Allen & Overy (Thailand) Co, Ltd. provides English and Thai law advice on a broad range of domestic and cross-border banking and finance transactional matters, including leveraged and acquisition, real estate and project finance, as well as restructurings. Managing partner and practice co-leader Stephen Jaggs advises banks and borrowers throughout the region and is noted for his expertise in project and structured finance. Practice co-leader Sarah Wilson handles a range of banking and finance matters, with a particular and recent focus on restructurings in the aviation sector. Counsel Anchalee Limviriyalers is also noted for project finance, syndicated loans, capital markets and securitisation transactions.
Banking and finance in Thailand
Allen & Overy (Thailand) Co, Ltd
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Testimonials
‘Expertise on project finance and market knowledge in Thailand. The team takes a commercially sensible approach, are great on management of local law issues and take a positive, fun approach to work and clients.’
Key clients
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Bank of Ayudhya Public Company Limited
Natixis (Singapore Branch)
Credit Guarantee and Investment Facility
International Finance Corporation
Asian Development Bank
German Investment Corporation (DEG)
Nam Ngum 3 Power Company
Chaleun Sekong Group Co., Ltd.
Xekong Thermal Power Plant Company/Phonesack Group Limited
Bangkok Bank Public Company Limited
Siam Commercial Bank Public Company Limited
The Export-Import Bank of Thailand
Work highlights
- Advised Mizuho Bank, Ltd., MUFG Bank, Ltd. and Bank of Ayudhya Public Company Limited on the inaugural syndicated cross-border and syndicated onshore sustainability-linked loans in Thailand and Japan.
- Advised International Finance Corporation, Asian Development Bank, and German Investment Corporation (DEG) on a $300m blue loan financing for Indorama Ventures Public Company Limited.
- Advised Siam Commercial Bank Public Company Limited and the Export-Import Bank of Thailand (the lenders) on a loan provided to Gulf Tay Ninh 1 Joint Stock Company (the borrower) to fund the refinancing of an inter-company loan owed by the borrower to Gulf International Holding Pte. Ltd.
Baker McKenzie LLP
Baker McKenzie LLP represents both borrowers and lenders, including local and international commercial banks, across a range of industry sectors such as energy, telecoms, technology and retail. The team handles the full spectrum of banking and finance matters in Thailand and across the Asia Pacific region. Practice head Thinawat Bukhamana has extensive experience in advising domestic and multinational clients on project finance and debt restructurings, as well as derivatives mandates. Sawanee Sethsathira handles acquisition and project financing matters, while Komkrit Kietduriyakul is noted for his expertise in structured finance. Chaveewan Likhitwattanachai focuses on acquisition, project, real estate and corporate financing, and Benja Supannakul has experience in all areas of financial products. Kullarat Phongsathaporn leads the firm’s growing fintech practice, focusing on related products and e-payments.
Practice head(s):
Other key lawyers:
Sawanee Sethsathira; Komkrit Kietduriyakul; Chaveewan Likhitwattanachai; Benja Supannakul; Kullarat Phongsathaporn; Somika Phagapasvivat
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
Sumitomo Mitsui Banking Corporation
Mizuho Bank Ltd.
Citibank N.A.
Work highlights
- Advised True Move H Universal Communication Co., Ltd., a subsidiary of True Corporation Public Company Limited and a major mobile service provider in Thailand, in the financing of licence fees for 700 MHz in a form of letters of guarantee as required by the National Broadcasting and Telecommunications Commission (NBTC).
- Advised Bank of China (Hong Kong) Limited, Bank of China (Thai) Public Company Limited and The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch in a $90m term loan financing transaction to Prinx Chengshan Tire (Thailand) Co., Ltd.
- Advised Energy Absolute Public Company Limited in relation to its THB 1.5m facility agreement from ADB.
