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Eversheds advises New World China Land on establishment of US$1.5 billion MTN Programme and first issuance of US$900 million under the Programme

  • China
  • United Kingdom

    06-11-2014

    Law firm Eversheds has advised New World China Land Limited (NWCL) on the establishment of its US$1.5 billion Medium Term Note Programme and its first issuance under the Programme.

    Eversheds' appointment demonstrates its growing reputation for debt capital markets issuance in Asia.

    The MTN Programme, arranged by BOC International and HSBC, was listed on the Hong Kong Stock Exchange on 28 October 2014. The Programme benefits from unique structural support features including a letter of support from parent company New World Development Company Limited, as well as two put options for note investors.

    The debut US$900 million note issuance under the Programme was priced at 5.375% for a 5 year tenor due 2019, which closed on 6 November 2014. The Regulation S Notes are listed on the Hong Kong Stock Exchange. Joint Global Coordinators for the transaction are BOC International and HSBC, and the Joint Lead Managers and Bookrunners are BOC International, HSBC, BofA Merrill Lynch and Citigroup.

    The Eversheds team was led by Kingsley Ong (Partner, Debt Capital Markets) and Stephen Mok (Partner, Head of Corporate), and supported by Janice Yip, Joanne Chong, Sandy Yeung, Aaron Liu and Natalie Jiang.

    Stephen Mok said:

    “New World Group is a long standing client and it is a pleasure to have advised NWCL on this strategically important deal. The reception received from investors is testament to the company’s strong and successful position in the market.”

    Kingsley Ong said:

    “We congratulate NWCL on establishing its MTN Programme and successful issuance. This MTN Programme represents a significant milestone for NWCL and reflects its growing investor base in the international capital markets, which will enhance its continued growth.”

    Lynda Ngan, Executive Director of NWCL said:

    “We are delighted to work with Eversheds once again. Their efficient management and smooth execution of the project contributed to our success.”

    Eversheds has previously advised NWCL on the largest dim sum bond issuance in history and the New World group on a string of fundraising transactions and acquisitions.

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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