Davis Polk advised the joint lead managers on a Rule 144A/Regulation S offering by SP PowerAssets Limited of $600 million aggregate principal amount of 3.00% notes due 2027 under its S$8 billion global medium-term notes program. The notes have been assigned credit ratings of “Aa2” by Moody’s and “AA” by S&P Global Ratings. 

SP PowerAssets is a wholly owned subsidiary of Singapore Power Limited, which is in turn wholly owned by Temasek Holdings (Private) Limited. SP PowerAssets is the sole provider of electricity transmission and distribution services in Singapore and owns and maintains the electricity transmission and distribution network that delivers power to substantially all electricity consumers in Singapore. 

The Davis Polk corporate team included partner James C. Lin, counsel Faisal Baloch and associate Justina Lam. European counsel John Taylor and associate Zoey Hitzert provided EU regulatory advice. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.