Linklaters
Linklaters advises Thai and international corporations as well as local and offshore financial institutions on a range of banking matters; it is also noted for its expertise in the energy, telecoms, food and retail sectors. Within the team, ‘Star’ practice leader Pichitpon Eammongkolchai advises domestic and international clients on leveraged, real estate and acquisition finance, and refinancing transactions; Wanwisar Nakarat is noted for her expertise in project financing; and Wilailuk Okanurak has over 30 years’ experience in handling cross-border banking transactions.
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Testimonials
‘Strong team across all levels with deep experience and commercial approach.’
‘Pichitpon Eammongkolchai is a star, who is able to find solutions and get a deal done.’
Key clients
Bangkok Bank Plc.
Bain Capital Asia, LLC
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
Hongkong Land
ICICI Bank
Indorama Group
Jardines
KASIKORNBANK Plc.
Krungthai Bank Plc.
Minor International Plc.
RATCH Group Plc.
PTT Exploration and Production
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
- Advised Charoen Pokphand Group, its subsidiaries and affiliates on the various banking facilities of $11.7bn for the acquisition of Tesco’s businesses in Thailand and Malaysia.
- Advised Kasikornbank Public Company Limited (KBANK) and Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBC), as lenders in the negotiation of the First Amendment and Restatement Agreement of the THB 3.37bn 2019 Facility Agreement between T.C.K. Plastic Co., Ltd., Superpack Plastic Co., Ltd., KBANK and ICBC, and the waiver request letters in relation to the Finance Documents.
- Advised Bank of Ayudhya Public Company Limited, Bangkok Bank Public Company Limited, Kasikornbank Public Company Limited, Mizuho Bank, Ltd. and Krungthai Bank Public Company Limited on the refinancing of the existing loan facility of approximately THB 21bn provided to Boon Rawd Trading Co., Ltd., Singha Corporation Co., Ltd. and Singha International Headquarter Company Limited.
Chandler MHM Limited
Chandler MHM Limited
‘s team of ‘effective negotiators’ is particularly experienced in acting for lenders on a range of cross-border financing matters, including energy, power, infrastructure and real estate projects. Practice co-leader Jessada Sawatdipong
is noted for his expertise in project financing, with a focus on energy and natural resources mandates in the region. Practice co-leader Joseph Tisuthiwongse handles cross-border project and acquisition finance matters, particularly in the renewable energy sector. Supattra Sathapornnanon is praised as ‘one of the best in the market, particularly for project and cross-border financings’, and Pranee Klinratana takes a ‘methodical and diligent’ approach when handling project financing transactions.
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Testimonials
‘The firm has provided us with a consistently impressive service. Their business-orientated approach and understanding of the issues makes them effective negotiators. Overall, we have had a consistently positive experience using this firm in terms of responsiveness and client service.’
‘Chandler MHM provides practical advice and support for the completion of transactions.’
‘Pranee Klinratana has been working with us for a long time on many financial transactions. She understands our structure and requests very well.’
‘Supattra Sathapornnanon is very knowledgeable and experienced, one of the best in the market, particularly for project and cross-border financings. She is pragmatic and collaborative in her approach which makes negotiations easier and easy to work with. She is able to support us in the most complex transactions, yet is able to explain things in a easy to understand way.’
‘The Chandler team is very strong in banking and finance. They have extensive experience in this field and also help us in difficult deals.’
‘Pranee Klinratana is noted for her strong client skills and is a nice person to work with. Very service minded. Her approach is methodical and diligent. She can be relied upon to support us in brining projects to a close.’
‘The team has excellent service with a high level of commercial awareness and very responsive. This is one of the most experienced diverse teams in the market, we have worked with them for many years. Their commitment and ability to solve problems helps us to get the deals done.’
