White & Case advises RRJ Capital on recapitalization buy-out merger of Fullerton Health

Global law firm White & Case LLP has advised RRJ Capital (RRJ) on its recapitalization buy-out merger of Singapore-based Fullerton Healthcare Corporation Limited (Fullerton Health).

"We have advised long-standing client RRJ on another complex and transformative transaction," said David Li, White & Case Office Executive Partner in Beijing, who co-led the Firm's deal team. "This transaction demonstrates the depth of our regional practice, our deep institutional understanding of the client's capital solution objectives and our ability to execute seamlessly."

The merger, effected via a Cayman Islands statutory merger, delivers a stronger balance sheet and a new capital structure which will propel post-pandemic growth opportunities for Fullerton Health. 

Fullerton Health received new equity and debt funding comprising, among others, RRJ's subscription for S$140 million of new ordinary shares in Fullerton Health, S$500 million subordinated convertible financing and S$250 million external senior bank financing. Fullerton Health's existing perpetual securities and convertible preference shares were equitized as a result of the merger. 

The White & Case team which advised in the transaction was led by partners David Li (Beijing) Jonathan Olier and Charles McConnell (both Singapore), and included partners Jon Bowden (Singapore) and Eugene Man (Hong Kong), local partner Manley Leung (Hong Kong), counsel Si Wei Chua (Singapore) and associates Jeff Wang, Cherry Zhou (both Beijing), Nicole Mao, Krystle Koh, John Tan, Rob Whitworth (all Singapore), Lori Siu (Hong Kong) and Catherine Yoon (Singapore & Seoul).

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