Ng Sey Ming.JPEG

Ng Sey Ming

Partner, Rajah & Tann Singapore LLP

Practice Area:

Banking & Finance
Capital Markets
Project Finance

LLB (Hons), National University of Singapore
Advocate & Solicitor, Supreme Court of Singapore
Advocate & Solicitor, High Court of Malaya
Solicitor, England & Wales

T +65 6232 0473
E sey.ming.ng@rajahtann.com

Sey Ming is the head of the Debt Capital Markets Practice Group in Rajah & Tann Singapore LLP, and a member of the Banking & Finance Practice Group. His main areas of practice are debt capital markets, banking, project finance, securities regulations and debt restructurings.

He has advised clients in banking facilities, syndicated loans, project finance, trade facilities and debt issues including medium term note programmes, perpetual securities, exchangeable and convertible bonds. His clients include major Singapore and foreign banks, financial institutions, Singapore government-linked companies and statutory boards, and international conglomerates.

Sey Ming is a ranked lawyer in Chambers Asia Pacific 2015 and has been described as being "extremely commercial" and "very diligent"

Sey Ming speaks English, Mandarin, Bahasa Indonesia and Chinese dialects fluently. He is also called to the Malaysian Bar and is a Solicitor of Wales, England. He is also an independent non–executive director of three companies listed on the Singapore Exchange.

Experience
Bond Transactions

Acted in bond offerings (such as medium term note programmes, euro-convertible bonds) with size ranging from US$9,000,000 to S$1,000,000,000. A flavour of these deals are as follows:

  • Acted for the Dutch and Korean manager in respect of the listing of US$50,000,000 floating rate notes issued by a United States company and guaranteed by a Korean company.
  • Acted for a hotel chain listed in United Kingdom in establishing a S$1,000,000,000 medium term note programme listed on the Singapore Exchange.
  • Acted for a Singapore company in its subscription of US$25,000,000 convertible bonds listed on the Luxembourg Stock Exchange and issued by a Taiwan company.
  • Acted for a major Singapore petrochemical company in its US$180,000,000 convertible bonds listed on the Singapore Exchange.
  • Acted for a French bank in its issue of S$75,000,000 bonds listed on the Singapore Exchange.
  • Acted for the manager in a US$9,000,000 euro convertible bonds listed on the Singapore Exchange and issued by a Bermuda company.
  • Acted for a Singapore bank issuer in its US$275,000,000 exchangeable bonds listed on the Singapore Exchange.
  • Acted for a Singapore financial institution in establishing a S$300,000,000 medium term note programme listed on the Singapore Exchange.
  • Acted for a Singapore issuer in its S$690,000,000 convertible bonds listed on the Singapore Exchange.
  • Acted for a Singapore issuer in its S$800,000,000 medium term note programme listed on the Singapore Exchange.
  • Acted for a Singapore bondholder in relation to the subscription of US$180,000,000 notes to finance the acquisition of shares in an Indonesian company which has interests in the manufacture of polypropylene resins.
  • Acted for a Singapore company in the issue of up to S$8,500,000 exchangeable bonds, exchangeable into the shares of a company to be listed on the Singapore stock exchange.
  • Acted for a Singapore issuer in its S$500,000,000 medium term note programme listed on the Singapore Exchange.
  • Acted for a Singapore issuer in its S$500,000,000 debt programme (including perpetual securities) listed on the Singapore Exchange.
  • Acted for a Hong Kong issuer in its US$300,000,000 medium term note programme listed on the Singapore Exchange.
Banking Transactions

Drafting, reviewing and advising lenders and government linked borrowers respectively in the grant of banking facilities (term loan, project loans, trade facilities, revolving credit facilities etc.) of quantum ranging from US$20,000,000 to US$1,000,000,000. A flavour of these deals is as follows:

