White & Case Advises China Molybdenum on Debut Offshore Bond Issuance
Global law firm White & Case LLP has advised China Molybdenum Co., Ltd. (China Molybdenum) on its issuance of unrated US$300 million 5.48 percent guaranteed bonds due 2022.
China Molybdenum is a leading global diversified mining conglomerate principally engaged in the mining and processing, smelting and deep processing of non-ferrous metals and minerals including copper, cobalt, molybdenum, tungsten, niobium and phosphate.
The joint global coordinators, joint lead managers and joint bookrunners for the issuance are Standard Chartered Bank, Industrial Bank Co., Ltd., Hong Kong Branch, China Everbright Bank, Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch and Ping An of China Securities (Hong Kong) Company Limited.
The bonds were issued by CMOC Capital Limited, a wholly owned subsidiary of China Molybdenum, and guaranteed by China Molybdenum. The net proceeds will be used for general corporate purposes, including refinancing of certain existing debt of China Molybdenum and its subsidiaries. The bonds are listed for trading on the Hong Kong Stock Exchange.
"We have advised long-standing client, China Molybdenum, on its debut offshore bond offering," said Beijing-based White & Case partner David Li, who co-led the Firm's deal team. "The level of investor interest in this issuance demonstrates market recognition of China Molybdenum's strategy and operational efficiency in the global mining and metals sector."
Hong Kong-based White & Case partner Jessica Zhou, who co-led the Firm's deal team, said: "This transaction demonstrates our ability to provide effective and efficient services to high-caliber clients in their important, milestone transactions."
The White & Case team which advised on the transaction was co-led by partners David Li (Beijing) and Jessica Zhou (Hong Kong) and included partners Kaya Proudian (Singapore) and Catherine Tsang (Hong Kong), with support from associates Enlin Jiang (Hong Kong), June Chun and Mengbi Xu (both Beijing) and Christina Lui (Singapore).
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