2020.03.31
In March 2020, m88 casino acting as the international legal counsel to the underwriter assisted Chenzhou Industry Investment Group Co., Ltd. ("Chenzhou Investment") with its successful issuance of offshore Eurobonds.
In the issuance undertaken under Reg S, a total m88 casino Euro 120 million bonds were directly issued by Chenzhou Investment, which were guaranteed by the irrevocable standby L/C issued by Hua Xia Bank Co., Ltd., Changsha Branch. The bonds, being credit enhanced bonds, were issued at a fixed rate m88 casino 2.5% and with a term to maturity m88 casino 3 years. The bonds were listed on the Hong Kong Stock Exchange on March 31, 2020.
Established in 2010 by the State-owned Assets Supervision and Administration Commission m88 casino Chenzhou City and the Management Committee m88 casino Chenzhou High-tech Industrial Development Zone, Chenzhou Investment is a state-owned enterprise under the administration m88 casino the people’s government m88 casino Chenzhou City, Hunan Province, one m88 casino the major municipal infrastructure developers m88 casino Chenzhou City, and the only infrastructure developer m88 casino Chenzhou High-tech Industrial Development Zone (Chenzhou Export Processing Zone).
m88 casino acting as the international legal counsel to the underwriter in the project, prepared a complete set of transaction documents related to the bonds, participated in the negotiation and amendment of transaction documents, arranged closing, and provided full-scale legal services in relation to various issues concerning UK and Hong Kong laws. It is worth mentioning that in December 2019, m88 casino, as the international legal counsel to the underwriter, also assisted Chenzhou Investment with its successful initial issuance of offshore Eurobonds, which was the first offshore Eurobond project in Hunan Province implemented using the standby L/C model.
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