Herbert Smith Freehills has advised Huaneng Hong Kong Capital Limited on its US$400 million dollar sale of five-year 3.375% bonds.
The bonds were guaranteed by China Hua Neng Group Hong Kong Limited, with the China Huaneng Group providing a keepwell deed and equity interest purchase undertaking. The bonds were listed on the Hong Kong Stock Exchange on 13 June 2013. This is the first US dollar bond the group has launched since 1997.
The transaction was oversubscribed with a book value of $550 million, despite challenging market conditions. Funds raised in this transaction will be used to invest in Huaneng Hong Kong’s portfolio companies and future potential acquisition and investment opportunities, to repay debt and for general corporate purposes.
The Herbert Smith Freehills team was led by partners Kevin Roy and Tom Chau, who were supported by senior associate Sherry Lai, and associates Stanley Xie, Minchu Wang, Isaac Chen and Cassie Zhang. Shell Chen and Nelson Siu also provided assistance.
The joint global coordinators and bookrunners on this transaction included J.P. Morgan, Bank of China and Wing Lung Bank, with joint bookrunners also including CCB International, DBS, Goldman Sachs and ICBC.
Linklaters, Haiwen & Partners, and Conyers Dill & Pearman also advised on this transaction.
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