Latham & Watkins advised Melco Crown Entertainment Limited on a PHP15 billion (approximately US$330 million) senior notes issuance by its subsidiary, MCE Leisure (Philippines) Corporation, in relation to the development of the Melco Crown Entertainment group’s Philippine casino business. The senior notes, issued on January 24, 2014, were issued under a notes facility agreement structure which has been locally developed and is unique to the Philippines. Melco Crown Entertainment provided a New York law governed parent guarantee for the senior notes. MCE Leisure (Philippines) issued PHP15 billion aggregate principal amount of 5.00% senior notes due 2019 which were priced at 100% of par. MCE Leisure (Philippines) intends to use the net proceeds from the issuance for capital expenditure, refinancing of debt and general corporate purposes. Australia and New Zealand Banking Group Limited and Deutsche Bank AG, Manila Branch served as joint lead managers for the transaction. The Latham & Watkins Hong Kong team was led by partners Bryant Edwards and Eugene Lee, with counsel Benjamin Carale and associates Helena Kim and Eric Yiu.

Latham also represented SMC Global Power Holdings Corp., the Philippine-based energy subsidiary of San Miguel Corporation, in connection with the solicitation of consents for the amendment of certain terms and conditions of its US$300 million 7.0% notes due 2016. The Latham & Watkins Hong Kong team was led by counsel Benjamin Carale with associate Wally Suphap. Corporate partner Bryant Edwards said: “We are extremely proud to have advised two leading Philippine companies on diverse and significant corporate bond transactions. We are pleased to assist Melco Crown Entertainment on its continued expansion in the region. The demand for the recent notes issuances by the Melco Crown Entertainment group is testament to the strength of the group’s business.” Corporate counsel Benjamin Carale added: “We are also delighted to have helped SMC Global Power Holdings Corp. complete a successful transaction that will allow it to further grow its business. These two transactions show the commitment of Latham & Watkins to the Philippine capital markets and underscore the firm’s market-leading capabilities in Southeast Asia."