  • Acted for the Shanghai Branch of a Singapore bank in the grant of banking facilities up to US$20,000,000 to a PRC company.
  • Acted for the Beijing Branch of a Singapore bank in the grant of a project loan up to US$28,000,000 to a PRC company to finance the construction of a residential project in Beijing.
  • Acted for a Singapore lender in relation to the restructuring of banking facilities up to US$20,000,000 granted to a PRC company.
  • Acted for a Singapore government-linked borrower in relation to a syndicated loan of US$100,000,000 to finance its purchase of mezzanine loans in United States of America.
  • Acted for a foreign bank in Singapore in its grant of pre-export financing term loan facility up to US$150,000,000 to a major Korean conglomerate.
  • Acted for Singapore lender and a subsidiary of a Singapore listed company in the financing and purchase of residential and service apartments in Shanghai.
  • Acted for a Singapore borrower in relation to a term loan facility of S$120,000,000 to finance its purchase of assets in Bintan, Indonesia.
  • Acted for a Malaysian lender in relation to a term loan facility of up to S$800,000,000 to finance the takeover of a public listed company in Singapore.
  • Acted for a Malaysian lender in relation to a term loan facility of up to US$75,000,000 to finance the takeover of a public listed company in Hong Kong.
  • Acted for a Malaysian lender in relation to a term loan facility of up to US$4,500,000 to finance the construction of a gas receiving facility/gas filling station in Indonesia.
  • Acted for a Malaysian lender in relation to a term loan facility of up to US$275,000,000 to finance the acquisition of a Singapore company which owns an edible oil and fats business and plantation assets in Indonesia.
  • Acted for a Singapore borrower in relation to a term loan facility of up to US$1,000,000,000 to finance the acquisition of shares in an Indonesian company which has interests in timber and chemical plant.
  • Acted for a Singapore borrower in relation to a term loan facility of up to US$118,000,000 to finance the acquisition of shares in an Indonesian property developer.
  • Acted for the Singapore branch of a Swiss bank in relation to a term loan facility of up to EUR 140,000,000 with a greenshoe option of EUR 68,000,000 granted to a group of companies with interests in pulp and paper.
  • Acted for a Singapore borrower in relation to a term loan facility of up to S$30,000,000 to finance the acquisition of a property in Singapore and the costs for alteration works.
  • Acted for a syndicate of lenders in the grant of a term loan facility of up to US$160,000,000 to an Indonesian borrower to refinance its short-term bridging loans for the purposes of acquiring a plantation company listed in Indonesia.
  • Acted for the Singapore branch of an Austrian bank in the grant of a term loan facility of up to US$106,000,000 to a Singapore borrower for it to subscribe for shares in a plantation company listed in Indonesia.
  • Acted for a Singapore borrower in relation to a standby bridging facility of up to S$2,500,000,000 in preparation for its bid for a power generator company in Singapore.
  • Acted for the Singapore branch of an English bank in the restructuring of existing indebtedness of about S$14,000,000 to a Singapore borrower.
  • Acted for a Singapore borrower which is a REIT in relation to a multi-currency revolving credit facility of up to S$65,000,000 (granted by the Singapore branch of a foreign bank) to finance its acquisition of certain assets in Japan and for its working capital.
  • Acted for a Singapore borrower which is a REIT in relation to a multi-currency term loan facility of up to S$35,600,000 (granted by the Singapore branch of a foreign bank) for its working capital requirements.
  • Acted for a Japanese lender in relation to a term loan facility of up to US$100,000,000 granted to an Indonesian borrower and its subsidiary (with interests in edible oil and fats business and plantation assets) to re-finance their existing borrowings and for their working capital requirements.
  • Acted for a Singapore lender in relation to a term loan facility of up to US$30,000,000 granted to an Indonesian borrower (with interests in instant noodles manufacturing) to finance its acquisition of a dairy producer company.
  • Acted for a Singapore borrower in relation to a S$50,000,000 Commodity Murabaha Financing Facility. The Facility was provided on Shariah principles and on a Murabaha basis involving selected metal commodities in the London Metal Exchange.
  • Acted for a Singapore borrower in relation to a US$117,500,000 and S$202,350,000 term loan facility for the acquisition of bonds with warrants in a company with interests in a piece of land in Laoximen, Shanghai valued in excess of US$1,000,000,000.
  • Acted for a Singapore borrower in relation to a US$100,000,000 multi-currency term. The Singapore borrower is one of the largest government-linked developers in Singapore.
