Stephen Howard

Stephen Howard is a partner in Goodwin’s Private Equity group and a member of its Debt Finance practice, based in Hong Kong. Stephen has more than 15 years of experience advising stakeholders on finance transactions, including private equity sponsors, corporates, asset managers, alternative finance and capital providers, and banks.

Prior to joining Goodwin, Stephen was a local partner of White & Case’s Asia Debt Finance and Restructuring practice where he advised on a broad range of capital structures and financing solutions, with a focus on leveraged finance, direct lending, equity margin financing and bank/bond transactions across Asia.

He previously practiced for almost nine years in the London acquisition and leveraged finance market and his commercial experience includes front-office roles with Deutsche Bank (London)’s acquisition and leveraged finance team and Nomura International (London)’s leveraged finance and DCM team.

• Advised a confidential multinational asset management company on a private credit financing to Canadian International School Pte Ltd.*
• Advised the mandated lead arranger on the senior secured debt financing for Ontario Teachers’ Pension Plan for its acquisition of a controlling stake in Sahyadri Hospitals Group, an Indian private hospital group.*
• Advised a confidential multinational asset management company on a private credit financing to an infrastructure/logistics service provider and fund manager based in Mainland China.*
• Advised founders of a Hong Kong Stock Exchange listed business on their equity linked margin loan financings and other capital structure matters.*
• Advised the mandated lead arrangers and bookrunners on a c. US$2 billion senior bridge loan facility for the take-private acquisition of one of the largest logistics infrastructure and service providers in China, listed on the Hong Kong Stock Exchange.*
• Advised the global coordinators, mandated lead arrangers, underwriters, and bookrunners on:
  • the 2017 US$3.5 billion senior secured term and revolving credit facilities to Alipay (Hong Kong) Holding Limited to finance its proposed take-private acquisition of MoneyGram International, Inc. and other investments
  • the 2019 US$3 billion upsize and US$3.5 billion amendment and extension transactions in respect of Alipay (Hong Kong) Holding Limited's newly sized US$6.5 billion senior secured revolving credit facilities
  • an innovative committed bilateral and fronted LC ancillary toggle facility under the 2019 US$3 billion senior secured revolving credit facility
  • the 2022 maturity extension, introduction of sustainability-linked pricing terms, pricing adjustments and other amendments to the US$6.5 billion dual-tranche RCF financing

    Alipay is a leading third-party mobile and online payment platform and the world's largest payment and lifestyle platform. Alipay is operated by Ant Financial Services Group, a leading global FinTech company and a member of Alibaba Digital Economy.*

• Advised the mandated lead arrangers and bookrunners on:
  • the initial 2018 senior secured facilities for DCP Capital Partners' acquisition of MFS Technology
  • the 2021 offshore senior secured refinancing facilities for MFS Technology and innovative intercreditor arrangements to introduce onshore senior secured facilities for a holistic financing solution

    DCP Capital Partners is a global private equity firm based in Hong Kong. MFS Technology is a Singapore-based printed circuits board solution provider with applications focused on automotive, industrial systems, medical devices and data storage. MFS Technology operates out of Singapore, Malaysia, and China.*

