China Unicom CB issuance sets new record
December 14, 2010 | BY
clpstaff &clp articlesChina Unicom (Hong Kong) subsdiary, Billion Express Investments (BEI) has issued a US$1.84 billion Regulation S convertible bond (CB). This is the world's…
China Unicom (Hong Kong) subsdiary, Billion Express Investments (BEI) has issued a US$1.84 billion Regulation S convertible bond (CB). This is the world's largest international CB issuance by a PRC company to date. There is an irrevocable guarantee from China Unicom of its 0.75% CBs due 2015.
The initial purchasers were China International Capital Corporation Hong Kong Securities, Goldman Sachs and Nomura Holdings. They were advised on US law by a Hong Kong and Beijing Davis Polk & Wardwell team, and on Hong Kong and UK law by Herbert Smith. Fangda Partners advised on PRC law.
The issuer was represented by Commerce & Finance Law Offices, Sullivan & Cromwell, and Freshfields Bruckhaus Deringer as to PRC law, US law and Hong Kong law respectively. Offshore counsel was Conyers Dill & Pearman.
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