Global law firm White & Case LLP has advised, as lead and international counsel, RRJ Capital as lead investor on a significant equity-linked debt financing for HNA Aviation (Hong Kong) Air Catering Holding Co., Limited, the sole shareholder of gategroup Holding AG.
"This transaction illustrates how a carefully structured equity-linked financing can maximize value for all parties involved," said Beijing-based White & Case partner David Li, who led the Firm's deal team. "This transaction demonstrates our leading capabilities in China to efficiently execute complex and time-sensitive highly structured equity-linked debt financings."
Joanne Low, General Counsel at RRJ Capital, said "White & Case was instrumental in getting this important transaction done within a tight timetable."
The debt financing package comprised of, among others, a private placement of five-year senior secured guaranteed mandatory exchangeable bonds.
Headquartered in Hainan Province, China, HNA Group is a world-leading company focusing on, among others, civil aviation, tourism, logistics, technology and financial services.
Headquartered in Zurich, Switzerland, gategroup Holding AG is the global leader in airline catering, retail-on-board and hospitality products and services, with the most extensive catering network in the aviation industry, serving more than 700 million passengers annually from over 200 operating units in 60 countries/territories across all continents.
With total assets under management of close to US$11 billion, RRJ Capital is an Asian investment firm focusing on private equity investments in China and South East Asia. It pursues an investment strategy in companies predominantly in Asia, with a focus on growth capital and state-owned enterprises investments.
The White & Case team which advised on the transaction was led by partner David Li (Beijing) and included partner Eugene Man (Hong Kong), with support from associates Rosanna Passmore and Fiona Lee (both Beijing) and legal consultant Muting Xie (Beijing).
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