• Advised CITIC Capital on the financing for its US$770 million acquisition through its subsidiary Harbin Pharmaceutical Group Holding Co., Ltd. of substantially all of the assets of GNC Holdings Inc. by way of a Section 363 Sale under the US Bankruptcy Code. The financing comprised of a US$400 million first lien facility from Bank of China Limited, Macau Branch in addition to US credit fund second lien loans and subordinated convertible notes.*
• Advised the mandated lead arrangers and bookrunners on the senior secured term and revolving facilities for Wise Road Capital’s acquisition of ePAK International (and post-closing upsize transaction). Wise Road Capital is a global private equity fund that is focused on investing into solid high tech companies. ePAK designs and makes packaging for semiconductor, integrated circuits and electronic components.*
• Advised the mandated lead arrangers and bookrunners on the senior secured term and revolving facilities for Morgan Stanley Private Equity Asia’s take-private acquisition of Microlife Corporation, a company publicly listed in Taiwan and a global leader in developing, manufacturing and distributing consumer medical devices*
• Advised the financiers (investment and Chinese banks) in relation to a back leverage financing solution to a top Chinese private equity firm for its dividend recapitalization on a portfolio asset.*
• Advised the mandated lead arrangers and bookrunners on the senior secured term and revolving facilities to Lifestyles Healthcare Pte. Ltd., a portfolio company owned by CITIC Capital and Humanwell Healthcare and a global leader in the sexual wellness sector, to refinance its 2018 acquisition financing.*
• Advised the mandated lead arrangers and bookrunners on the senior secured facility to a CITIC Capital led consortium for the acquisition of the LELO group. The LELO group is an award-winning designer brand and world-leading provider of intimate lifestyle products and sensual toys.*
• Advised the mandated lead arrangers on the RMB equivalent of US$300 million acquisition facility for New Frontier Corporation to support its acquisition of United Family Healthcare from TPG and Shanghai Fosun Pharmaceutical Group. New Frontier Corporation is a special purpose acquisition company (SPAC) sponsored by New Frontier Group in connection with the acquisition and, following the closing, created one of China’s largest integrated health care services companies publicly listed on NYSE. The debt financing was one of the first few PRC cross-border leveraged financings denominated in RMB.*
• Advised the mandated lead arrangers and lenders on the senior facilities for Bain Capital’s acquisition of Trans Maldivian Airways (TMA). TMA is the world’s leading seaplane operator (2017) and has the world's largest seaplane fleet.*
• Advised a private credit fund and other financial institutions on the financing to subsidiaries of HNA Holding Group Co., Ltd. for the voluntary general offer for all the issued shares in CWT Limited, a Singapore-listed integrated logistics solutions provider.*
• Advised China CITIC Bank International Limited as global coordinator, mandated lead arranger, underwriter and bookrunner and agent in a US$1 billion mezzanine syndicated term loan to Tianqi Lithium Australia Investments 2 Pty Ltd, a subsidiary of Chinese new energy materials company Tianqi Lithium Corporation, which is listed on the Shenzhen Stock Exchange, for the acquisition of a stake in SQM, a Chilean lithium miner.*
• Advised the arrangers on the senior secured facilities to WM Holding (HK) Limited and WM New Retail Limited for their acquisition of majority stake in the Chinese operations of METRO, the German wholesaler by Wumei Technology Group, a leading retailer in China.*
• Advised Bank of China Limited, Macau Branch as lender and agent in respect of a HK$234 million super-senior revolving credit financing and Deutsche Bank as sole global coordinator and left lead bookrunner for US$1.2 billion dual-tranche senior secured notes, and Bank of China Limited, Macau Branch as senior secured creditor and agent with respect to the collateral and intercreditor arrangements in connection with the refinancing of Studio City Company's existing indebtedness. At the time of closing, the transaction was the largest high-yield corporate bond issuance in Asia for 2016 and is one of the first transactions in the Asian market comprising a pari passu bank/bond platform with super-senior credit facilities.*
• Advised the joint global coordinators, senior mandated lead arrangers and bookrunners on a HK$14.85 billion senior revolving credit facility to MCO Nominee One Limited, a subsidiary of Melco Resorts & Entertainment Limited, a developer, owner and operator of casino gaming and entertainment resort facilities in Asia. The facility refinanced an existing senior secured financing of the Melco Resorts Macau group, and introduced incremental facilities of up to HK$7.75 billion.*

*Denotes experience before joining Goodwin

Stephen has been recognized as a Next Generation Partner for Hong Kong Banking & Finance by Legal 500.

The ‘very commercial’ Stephen Howard has ‘great technical skills’ and has developed a strong reputation among lenders on leveraged finance deals, including bank/bond financings and direct lending matters. The Legal 500 Asia Pacific 2023.