Global law firm Clifford Chance has advised Health and Happiness (H&H) International Holdings Limited on a loan/bond combination refinancing exercise involving:
- a US$300 million 9.125% senior notes due 2028 and a concurrent tender offer for the H&H’s 13.5% senior notes due 2026;
- a term loan facility and a multi-currency revolving credit facility in an aggregate amount of US$560 million equivalent; and
- an offshore Renminbi (CNH) syndicated loan facility equivalent to US$150 million.
Lead partner Charlotte Leung said, “We are delighted to have advised H&H on these major refinancing projects. This sophisticated set of transactions, which includes China high-yield bonds and bank loans secured by common collateral, highlights our team’s ability to structure innovative cross-border financing solutions for our clients.”
The Clifford Chance team consisted of partners Matt Truman, Charlotte Leung and Alan Yeung with support from a core team consisting of associates Edward Xie, Howard Hung and Patrick Lam, trainee solicitors Jonathan Laurence Wong, Vicky Or and Vanessa Li and transactional support coordinator Jenny Chau. A wider team of lawyers below advised on the cross-border, hedging and disclosure aspects:
- Australian law aspects: Partner Richard Gordon, counsel Sunny Jong and James Hewer and law graduate Patricia Veng
- New York law aspects: Partner Andrew Young, associates Thomas Gawel and Heba Hazzaa
- Hedging: Partner Francis Edwards (Hong Kong), legal consultant Adam Wood (Perth) and associate Karen Jiang (Hong Kong)
- Disclosure & Enforcement: Director of Insolvency Litigation Giles Allison (London) and partner Michael Wang (Hong Kong) and trainee solicitor Mia Goodwright (London)
H&H is a global health and nutrition company listed on the Hong Kong Stock Exchange and headquartered in Hong Kong and London. The purpose of the proceeds from the loan facilities and the notes will be used for refinancing purposes.
