HONG KONG--(BUSINESS WIRE)--International law firm Sidley Austin has represented Goldman Sachs (Asia) L.L.C. and ING Bank N.V., Singapore Branch in connection with the successful distressed exchange offer by Titan Petrochemicals Group Limited for any and all of its 8.50% Guaranteed Senior Notes due 2012, of which approximately US$315 million was outstanding, and which were exchanged for a combination of new PIK notes, convertible bonds and cash. The exchange offer achieved an acceptance rate of 66.43%, representing a principal amount of approximately US$209 million.

Goldman Sachs was the sole global coordinator, lead arranger and co-dealer manager. ING Bank was the co-arranger and co-dealer manager. Titan is a provider of oil logistic and marine services in the Asia Pacific region.

Commenting on the transaction, partner Matthew Sheridan, who led the Sidley team, said, “In the current economic environment, many corporate entities are seeking to reorganize their complex capital structures through consent solicitations, tender offers and exchange offers. We are very pleased that we were able to assist with the successful completion of this transaction.”

Sidley’s U.S. corporate finance team in Hong Kong has an active practice in handling debt restructuring and liability management transactions, representing issuers, financial advisors and investment banks in private buy-backs, cash tender offers, public and private exchange offers and consent solicitations. In addition to financial institutions such as Goldman Sachs and ING Bank, Sidley has also advised on transactions involving Nine Dragons Paper Holdings, Agile Property Holdings, Asia Aluminum, PT Indosat, PT Davomas Abadi, PT Indika Energy and ChipMOS Technologies.

The team was strengthened this year by the recent relocation of partner Thomas Albrecht from the firm’s Chicago office to the Hong Kong office and the arrival of partner Alex Lloyd. Mr. Albrecht, a member of the firm’s Management and Executive Committees and co-head of Sidley’s global structured finance and securitization practice, assumed responsibilities as Managing Partner for the Asia Pacific region. Firm clients with whom he works include Asia-based investment banks and multinational corporations. Mr. Lloyd’s practice includes debt restructurings, liability management exercises and debt and equity deals, in particular high yield debt offerings and IPOs.

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Sidley has been awarded numerous honors in the region, including being named “Most Innovative U.S. Law Firm” by IFLR in 2010, and being ranked by Chambers Asia as one of the leading law firms across various practices in 2009 and 2010.

Sidley has one of the largest and most active capital markets practices of any international law firm in Asia Pacific, advising clients on a wide range of matters governed under Hong Kong, U.S. and English law. The firm represents issuers and underwriters on all types of equity, debt and equity-linked transactions, including listings on the Stock Exchange of Hong Kong, SEC-registered offerings in the U.S., international securities offerings pursuant to Rule 144A and Regulation S, and issuances involving the creation of ADR or GDR programs.

Sidley Austin LLP is one of the world’s largest full-service law firms, with approximately 1700 lawyers practicing in 17 U.S. and international cities, including Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo. Sidley is recognized for service and responsiveness—BTI, a Boston-based research and consulting firm, has named Sidley as one of only two firms to have been in the top ten of the BTI Client Service rankings every year since the inception of those rankings in 2001, and was number one in three of those years.

For purposes of the New York State Bar rules, this press release may be considered Attorney Advertising and the headquarters of the firm are Sidley Austin LLP 787 Seventh Avenue, New York, NY 10019, 212.839.5300 and Sidley Austin LLP One South Dearborn, Chicago, IL 60603, 312.853.7000. Prior results described herein do not guarantee a similar outcome.