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Morrison & Foerster Advises Mezzanine Lenders on Transfer of Shiseido’s Personal Care Business to CVC Capital Partners

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Morrison & Foerster represented the mezzanine lenders on the acquisition financing to CVC Capital Partners for the USD1.5 billion acquisition of Shiseido’s personal care business operating in 10 countries and regions, which consists of established global brands such as the market-leading haircare brand TSUBAKI and skincare label SENKA.

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Morrison & Foerster represented the mezzanine lenders on the acquisition financing to CVC Capital Partners for the USD1.5 billion acquisition of Shiseido’s personal care business operating in 10 countries and regions, which consists of established global brands such as the market-leading haircare brand TSUBAKI and skincare label SENKA. Post-acquisition, Shiseido will continue to support the operation of the business via its 35% stake in the parent company of the newly formed special purpose entity.The MoFo team advising the lenders was led by Partners Yemi Tépé, Singapore and Yuhki Asano, Tokyo; Associate Charlyn Lim; and Legal Executive Erica Chan, Singapore. They were supported by Of Counsels Hong Cheong Wong, Singapore and Reiko Saito, Tokyo along with Associates Yuri Inoue and Yuto Uchida in Tokyo and Rakesh Grubb-Sharma and Elaine Zhou in Singapore.Read more about the transaction in Shiseido’s <a href="https://corp.shiseido.com/en/news/detail.html?n=00000000003156" rel="noopener noreferrer" target="_blank">press release.</a>

Morrison & Foerster Advises Mezzanine Lenders on Transfer of Shiseido’s Personal Care Business to CVC Capital Partners

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Yemi Tépé is Global Co-Chair of the Finance Group of Morrison Foerster. With more than 24 years advising clients on the full spectrum of event-driven financings and private equity buyouts, she has extensive experience in domestic and cross-border acquisition and leveraged finance, public to private takeovers, real estate finance, debt structuring and restructuring, margin loans, syndicated lending and subscription line financing.Her clients include leading international banks and financial institutions, private equity sponsors, multinational corporations, alternative financiers such as credit funds, hedge funds and asset managers and emerging growth, mid-cap, and large public and privately held companies.Yemi also sits on MoFo’s Board of Directors, Global Diversity Strategy Committee, ESG Steering Committee and Pro Bono Committee.<h4>Representative Experience</h4><ul><li>GLP China Logistics Fund I and its affiliates in the $5 billion recapitalization and exit of the portfolio developed within the fund, which was GLP’s flagship USD-denominated develop-to-core fund formed in 2013 to invest in prime, institutional-grade modern logistics assets in China.</li></ul><ul><li>The senior lenders on the acquisition financing to CVC Capital Partners for the acquisition of TRY Group, the largest one-to-one tutoring services provider in Japan.</li></ul><ul><li>GLP Pte. Ltd. in relation to subscription line facilities for GLP Japan Development Partners IV (JDP IV), which will have USD9.1 billion in assets under management when fully deployed, one of the largest-ever Japan-focused private real estate funds.</li><li>GLP Pte. Ltd. on a USD658 million sustainability linked syndicated loan facility.</li><li>The mezzanine lenders on the acquisition financing to CVC Capital Partners for the USD1.5 billion acquisition of Shiseido's personal care business.</li><li>The mezzanine lenders on Bain Capital’s approximately USD380 million acquisition of Kirindo, a Japanese pharmacy chain store operator. </li><li>SoftBank Group Corporation in connection with senior and mezzanine acquisition facilities for OYO’s acquisition of Netherlands-based @Leisure. </li><li>PA Chokmah Investment Limited (wholly owned by Ping An Overseas Holdings), as lender in relation to a HKD500 million convertible loan to Wisdom Education International Holdings Company Limited, a Hong Kong listco, principally engaged in operating premium primary and secondary schools in China.</li><li>BlackRock in relation to offshore and onshore acquisition financing in its acquisition of two blocks of grade-A office buildings in Changning, Shanghai from PGIM Real Estate, a property investment affiliate of Prudential Financial.</li><li>MUFG Bank, Ltd. as mandated lead arranger and underwriter of acquisition facilities for two strategic acquisitions aggregating close to USD1billion by Siam City Cement Public Company Limited, a listco on the Stock Exchange of Thailand and Thailand’s second largest cement producer, from LafargeHolcim Ltd.</li><li>Various lenders and private equity funds in relation to capital call/subscription facilities, fund financings and borrowing base facilities.</li></ul>

