Paul Hastings, a leading global law firm, announced today that it advised China Everbright International Limited (“China Everbright”), a company whose shares are listed on the Hong Kong Stock Exchange, in relation to a “B-loan” of US$100 million (“B-Loan”). This loan is part of the US$200 million project financing provided by Asia Development Bank (“ADB”) to a wholly-owned subsidiary of China Everbright in 2009. The B-Loan is structured such that ADB is the “lender of record” with 6 commercial banks (including 3 Taiwanese banks) funding the loan as participants. Mizuho Corporate Bank, Ltd. and Hang Seng Bank Limited acted as participation arrangers.
The proceeds of the B-Loan will be used to finance waste-to-energy projects in various cities across China and marks ADB’s first syndicated loan to a Chinese company since 2007. It also marks the first time a Taiwanese commercial bank has provided lending directly to a Chinese company.
In 2009, Paul Hastings advised China Everbright on the US$100 million “A-loan” disbursed solely by ADB to a wholly-owned subsidiary of China Everbright.
Corporate partners Raymond Li and Vivian Lam led the Paul Hastings team, which included of counsel Jenny Lau and associates Erika Wanand Ling Ling.
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