Baker & McKenzie recently advised Cheung Kong (Holdings) Limited and its wholly-owned subsidiary, Cheung Kong Bond Securities (03) Limited (“CKBS”), on the issue and offering by CKBS of US$500 million 5.375% guaranteed senior perpetual securities, which are denominated in United States dollars. The securities are guaranteed by Cheung Kong (Holdings) Limited and are listed on the Main Board of the Hong Kong Stock Exchange.
The securities are perpetuals with no fixed redemption date, and the securities carry coupon deferral features. Barclays and BofA Merrill Lynch acted as the lead managers and bookrunners.
The Baker & McKenzie team was led by corporate partner Milton Cheng and finance partner Andrew Lockhart. The team also included special counsel Edwin Li and associates Christopher Shen and Erica Jiang.
Commenting on the transaction, Andrew Lockhart said, “We are delighted to have had the opportunity to assist Cheung Kong, a long-standing client of our Firm, on another significant debt capital markets transaction.”
Baker & McKenzie has been involved in a number of recent debt capital markets deals, including advising Cheung Kong (Holdings) Limited and its wholly-owned subsidiary, Cheung Kong Bond Securities (02) Limited (“CKBS2”), on the issue and offering by CKBS2 of HK$1 billion 5.25% guaranteed senior perpetual securities; Yuexiu Property Company Limited on the establishment of its first US$2 billion medium term note programme; Yue Xiu Enterprises (Holdings) Limited on its HK$1 billion 5.65% corporate bonds due 2018, its private placement of HK$1 billion 6.4% notes due 2019 in December 2011, as well as its follow-on issuance of HK$1 billion 6.4% notes due 2020 and private placement in April 2012; Regal REIT on its US$1 billion medium term note programme; Champion REIT on its US$1 billion guaranteed medium term note programme; China South City Holdings Limited on its issue of US$125 million 13.50% senior notes due 2017; Yanzhou Coal Mining Company Limited on its US$1 billion notes issue; and advising the joint bookrunners and the trustee on the issuance by China ITS (Holdings) Co., Ltd of RMB210 million 10% guaranteed bonds due 2015.
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