SEPTEMBER 2014

Transactions Isolux Infrastructure

Netherlands B.V. proposal and related financing for the I-69 highway corridor in Indiana

Isolux Infrastructure, a company owned by Grupo Isolux Corsán and the Canadian pension fund, PSP, has successfully completed its first bond issue (Private Activity Bonds) to finance the construction of the I69 highway in Indiana (USA).

Private Activity Bonds (PABs) are bonds issued under the cover of a local or state government in order to finance a project developed by a private company. The total issue was for $252 million and consisted of tranches with different maturities, although the bulk matures between 2034 and 2046.

The average issue price was 5% below the initial forecast of the company as a result of the high demand in the market, with the issue being oversubscribed by more than 4.5 times.

The ratings agencies S&P and Fitch have rated the issue as investment grade. Citigroup Global Markets and Jefferies acted as underwriters of the issue.

This success confirms the consolidation of Isolux Infrastructure in the U.S. market, its main goal this year. The company has firmly established its three divisions (toll roads, transmission lines and solar plants) in the USA. In 2013, the company began operating the Wind Energy Transmission Texas (WETT) project and a solar PV plant in California.

Krieg DeVault LLP acted as Special Indiana Counsel to Citigroup Global Markets Inc. and Jeffries LLC, the Underwriters for the transaction. John R. Kirkwood and Julie C. Bolling, both partners in the Public Finance practice

group of Krieg DeVault, led such efforts for the firm. LM IPO of Japfa Ltd This announcement appears as a matter of record only Isolux Infrastructure Netherlands BV.indd 1 29/08/2014 12:38

Indonesian-owned Japfa Limited has registered its final prospectus for a listing on the SGX mainboard. This will make it the first industrialised agri-food company focused on protein foods to be listed in Singapore.

The company's operations range from animal feed production and animal breeding to milk production and consumer food production.

Under the IPO, Japfa will offer a total of 248 million shares priced at 80 Singapore cents each. It compromises an international offer of 231.2 million shares and a Singapore public offer of 16.8 million shares.

Japfa is seeking to raise S$198 million in gross proceeds. It plans to use the funds for investment in China and other emerging markets. Despite recent market volatility, Japfa remains upbeat about its IPO, saying that its international offer is five times oversubscribed.

Mr Tan Yong Nang, CEO of Japfa Ltd, said: "We do believe that ... the company has a good foundation, and as I stated earlier because there is a lot of growth opportunity, I think it's best that we actually tap the market and grow the business our way." LM

IPO of Japfa Ltd Legal advisor to Japfa:

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Isolux Infrastructure Netherlands B.V. proposal and related financing for the I-69 highway corridor in Indiana

Advisor to the underwriters’, Indiana counsel:

Advisor to the underwriters’, National counsel:

National counsel to the company:

Indiana counsel to the company:

Financial advisor to the company:

Special counsel to the Indiana finance authority:

Counsel to the indenture trustee and collateral agent:

Legal advisor to joint global coordinators Credit Suisse and DBS Bank

This announcement appears as a matter of record only www.lawyer-monthly.com

Isolux Infrastructure Netherlands B.V.

Japfa Ltd