  • Acted for the Singapore branch of a foreign bank in relation to a S$50,000,000 revolving credit facility and bank guarantee facility granted to a Singapore borrower which is one of the largest private developers in Singapore.
  • Acted for the Singapore branch of a foreign bank in relation to a S$50,000,000 term loan facility granted to a Singapore borrower which is a REIT with parentage linked to the government.
  • Acted for a Singapore bank in relation to a JPY3,500,000,000 term loan granted to a Singapore borrower which is a major healthcare REIT for the acquisition of nursing homes in Japan.
  • Acted for the Singapore branch of a foreign bank in relation to a S$150,000,000 term loan facility granted to a Singapore borrower which is a REIT.
  • Acted for the Singapore branch of a foreign bank in relation to a S$250,000,000 term loan facility granted to a Singapore borrower which is a REIT.
  • Acted for a Singapore listed REIT which own commercial properties in Shanghai in relation to a US$100,503,000 term loan facility and a US$100,000,000 term loan facility granted by two Singapore banks.
  • Acted for a government linked real estate developer listed in SGX-ST in relation to a multicurrency revolving credit facility in the amount of S$100,000,000 granted by a bank to finance its general working capital and corporate funding requirements including funding or refinancing of investments and acquisitions.
  • Acted for a government linked real estate developer listed in SGX-ST in the relation to a multicurrency term loan banking facility in the amount of S$100,000,000 granted by a Singapore bank to finance the general working capital and corporate funding requirements including funding or refinancing of the amounts owing under the Amended Facility Agreement, investments and acquisitions and/or refinancing shareholders’ loan and/or capital expenditure.
  • Acted for a Singapore borrower in relation to a multicurrency revolving loan facility in the amount of S$30,000,000 granted by the Singapore Branch of a foreign bank to finance its general working capital and bridge financing purposes pending the receipt of upstream dividend income.
  • Acted for a Singapore bank in the grant of banking facilities of up to the aggregate principal amount of S$100,000,000 to a BVI company to finance general corporate financing requirements of the Indonesian company farming business in Indonesia including working capital and capital expenditure.
  • Acted for the Singapore branch of a foreign bank in the grant of a banking facility of up to the aggregate principal amount of US$50,000,000 to the Singapore branch of an Indonesian company which is largest authorised dealer for Caterpillar products, to finance its working capital requirements.
  • Acted for the Singapore branch of a foreign bank in the grant of a banking facility of up to the aggregate principal amount of S$33,000,000 to an investment holding to finance, refinance or reimburse up to 75% of the aggregate of the cost acquiring the issued and fully paid-up shares in the capital of an investment holding listed on the Stock Exchange of Thailand.
  • Acted for government linked real estate developer listed in SGX-ST in the relation to a multicurrency term loan banking facility in the amount of S$200,000,000 granted by a Singapore bank to finance the general working capital and corporate funding requirements (including funding or acquisitions and/or capital expenditure).
  • Acted for the Singapore branch of a foreign bank in the grant of a term loan facility of up to the aggregate principal amount of S$55,000,000 to one of the largest REITs listed on the SGX-ST to finance general working capital and refinancing of its existing borrowings.
  • Acted for the Singapore branch of a foreign bank in the grant of a term loan facility of up to the aggregate principal amount of CNH 69,000,000 to the China provider for business space solution to finance general working capital requirement and for the financing and/or refinancing of existing debts.
  • Acted for trustee of Asia’s largest healthcare REIT listed on SGX-ST in relation to the facility of up to the aggregate principal amount of S$80,000,000 by a Singapore bank to refinance the S$50,000,000 floating rate note issued and for the general corporate funding, working capital purposes and for financing of investments and projects.
  • Acted for a syndicate of banks in the grant of an uncommitted banking facility of up to a total aggregate principal amount of US$150,000,000 to the Singapore branch of China’s largest steel company to finance its funding requirement for general corporate purposes.
  • Acted for the Singapore branch of a foreign bank in the grant of an uncommitted banking facility of up to an aggregate principal amount of US$20,000,000 to an Indonesian company dealing with tires for its general corporate purposes and to fund its working capital requirement.
