Clifford Chance advises on Greentown China Holding’s US$500 million senior notes issuance and concurrent tender offers

Global law firm Clifford Chance has advised Deutsche Bank, HSBC, Guotai Junan International, J.P. Morgan, Soochow Securities (Hong Kong) and UBS as underwriters in the issuance by Greentown China Holdings Limited (“Greentown China”) of US$500 million 8.45% Senior Notes due 2028 and the concurrent tender offers for two series of its existing debt securities. The US$500 million issuance consisted of an initial offering of US$350 million, followed by an additional offering of US$150 million, forming a single series.

Proceeds from the issuance will be used to refinance existing indebtedness, including but not limited to, funding the concurrent tender offers.

Lead partner Alan Yeung said, “Greentown China’s issuance is encouraging and signals a cautious return of investor interest in selected Chinese property debt. We are proud to have been involved in this landmark transaction for this sector. “

Alan was supported by associates Michael Cheng and Valerie Chan and trainee solicitor Ji Yun Lee from Hong Kong.

Clifford Chance continues to play a significant role in advising on senior notes issuances for companies in China, having recently advised Health and Happiness on its US$300 million high-yield senior notes issuance earlier this year.