Key clients
Bangkok Bank Public Company Limited
BCPG PLC
China Development Bank, Guangdong branch
Export-Import Bank of Thailand
B.Grimm Power Public Company Limited
Krungthai Bank PCL
Sumitomo Mitsui Banking Corporation, Bangkok Branch
The Joint Stock Commercial Bank for Investment and Development of Vietnam
The Siam Commercial Bank Public Company Limited
United Overseas Bank Singapore
Bangkok Bank Public Company Limited
Work highlights
- Advised Asian Development Bank (ADB), Kasikornbank and Bangkok Bank on the financing for the development and operation of a 257 megawatt (MW) solar power plant in Vietnam.
- Acted as Thai lenders’ counsel, assisting Bangkok Bank Public Company Limited and China Development Bank, Guangdong branch, with the financing of a 343km fuel oil pipeline covering five provinces from Saraburi Province to Khon Khaen Province and associated storage facilities in Khon Kaen Province.
- Advising B.Grimm, the sponsor, on the non-recourse financing for the development of seven small gas-fired power plants, which will have a combined capacity of 980 megawatts (MW), with an approximate total value of ฿40bn.
Hunton Andrews Kurth LLP
Hunton Andrews Kurth LLP is noted for handling banking and finance matters in the telecoms and renewable energy sectors, and acts for commercial and foreign banks on financing transactions. Practice head Stephen John Bennett focuses on acquisition financing and project development mandates. Other key contacts include Maythawee Sarathai, who joined from Mayer Brown in January 2021, and associate Thanyaporn Achariyawong, who advises commercial banks on financing projects.
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Work highlights
- Advising KBANK, BBL and ICBC as the lenders’ legal counsel on the amendment to the terms and conditions of THB 1.9bn syndicated financing for Kulthorn Kirby Public Company Limited and its affiliates.
- Advising Mizuho and BBL in the amendment to the terms and conditions of the THB 3.96m facility agreement entered into Kobelco Millcon Steel Company Limited.
- Advising TMB and KBANK as the lenders’ legal counsel in the THB 347m and THB 610m syndicated financing for AVA Grand Energy Company Limited and Recovery House Company Limited.
Norton Rose Fulbright
Praised for its ‘strong expertise in project finance transactions’, Norton Rose Fulbright also handles acquisition and corporate finance matters and is particularly active in the energy, power and technology industries. The practice is led by Tassanai Kiratisountorn, who advises lenders and borrowers on cross-border transactions, with particular expertise in the energy sector. Senior associate Chormas Premsirinirund is another key name to note.
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Testimonials
‘Norton Rose team has strong expertise in project finance transactions. The team helps provide thorough and careful legal considerations. What makes Norton Rose stands out from other legal firm is the team’s flexible legal service scope and a brilliant service mind to achieve the required result for the client, even if that is an out-of-scope matter.’
‘The team has good experiences in providing legal services. Apart from typical legal advice, the firm could assist the lenders to determine the structure which makes the transaction possible and successful.’
Key clients
Bangkok Bank Public Company Limited
Bank of Ayudhya Pcl.
Coöperatieve Rabobank U.A., Singapore Branch
KASIKORNBANK Public Company Limited
Standard Chartered Bank (Thai) Public Company Limited
Sumitomo Mitsui Banking Corporation, Bangkok Branch
Prinx Chengshan Tire (Thailand) Company Limited
The Hongkong and Shanghai Banking Corporation Limited, Bangkok Brach
United Overseas Bank (Thai) PCL
TMB Bank Public Company Limited
Weerawong, Chinnavat & Partners
Weerawong, Chinnavat & Partners acts for local commercial banks and international banks on matters including acquisition financing, and energy and infrastructure project financing. Weerawong Chittmittrapap, who handles the financing aspects of infrastructure projects, jointly leads the practice with Sunyaluck Chaikajornwat and Jirapat Thammavaranucupt following the departures of former practice head Passawan Navanithikul and Nattaporn Pengkul to SRPP. Chaikajornwat counts major corporations, banks, real estate and investment companies as his clients which he advises on financing matters, while Thammavaranucupt focuses on the financial aspects of infrastructure and public private partnership projects.