  • Acted for the Singapore branch of a foreign bank in the grant of banking facilities of up to an aggregate principal amount of S$100,000,000 to an investment holding to refinance the existing borrowings and the general working capital requirements.
  • Acted for one of the largest REITs listed on the SGX-ST in relation to a term loan facility of up the aggregated principal amount of S$100,000,000 granted by the Singapore branch of a foreign bank to refinance existing borrowings and for general working capital requirements.
  • Acted for a real estate developer listed on SGX-ST in relation to a revolving credit facility in an aggregate amount of up to S$80,000,000 granted by the Singapore branch of a foreign bank to refinance additional equity injection and subscription of convertible notes and to fund investments and other general working capital requirements.
  • Acted for the Singapore branch of a foreign bank in the grant of a revolving credit facility of the aggregate principal amount of S$200,000,000 to the trustee of Asia’s largest provider for business space solution to refinance existing indebtedness, for acquisition of investment and other working capital purposes.
  • Acted for a Singapore government linked real estate developer in relation to a financing transaction of up to the aggregate principal amount of USD$176,200,000 in relation to a 33-storey mixed development in Shanghai, The People’s Republic of China
  • Acted for a Singapore government linked REIT in relation to the grant of a term facility of up to an aggregate principal amount of S$505,000,000 granted by a club of lenders to refinance the existing debts and the payment of the construction of a 43-storey office tower, car park and retail podium, located in Raffles Place (with a 999 years tenure).
  • Acted for a Singapore bank in the grant of a term loan facility of up the aggregated principal amount of US$50,000,000 to a shipping company to finance or refinance up to 70% of the acquisition cost of the vessels.
  • Acted for one of the largest REITs listed on the SGX-ST in relation a term loan facility of up the aggregated principal amount of S$115,000,000 granted by the Singapore branch of a foreign bank to finance the acquisition of a building in Australia, new acquisitions or investment, refinance the existing borrowings and for general working capital requirements.
  • Acted for the trustee of the world's largest international serviced residence owner-operator in relation to the loan facility of up to £43,500,000 by a Singapore bank to finance the working capital purposes and the refinancing of existing loans.
  • Acted for a Singapore government linked real estate developer in relation to the grant of a revolving credit facility of up to the aggregate principal amount of US$300,000,000 by a syndicate of banks to be utilised in relation to a retail and office development in Shanghai, The People’s Republic of China.
  • Acted for a Singapore bank in respect of the grant of a term loan facility of up to the aggregate principal amount of S$560,000,000 to the offeror to part-finance the open market and off market acquisition of shares and convertible bonds in a company listed on the SGX-ST.
  • Acted for a Singapore bank in the grant of a term loan facility of US$220,000,000 to a BVI company which is related to an Indonesia coal mining company to finance the acquisition of shares.
  • Acted for one of the largest REITs listed on the SGX-ST in relation to the banking facilities of up to S$155,000,000 granted by a Singapore bank to refinance its existing loans.
  • Acted for the Singapore branch of a foreign bank in the grant of an uncommitted banking facility of up to an aggregate principal amount of US$50,000,000 to Singapore branch of an Indonesian company which is largest authorised dealer for Caterpillar products to fund its working capital requirement.
  • Acted for the Singapore Branch of a foreign bank in respect of the grant of a term loan facility of up to the aggregate principal amount of United States Dollar Equivalent of S$387,000,000 to the offeror to part-finance the acquisition of the ordinary shares in the capital of a company listed ont he SGX-ST (whether pursuant to open market purchases or off-market purchases during the offer period or tendered in acceptances of the offer).
  • Acted for the Beijing branch of a Singapore government linked real estate developer in relation a term loan facility in an amount of US$100,000,000 granted by a Singapore bank to finance advance capital payouts to its investors.
  • Acted for one of the largest REITs listed on the SGX-ST in relation to the grant of banking facilities of up to a total aggregate principal amount of S$395,000,000 and A$25,000,000 by a syndicate of banks to, inter alia, partially refinance the existing borrowings of the company, general working capital requirements, and for financing acquisitions or investments.