Yemi Tépé

Partner

Yuhki Asano is a partner of Morrison Foerster Law Offices. Yuhki has broad experience in various finance-related areas, including project and finance, cross-border real estate transactions, acquisition finance, and fund formation.Yuhki is recommended in Japan: Projects and Energy (2024) and Japan: Banking and Finance (2022) in The Legal 500 Asia Pacific. He has also been recognized in The Best Lawyers in Japan for Banking and Finance Law.From 2013 to 2014, Yuhki worked for the New York branch of one of the major Japanese banks and was engaged in cross-border finance transactions.Yuhki received his LL. B. from the Kyoto University in 2004, and graduated from the Legal Training and Research Institute of Japan in 2006 (59th trainee). He received his LL. M. from the University of California, Berkeley in 2013. Yuhki is a bengoshi admitted to practice in Japan (member of the Daiichi Tokyo Bar Association) and a qualified lawyer in New York.<h4 dir="ltr">Representative Experience</h4><ul><li dir="ltr">Represent an international PE fund as sponsor, owner, and developer in the approximately JPY 27 billion limited-recourse, long-term project financing of a 60.5 MW solar power project located in Kyoto, Japan. The financing was arranged by SBI Shinsei Bank Ltd. and the lenders included Sanju-San Bank Ltd.</li><li dir="ltr">Represented a foreign sponsor/developer in the JPY 10.6 billion limited-recourse long-term financing of four solar power projects with an aggregate capacity of 24.23 MW (AC) located in Nasushiobara-shi, Tochigi Prefecture, Japan.</li><li dir="ltr">Represented a foreign sponsor/developer in the JPY 4 billion limited-recourse long-term financing of an approximately 21 MW (AC) solar power project located in Iwaki-shi, Fukushima Prefecture, Japan.</li></ul>

Yuhki Asano

Charlyn Lim is an associate in the Finance and Projects Group of Morrison Foerster, based in the Singapore office. She has extensive experience in advising private equity sponsors, financial advisers, leading banks and financial institutions, and international corporations on cross-border finance matters such as acquisition and leveraged finance (including competitive auction bids), subscription line financings, onshore-offshore financings, project development loans, syndicated and bilateral loans, and margin loans.Charlyn is recommended as a key lawyer by The Legal 500 Asia-Pacific 2023.Prior to joining Morrison Foerster, Charlyn worked at the Singapore and Hong Kong offices of a leading international law firm and was seconded to the in-house legal team of a global bank in Singapore. <h4>Representative Experience</h4><ul><li>GLP China Income Partners V in the acquisition financing relating to the US$5 billion recapitalization and exit of the portfolio developed within the GLP China Logistics Fund I, which was GLP’s flagship USD-denominated develop-to-core fund formed in 2013, to invest in prime, institutional-grade modern logistics assets in China.</li></ul><ul><li>GLP Vietnam Development Partners I in its development financing for logistic facilities in Vietnam.</li><li>A Dutch bank on a €200 million margin loan facility to a private equity firm involving shares listed on Euronext.</li><li>GLP and its affiliates in relation to multiple subscription line facilities.</li><li>The mezzanine lenders in the acquisition financing to CVC Capital Partners for the US$1.5 billion acquisition of Shiseido’s personal care business.</li><li>GLP China Holdings on offshore and onshore acquisition financings in connection with multiple acquisitions of PRC real estate properties.</li><li>SoftBank Group Corporation in connection with senior and mezzanine acquisition facilities for OYO’s acquisition of Netherlands-based @Leisure.</li><li>An insurance and financial services group listed in Hong Kong on multiple syndicated debt financings.</li></ul>

Charlyn Lim

Associate

Rakesh Grubb-Sharma is an associate based in the Tokyo office of Morrison Foerster and is a member of the Financial Transactions Group. Rakesh advises leading international banks and financial institutions, major corporations, private equity sponsors, project sponsors, alternative finance providers, corporates and real estate funds in relation to a broad variety of sophisticated financing transactions in developed and emerging markets.Rakesh specialises in multi-jurisdictional matters focusing on project finance, acquisition leveraged finance, syndicated lending, real estate finance, debt structuring and restructuring, and margin lending.Rakesh has also spent time working in the firm’s London and Singapore offices.Rakesh has been recognized by The Best Lawyers in Japan in its “Ones to Watch” category for Banking and Finance Law.Rakesh received his degree in Law from the University of Bristol in 2013, and subsequently completed the Legal Practice Course at the University of Law, Moorgate in 2015.Rakesh is qualified as a solicitor in England and Wales.