Paul Hastings, a leading global law firm, announced today that it represented Future Land Development Holdings Limited (“Future Land”), a leading Chinese property developer focused on developing quality residential and mixed-use projects and listed on the Hong Kong Stock Exchange, in a CNH high yield bond offering of senior notes (“Notes”) with an aggregate principal amount of RMB1.5 billion, due 2016.
Bank of America Merrill Lynch and Deutsche bank were the joint global coordinators. Bank of America Merrill Lynch, BOC International, CITIC Securities International, Deutsche Bank and Haitong International were the joint bookrunners and joint lead managers. Future Land intends to use the net proceeds of the Notes to repay certain existing loans, fund the acquisition of land for residential and commercial property development, and for general corporate purposes.
Paul Hastings also recently advised Future Land on its US$200 million Rule 144A/Reg S offering of senior notes issued in January 2013 and, in November 2012, the Paul Hastings capital markets team advised Bank of America Merrill Lynch as the sole global coordinator on Future Land’s US$265 million Hong Kong IPO and global offering.
Paul Hastings has now advised on six high yield bond issuances by Hong Kong listed companies so far in 2013.
The Paul Hastings team was led by Raymond Li, partner and Chair of Greater China, and capital markets partners Vivian Lam and David Grimm, with support from associates Celia Chau, Joy Chen and Dane Johansen.
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