  • Acted for a Singapore bank in respect of the grant of a revolving loan facility of up to the aggregate principal amount of S$200,000,000 to one of Singapore's largest multi-national groups with key businesses in offshore and marine, infrastructure and propety, for its general working capital requirements.
  • Acted for a member of the Salim Group, in respect of a secured term loan facility of up to the aggregate principal amount of US$150,000,000, the amount of which may be increased to an amount not exceeding US$200,000,000 if the syndication is oversubscribed.
  • Acted for a Singapore Bank in the grant of banking facilities of up to the aggregate principal amount of S$470,000,000 to a renowned food manufacturing and processing company in Indonesia listed on Indonesia Stock Exchange for its general corporate purposes.
  • Acted for the Singapore branch of a foreign bank in respect of the grant of a term loan facility of up to the aggregate principal amount of S$75,000,000 to Singapore multi-million-dollar conglomerate listed on SGX-ST, specialising in integrated logistics and resource development, for its funding requirements for general corporate purposes.
  • Acted for the Singapore branch of a foreign bank in respect of the grant of a term loan facility of up to the aggregate principal amount of JPY5,000,000,000 to trustee of Asia’s largest healthcare REIT listed on SGX-ST for the general requirements including the financing of the acquisition of the Japanese Properties and/or the working capital requirements.
  • Acted for a Singapore bank in respect of the grant of a term loan facility of up to the aggregate principal amount of S$200,000,000 to Singapore's largest multi-national groups with key businesses in offshore and marine, infrastructure and propety, for its general corporate purposes, including but not limited to (i) refinancing of maturing debt; (ii) capital expenditure of new development projects; and/or (iii) potential land and property acquisitions.
  • Acted for a Singapore government linked real estate developer in relation to the grant of banking facilities of up to S$285,000,000 by a bank to finance and/or refinance the total purchase price, land-related costs and project costs for the acquisition and development of a residential site.
  • Acted for the Singapore branch of a foreign bank in respect to the grant of a term loan facility of up to the aggregate principal amount of S$26,000,000 to the joint venture of Asia's leading provider of business space solutions and a Singapore company with business spanning oilfield equipment manufacturing, shipping and logistics, drilling services, to (i) refinance its existing borrowings or (ii) finance the general working capital requirements.
  • Acted for the Singapore branch of a foreign bank in respect to the grant of a term loan facility of up to the aggregate principal amount of US$75,000,000 to the trustee of Asia’s first hotel REIT to (i) refinance its existing borrowings or (ii) finance the general working capital requirements and /or general corporate funding purposes.
  • Acted for a syndicate of banks in respect of the grant of banking facilities of up to US$170,000,000 and IDR15,000,000,000 to an Indonesian tire manufacturer to finance its capital expenditure, working capital requirements and to refinance certain existing debts.
  • Acted for the trustee of a Singapore-based REIT located in The People’s Republic of China, listed on SGX in respect of the grant of a term loan facility of up to a total aggregate principal amount of S$150,000,000 by a group of banks for its general corporate funding purposes and the financing of the acquisition of one of the pioneer shopping mall in South Beijing.
  • Acted for a Singapore government linked real estate developer in relation to a term loan facility in an aggregate amount of S$100,000,000 granted by the Singapore branch of a foreign bank for its general working capital and corporate funding purposes, including funding or refinancing of investments and acquisitions and/or refinancing of loans and/or capital expenditure.
  • Acted for one of the largest REITs listed on the SGX-ST in relation to a term loan facility in an aggregate amount of S$127,000,000 by a Singapore bank to refinance the existing borrowings.
  • Acted for a Singapore government linked real estate developer in relation to the grant of banking facilities of up to S$440,000,000 by a syndicate of banks to partially finance and/or refinance the redevelopment of a building located in the popular Orchard District into a new integrated units, serviced residences, public car park stations and a mosque.
  • Acted for a syndicate of banks in respect of the grant of banking facilities of up to the aggregate principal amount of USD equivalent of IDR1,600,000,000,000 to an Indonesia real estate developer to refinance certain existing debts.
