Shui On issues Rmb3 billion senior notes
January 24, 2011 | BY
clpstaff &clp articlesPRC property developer Shui On Development (Shui On) has issued Rmb3 billion (US$450 million) worth of three-year Rmb-denominated US dollar-settled senior…
PRC property developer Shui On Development (Shui On) has issued Rmb3 billion (US$450 million) worth of three-year Rmb-denominated US dollar-settled senior notes. This transaction is the first time a property company has sold an offshore Rmb-denominated bond.
The net proceeds will amount to US$439 million and will be used to finance further expansions of the company's real estate operations. The joint bookrunners of the issue were Deutsche Bank, Standard Chartered Bank and UBS. The co-managers were Barclays Capital and BNP Paribas.
Shui On was represented by Hong Kong-based Freshfields Bruckhaus Deringer team led by Calvin Lai. A Davis Polk & Wardwell Hong Kong team, led by William Barron and Gerhard Radtke, acted for the underwriters.
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