance, investment facilities and asset-based lending facilities, and is frequently assisted by senior associate Sireedhorn Kittiphumwong.
Practice head(s):
Passawan Navanithikul
Other key lawyers:
Sireedhorn Kittiphumwong
Watson Farley & Williams (Thailand) Limited
Counting foreign banks, private equity firms and multinational companies among its key roster of clients, Watson Farley & Williams (Thailand) Limited’s corporate and finance practice is led by Christopher Osborne, who focuses on project financing matters and is noted for his expertise in the renewable energy sector. The practice also has experience across the aviation and technology sectors.
Practice head(s):
Christopher Osborne
Key clients
CNES (Christiani & Nielsen Energy Solutions)
MUFG Bank Ltd