PRC agricultural company raises funds

    October 13, 2010 | BY

    clpstaff &clp articles

    Chaoda Modern Agriculture (Chaoda), a PRC modern agricultural enterprise listed on the Hong Kong Stock Exchange, has raised US$350 million through a combination…

    Chaoda Modern Agriculture (Chaoda), a PRC modern agricultural enterprise listed on the Hong Kong Stock Exchange, has raised US$350 million through a combination of an international issue of convertible bonds and a share placement.

    Chaoda issued US $200 million 3.7 per cent convertible bonds due to mature in 2015 and a top-up placing of approximately US$150 million of shares.

    Clifford Chance advised Citi as placement agent in this transaction. Hong Kong-based Connie Heng led the capital markets team while Amy Lo advised on the corporate aspects. A separate team that included Joan Janssen in Singapore and Matt Fairclough in Hong Kong acted for Citi as trustee and security trustee for the bonds offering.

    Sidley Austin was Hong Kong and English counsel to Chaoda. Maples and Calder did the offshore piece for the issuer advising on BVI and Cayman Islands law.

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