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White & Case Advises on US$1.6 Billion of High Yield Debt Offerings

Hong Kong, Almaty, Singapore, February 19, 2013 ... Global law firm White & Case LLP has advised on two successful high yield bond offerings out of Greater China, one out of China's oil and gas sector and one out of Macau’s gaming and entertainment sector, representing the underwriter banks of each transaction.

White & Case advised Bank of America Merrill Lynch, Deutsche Bank, HSBC, Goldman Sachs and Morgan Stanley as joint lead managers of MIE Holdings Corporation’s high yield issue of US$200 million 6.875 percent Senior Notes due 2018. This offering closed on February 6, 2013. MIE Holdings Corporation is an independent oil and gas company engaged in the exploration and production of oil and gas in China, Kazakhstan and the United States.

White & Case also advised Deutsche Bank, ANZ, Bank of America Merrill Lynch and Citigroup as joint lead managers of the high yield offering of US$1 billion 5.0 percent Senior Notes due 2021 issued by Melco Crown Entertainment Limited’s subsidiary, MCE Finance Limited. Melco Crown Entertainment, through its subsidiaries, is a developer, owner and operator of casino gaming and entertainment resort facilities in Macau. The proceeds are being used to repurchase in full MCE Finances US$600 million 10.25 percent Senior Notes due 2018, through an ongoing tender offer and for the partial repayment of RMB 2.3 billion 3.75 percent bonds due 2013.

Together with the Chinese property high yield bond on which the firm recently advised, White & Case's Asia capital markets team has closed high yield bonds offerings valued in aggregate at US$1.6 billion in the week before Chinese New Year.

"We have had a strong start to 2013, showing market appetite among high yield investors looking to key sectors in Asia – natural resources, entertainment and gaming, and property. We expect that many companies will be able to benefit from the high yield markets this year, and Asia will be again be a major destination for international investment," said White & Case partner Anna-Marie Slot.

The White & Case deal teams were led by Hong Kong-based partner Anna-Marie Slot. The team advising the underwriters on the Kazakh law elements of MIE Holdings’ offering was led by Almaty-based partner Maxim Telemtayev.

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