Global law firm White & Case LLP has advised Greentown China Holdings Limited, a Chinese luxury residential property developer, on its subsidiary's private placement of unlisted US$500 million senior perpetual capital securities callable 2021.
The placing agents for the private placement are Credit Suisse (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited.
The perpetual capital securities were issued by Twinkle Lights Holdings Limited, a wholly-owned subsidiary of Greentown China, guaranteed by Greentown China and supported by a keepwell deed and deed of equity interest purchase undertaking of China Communications Construction Company Limited, Greentown China's significant shareholder. The net proceeds will be used to refinance existing indebtedness of Greentown China and its subsidiaries.
Beijing-based White & Case partner David Li, who led the team which advised on the transaction, said: "We have advised Greentown China, a long-standing client of White & Case, on yet another significant financing."
Simon Fung, Chief Financial Officer at Greentown China, said: "We are very pleased with the result of the transaction and the full support of the White & Case deal team. White & Case is our go-to partner in our financings and I look forward to working together in future financings."
The White & Case team which advised on the transaction was led by partner David Li (Beijing) and included partners Kaya Proudian (Singapore) and Baldwin Cheng (Hong Kong), with support from associates June Chun and Mengbi Xu (both Beijing) and Hendy Handoko (Singapore).
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