Practice head(s):
Weerawong Chittmittrapap ; Sunyaluck Chaikajornwat ; Jirapat Thammavaranucupt
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
U-Tapao International Aviation Company Limited
Bank of America
Handelsbanken
DFDL Legal & Tax
DFDL Legal & Tax advises on a range of banking and finance matters across various industries, including financial institutions, energy and infrastructure, private equity and financial technology. Practice co-leader Vinay Ahuja ‘stands out’ in this space, handling domestic and cross-border finance transactions, from commercial and institutional lending to acquisition and leveraged finance. Nipaporn Supha-Utchaichan jointly leads the practice following Kunal Sachdev’s departure in July 2020. Walanchathas Sanguanwong is noted for her expertise in cross-border financing mandates and advises lenders on energy and infrastructure projects.
Practice head(s):
Other key lawyers:
Walanchathas Sanguanwong ; Audray Souche ; Rashane Leerabandhu ; Kraisorn Rueangkul
Testimonials
‘Their understanding of clients’ needs and legal and commercial nuances of the deal is really remarkable and stands out.’
‘Vinay Ahuja is certainly a person who stands out due to his personal touch and deep understanding of the commercial aspects, in additional to the legal complexities. A great lawyer to have on your side.’
‘Kraisorn Rueangkul and his team are very experienced and knowledgeable.They are very responsive, provide clear and concise advice and are always willing to accommodate our client’s questions. ‘
‘DFDL team are very prompt and efficient.’
Key clients
B.Grimm Power Public Company Limited
B.Grimm Solar Power, Inc
A Consortium of Thai lenders
Zipmex Asia Pte. Ltd.
Funding Societies Pte. Ltd.
Validus Investment Holdings Pte. Ltd.
Korea Development Bank (Singapore Branch)
3i Infotech Limited
Work highlights
- Acting as the borrower’s counsel to B.Grimm Power Public Company Limited, on negotiating and drafting financial documents and closing assistance to achieve financial close.
- Acting for B.Grimm Power Public Company Limited (sponsor) and B.Grimm Solar Power, Inc (project company) on a multi-sites solar rooftop project in the Philippines, totalling of 12MW for a large scale food manufacturer.
- Assisting a consortium of Thai lenders (Krung Thai Bank as Intercreditor Agent) with the amendments of terms of the facilities granted to Xayaburi Power Company for the development and operations of the 1,285 MW Xayaburi hydropower project in the Lao PDR.
DLA Piper
DLA Piper advises Thai and international banks, as well as other financial institutions and multinational corporations, on a range of matters including acquisition finance, corporate lending, debt restructuring, and project and real estate finance. Co–country managing partner Waranon Vanichprapa, who handles financing and restructuring transactions, regulatory matters and bankruptcy issues, jointly leads the practice with Timothy Tan who focuses on debt finance and debt restructuring transactions.
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Testimonials
‘DLA Piper is a truly global firm that brings a high standard of service to every market, including Thailand. For cross-border deals in particular, DLA Piper is a one-stop shop.’
‘Timothy Tan in DLA Piper’s Bangkok office is a stand-out finance partner. He works tirelessly and has an awesome client service attitude. Despite advancing out of the junior partner band becoming more senior, he continues to get into the weeds of deals. He is a pleasure to work with or opposite on a deal.’
‘Timothy Tan is knowledgeable, practical and really at the top of his game.’
‘The team is very commercially driven and flexible with fees.’
Key clients
CIMB Bank (Thai) Public Company Limited
Bank of China
China Minsheng Bank
Sumitomo Mitsui Banking Corporation (Bangkok Branch)
TISCO Bank Public Company Limited
Deutsche Bank
Rabobank N.V.
