White & Case Advises Greentown China Holdings Ltd on US$500 Million Regulation S Offerings of Perpetual Securities
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Global law firm White & Case LLP has advised Greentown China Holdings Limited, a Chinese luxury residential property developer, on its subsidiary's Regulation S offering of US$400 million senior perpetual capital securities callable 2022 and US$100 million senior perpetual capital securities callable 2022.
The joint global coordinators, joint lead managers and joint bookrunners for the offerings are Credit Suisse (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited.
The perpetual capital securities were issued by Champion Sincerity Holdings Limited, a wholly-owned subsidiary of Greentown China, and guaranteed by Greentown China. The US$400 million perpetual capital securities are also supported by a keepwell deed and deed of equity interest purchase undertaking of China Communications Construction Company Limited, Greentown China's significant shareholder. Net offering proceeds will be used to refinance existing indebtedness of Greentown China and its subsidiaries and for general working capital purposes. The bonds are listed for trading on the Hong Kong Stock Exchange.
White & Case partner David Li who co-led the Firm's deal team, said: "The record level of investor over-subscription for these securities demonstrates significant market recognition of Greentown China's leading position in the Chinese real estate sector."
The White & Case team that advised on the transaction was co-led by partners David Li (Beijing) and Kaya Proudian (Singapore) and included partners Jessica Zhou (Hong Kong) and Baldwin Cheng (Hong Kong), with support from associates June Chun (Beijing), Enlin Jiang (Hong Kong) and Christina Lui (Singapore).
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