4 March, 2019
King & Wood Mallesons’ (KWM) debt capital markets team in Hong Kong continues to maintain a robust track record in the high-yield space in 2019, having advised on a number of high-profile issuance with “first of the market” features and complex liability management components, by leading PRC companies, including most recently:
ENN Ecological
Represented ENN Ecological Holdings Co., Ltd. (ENN Ecological), as the Parent Guarantor, in its issuance of US$250 million 7.5% Guaranteed Senior Notes due 2021. This is ENN Ecological’s debut offshore bond issuance and marks the first debut high-yield bond issued by a PRC industrial company since January 2018.
ENN Ecological is an A-share listed company and a leading clean energy products and services provider in the PRC. It principally engages in energy engineering services; production, sale and trading of energy and chemical products; and LNG’s production, sale and investment. KWM advised ENN Ecological in respect of U.S. law and PRC law.
Ronshine China
Represented Ronshine China Holdings Limited (Ronshine China) in its issuance of:
· US$300 million 10.5% Senior Notes due 2022;
· US$600 million 11.25% Senior Notes due 2021 (consisting of US$392 million issued pursuant to an exchange offer and US$208 million issued pursuant to a concurrent new money offering); and
· US$200 million 11.5% Senior Notes due 2020.
Ronshine China is a property developer in the PRC that focuses on the development of mid to high-end residential properties across eight regions, including the Guangdong Hong Kong-Macau Greater Bay Area, the Western Taiwan Straits Economic Zone, Yangtze River Delta regions, Beijing-Tianjin-Hebei Region, Central China Region, Chengdu-Chongqing Region, North-western cities and Middle Reaches Region of Yangtze River. KWM advised Ronshine China in respect of U.S. law and Hong Kong law.
In addition to the above transactions, the Hong Kong-based DCM team also advised on high-yield bonds and liability management exercises by Fujian Yango Group Co., Ltd, Yango Group Co., Ltd. Xinhu Zhongbao Co., Ltd., and Fantasia Holdings Group Co., Limited across the New Year period.KWM was recently voted “Law Firm of 2018” by users of the Wall Street Trader App.
The above issuance were all led by Hong Kong-based partnersHao Zhouand Michael Lu, with support from counselCynthia Tan and Senior Associates Jason Du and Tan Lu. Partner Richard Mazzochiand counsel Ian Hardee provided Hong Kong law support. A team led by Beijing-based partners Yongliang Zhang and Yanyan Songalso advised ENN Ecological on PRC law.
Hao Zhou, Managing Partner, Clientscommented, “I am pleased that we have kicked off the year with these high-profile debt issuance. The high-yield market in Hong Kong has reached another record high in the first two months of 2019 in terms of the number of issuance. The significant demand in refinancing has kept our DCM team busy since December 2018. Our strong execution capability, rich product experience and commitment to providing service of the highest quality under challenging timelines have earned us recognition from clients as the “go-to” firm for innovative and complex transactions with cross-border elements.” Commenting on the outlook, Hao added “Liability management exercises will increasingly become more popular among PRC high-yield issuers as a useful and effective tool to manage their balance sheets.”
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金杜律师事务所为2018年以来第一笔中资工业类企业高收益债券首发提供法律服务 |
金杜律师事务所香港办公室的债务资本市场团队持续在2019年保持在高收益债券领域的优秀市场表现，成功助力领先的中资企业发行众多市场首例和涉及复杂债券责任管理元素的债券发行。近期完成的项目包括：
新奥股份
代表新奥生态控股股份有限公司（简称“新奥股份”）作为母公司担保人发行于2021年到期的2.5亿美元、票面利率7.5%的担保优先债券。此次为新奥股份的首次境外债券发行，也是自2018年1月以来首单中资工业类企业的首发高收益债券。
新奥股份是一家A股上市公司和一家中国领先的清洁能源产品和服务供应商，主要从事能源工程服务、能源和化工产品的生产、销售和贸易，以及液化天然气的生产、销售和投资等。金杜团队在此次交易中为新奥股份提供美国法和中国法的咨询服务。
融信中国
代表融信中国控股有限公司（简称“融信中国”）发行：
· 2022年到期3亿美元、票面利率10.5%的优先债券；
· 2021年到期6亿美元、票面利率11.25%的优先债券（包括3.92亿美元根据交换要约发行以及2.08亿美元根据同步进行的新资金发行）；及
· 2020年到期2亿美元、票面利率11.5%的优先债券。
融信中国是一家在中国八大核心城市群（包括粤港澳大湾区、台湾海峡西岸经济区、长江三角洲地区、京津冀地区、中国中部地区、成渝地区、西北部城市和长江中游地区）致力发展中和高档住宅物业的中资物业发展商。金杜团队在此次交易中为融信中国提供美国法和香港法的咨询服务。
除以上交易外，金杜香港办公室的债务资本市场团队在新年期间就福建阳光集团有限公司、阳光城集团股份有限公司、新湖中宝股份有限公司及花样年控股集团有限公司的高收益债券发行和债券责任管理活动相关的交易提供法律意见。金杜最近被华尔街交易员APP的用户评选为“中资美元
债2018年度卓越律所”。
以上发行项目由金杜香港办公室合伙人周浩和鲁鸣牵头，并由顾问律师陈妍玏、资深律师杜君和谭露协助。香港合伙人马绍基（Richard Mazzochi）和顾问律师殷康廸 (Ian Hardee)提供香港法的咨询服务。北京办公室合伙人张永良和宋彦妍为新奥股份提供中国法的咨询服务。
管理合伙人（客户）周浩表示，“我很高兴我们在年初完成了这些备受瞩目的债券发行。鉴于庞大的再融资需求，香港的高收益债券市场2019年首两个月再次在发行数量方面创下新高，而我们的债务资本市场团队亦因此自去年12月以来非常忙碌。我们强大的执行能力、丰富的产品经验，以及致力在非常紧迫的时间压力下提供优质的法律服务赢得了客户的高度信任和肯定，并使我们成为处理具有跨境元素的创新和复杂交易的“必选”律所。对于高收益债券市场的前景周浩表示：“我们亦预期将有越来越多中资高收益债券发行人使用债券责任管理作为一种管理他们的资产负债表卓有成效的工具。”