  • Acted for a Singapore investment holding listed on the SGX-ST in relation to a term loan facility in an aggregate amount of S$50,000,000 by the Singapore branch of a foreign bank to finance general working capital and existing borrowings.
  • Acted for a Singapore logistic company in respect of the grant of a term loan facility of up to the aggregate principal amount of S$68,000,000 by a Singapore bank to finance the land costs and equipment cost.
  • Acted for a group of banks in respect of the grant of banking facilities of up to a total aggregate principal amount of S$400,000,000 to the trustee of a Singapore REIT listed on SGX-ST for its general corporate and working capital purposes as well as the refinancing of existing borrowings.
  • Acted for one of the largest REITs listed on the SGX-ST in relation to a term loan facility in an aggregate amount of S$60,000,000 by the Singapore branch of a foreign bank to refinance its existing borrowings.
  • Acted for a Singapore bank in respect of the grant of a term loan facility of up to the aggregate principal amount of JPY3,500,000,000 to trustee of Asia’s largest healthcare REIT listed on SGX-ST to finance the acquisition of Japanese healthcare properties, general corporate funding purposes and/or working capital purposes.
  • Acted for one of the largest REITs listed on the SGX-ST in relation to the grant of banking facilities of up to a total aggregate principal amount of S$350,000,000 by a bank to refinance the existing borrowings of the company and its general working capital requirements.
  • Acted for the Singapore branch of a foreign bank in relation to a term loan facility in an aggregate amount of S$200,000,000 to a Singapore investment holding listed on the SGX-ST to refinance its existing borrowings.
  • Acted for the Singapore branch of a foreign bank in relation to the grant of banking facilities of up to an aggregate principal amount of S$72,700,000 to a Singapore-based energy company to finance the construction, development and upgrading of the jetty terminal on Jurong Island.
  • Acted for a real estate developer listed on the SGX-ST in relation to the grant of banking facilities of up to the aggregate principal amount of S$241,317,500 by the Singapore branch of a foreign bank to finance the purchase of the land, construction costs and the working capital expenses or requirements for the development and construction of an executive condominium.
  • Acted for a bank in relation to the grant of banking facilities of up to an aggregate principal amount of S$100,000,000 to a trustee of a real estate developer listed on SGX-ST to finance the general working capital of the real estate developer and to refinance its existing indebtedness.
  • Acted for a Singapore Bank in the grant of banking facilities of up to the aggregate principal amount of US$350,000,000 to a Hong Kong incorporated company and an Indonesian incorporated company to (i) re-finance existing loans (ii) finance land compensation and/or its capital expenditure for coal mining development and (iii) finance the development of coal mine assets.
  • Acted for a Singapore government linked real estate developer listed on the SGX-ST in relation to the grant of banking facilities of up to the aggregate principal amount of S$883,930,000 by a club of banks to finance the construction costs and the working capital expenses and other expenses for the development of a residential development.
IPOs, M&A and Others
  • Acted for a Singapore company in relation to its group’s securitisation of US$150,000,000 receivables.
  • Acted for a Singapore company in its initial public offering in Singapore, with post listing market capitalisation of S$1,200,000,000.
  • Acted for a Korean conglomerate in its acquisition of a logistics business in Singapore for S$94,000,000.
  • Acted for a Singapore listed company in a reverse takeover of an edible oil and fats business and plantation assets in Indonesia, with post listing market capitalisation of S$1,600,000,000.
  • Acted for a Chinese crane manufacturer based in Liaoning Province in its initial public offering in Singapore, with post listing market capitalisation of S$200,000,000.
  • Acted for a China based water treatment and water solutions company in connection with the investment (through debt and equity) by a private equity fund of up to US$82,000,000.
  • Acted for a Mauritius holding company with subsidiaries in China which collectively own about 16 hypermarkets, 100 supermarkets and 100 convenience stores in Hunan province, in its debt restructuring exercise
  • Acted for a Singapore holding company in the disposal of its medical manufacturing facility in Thailand to a German company for US$25 million.
  • Acted for a Thai company in the disposal of its mining concession in Indonesia.
Memberships / Directorships
  • Member, Law Society of Singapore
  • Member, Law Society of England and Wales
  • Member, Singapore Academy of Law
  • Director, XMH Holdings Ltd., listed on SGX-ST
  • Director, Gaylin Holdings Ltd., listed on SGX-ST