Global law firm Norton Rose Fulbright has advised DBS Bank Ltd on Singapore’s first transaction pegged to Singapore Overnight Rate Average (SORA) in the agribusiness sector – a S$200m (US$146m) revolving credit facility that has been granted by DBS Bank Ltd to Wii Pte. Ltd. (guaranteed by Wilmar International Limited).
Like many jurisdictions around the world, Singapore is transitioning away from the Singapore Interbank Offered Rate (SIBOR) over the next few years, with the Singapore dollar Swap Offer Rate (SOR) also due to be discontinued by the end of 2021.
The team from Norton Rose Fulbright was led by Yu-En Ong, managing partner of the firm’s Singapore office, with support from counsel Pooja Balani and associate Hazel Lim.
Yu-En Ong commented:
“This industry-first transaction feels like the beginning of a wave of SORA-benchmarked deals, and is indeed a forward-looking move on the part of Wilmar. We are proud to play a part in a Singapore industry-led transition roadmap, set out by the Steering Committee for SOR Transition to SORA. Along with our global efforts in other IBOR transition projects, from LIBOR to SOFR or SONIA, this transaction demonstrates that as an international firm we can equally advise on both domestic and international regulatory related transactions.”
For more information on Norton Rose Fulbright’s global benchmark reform and transition offering, go to www.nortonrosefulbright.com/ibor.