International law firm Freshfields Bruckhaus Deringer has advised China City Construction (International) Co., Ltd (the Issuer) on its inaugural RMB2.5bn (US$400m) bond issue.
The Issuer is a wholly owned subsidiary of China City Construction Holdings Group Company Limited (CCCC) and effectively 98.53% owned by a ministry under the State Council.
The issue marks CCCC’s debut on international bond markets and the issue is due to mature in 2017 at a rate of 5.35 per cent. This bond issue is credit-enhanced by a keepwell deed, an irrevocable cross-border RMB standby facility and a deed of equity interest purchase undertaking from CCCC.
CCCC is a leading state-owned urban development and construction enterprise and has been heavily involved in large-scale development projects throughout mainland China.
Also involved in this transaction are joint lead managers are BNP PARIBAS, BofA Merrill Lynch and BOC International.
The Freshfields team was led by US corporate partner Calvin Lai, finance partner Andrew Heathcote and finance counsel Bing Guan, all based in Hong Kong.
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