Global law firm White & Case LLP has added to its track record of advising lenders on financing buyouts of US-listed Chinese companies, with two separate transactions signing since the beginning of the year.
White & Case advised Wing Lung Bank Limited and Cathay United Bank which supported the chairman-led buyout of Feihe International with a US$50 million term loan. The buyout of the company was valued at US$147 million. New York Stock Exchange-listed Feihe is one of the biggest producers of premium infant milk formula, milk powder, soybean, rice and walnut products in China. The financing for the buyout was signed on March 3, 2013.
White & Case also advised China CITIC Bank International in financing the US$340 million take-private of NASDAQ-listed 3SBio, a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products. This transaction was signed on February 8, 2013.
“These two transactions were a natural fit for our team, which has advised on six previous financings for US-listed Chinese company privatizations. We are seeing new banks getting involved in these types of financings, such as Taiwanese banks, and institutions which have traditionally focused on Greater China. Structures are also evolving to offer more PRC-onshore credit support,” said White & Case partner John Shum.
The White & Case deal teams were led by Hong Kong-based partner John Shum, who was supported by senior legal consultant Frank Shu, and associates Karen Mak and June Chun. US securities advice was provided by partner David Johansen and associate Elodie Gal.
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