Bangkok Bank Public Company Limited
Siam Commercial Bank Public Company Limited
Bank of Ayudhya Public Company Limited
KASIKORNBANK Public Company Limited
Kiatnakin Phatra Bank Public Company Limited
PT MNC Investama Tbk
QuEST Global Services PTE LTD
Global Power Synergy Public Company Limited
Work highlights
- Advised TISCO on its first REIT IPO financing for Prospect Logistics and Industrial Leasehold REIT.
- Advised Kiatnakin Phatra Bank as lender, security agent and facility agent on its first acquisition financing loan of THB 2.95bn secured term and revolving facilities.
- Advised PE Fund Capital Square Partners on a high-profile LBO, for its acquisition of CSS Corp.
R & T Asia (Thailand) Limited
R & T Asia (Thailand) Limited's ‘responsive and helpful’ practice advises on loan facilities, securities agreements and commercial lending transactions. Managing partner Surasak Vajasit's client roster includes banks, other financial institutions and publicly traded companies. Piroon Saengpakdee focuses on project development and finance, while Pakpoom Suntornvipat advises clients as borrowers on facility agreements.
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Testimonials
‘The team is responsive and helpful.’
Siam Premier International Law Office Limited
Siam Premier International Law Office Limited acts for commercial banks, public sector entities and other financial institutions on asset, real estate and project financing transactions. Practice co-leader Suttiphat Khamsirivatchara has experience in bank lending transactions, particularly structured finance, while practice co-leader Nithi Soomswasdi advises on financial institutions regulations, as well as handling banking, domestic and cross-border lending and project finance matters. Torsakul Cunvong assists insurers and commercial banks with drafting and negotiating bancassurance agreements.
Practice head(s):
Suttiphat Khamsirivatchara ; Nithi Soomswasdi ; Torsakul Cunvong ; Siripun Kriangwattanapong
Key clients
Krungthai Card PCL
Home Product Center PCL
Frasers Property (Thailand) Public Company Limited
PTG Energy Public Company Limited
Prime Road Power Public Company Limited
Work highlights
- Advising KTC with respect to placement-offering of long-term debentures and equity under Medium Term Note Program.
- Advised HomePro with respect to placement-offering of long-term debentures and equity.
- Assisted Deutsche Bank AG, Hong Kong Branch with the credit facilities amount of $9m granted by the client and other financial institutions.
Tilleke & Gibbins
Tilleke & Gibbins advises local and foreign banks, investment firms and financial institutions on a range of banking and finance matters including asset finance, corporate lending and loan projects. Santhapat Periera, who assists Thai Banks in the regional expansion into jurisdictions including Cambodia, Laos and Vietnam, jointly heads up the practice with Kobkit Thienpreecha and Cynthia M. Pornavalai who is noted for handling property and real estate financing transactions.
Practice head(s):
Santhapat Periera ; Kobkit Thienpreecha ; Cynthia M. Pornavalai
Key clients
Brown Brothers Harriman
Canadian Imperial Bank of Commerce
China Development Bank
Fabrient
Grab
Goldman Sachs
KBZ Group
Sumitomo Mitsui Banking Corporation
Terraform Labs
Visa International
Work highlights
- Advised a state-owned Thai banking institution on its THB 40bn COVID-related personal loan program.
- Advised a Hong Kong-based banking and financial services company on matters related to the provision of a HKD 1.5bn facility agreement for a real estate project in Bangkok.
- Advised an international bank on amendments and waivers made to a senior facilities agreement and security documents for a £25m loan.
Watson Farley & Williams (Thailand) Limited
The corporate and finance group at Watson Farley & Williams (Thailand) Limited has particular expertise in energy and transport financing matters, and acts for private equity firms, international banks and multinational corporations. The team is led by Christopher Osborne, who advises on project financing mandates, with a focus in the renewable energy sector. Senior associate Nicharee Pudphetkaew is also noted.
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Testimonials
‘The team was professional. They can easily understand the way you think and contact you with comfort.’
Key clients
General Rubber (Thailand) Co., Ltd.
DIP Lenders – Valaris