Appleby advises Fosun on guaranteed notes issuance
Appleby has acted as British Virgin Islands counsel for Fosun International, a privately owned conglomerate based in China, on a guaranteed notes issuance of $1bn (£639m) issued by its indirect subsidiary.
As an indirect subsidiary of Fosun International, Sparkle Assets will issue notes in the aggregate principal amount of $400m due on 30 January 2020, bearing interest at the rate of 6.875 per cent per annum, payable semi-annually in arrears.
The notes will be guaranteed by Fosun International and some of its subsidiaries. Sparkle Assets is a special-purpose vehicle wholly owned by China Alliance Properties, a subsidiary of Fosun International.
The notes are being offered and sold to non-US persons in reliance of Regulation S.
The Appleby team was led by Jeffrey Kirk, banking and asset finance partner of Appleby, and assisted by associates Maria Lau and Rupen Shah.
Sidley Austin acted as US federal and New York state law and Hong Kong law counsel for Fosun International. Chen & Co Law Firm acted as PRC law counsel for Fosun International. Davis Polk & Wardwell and Grandall Legal Group acted as counsel for the initial purchasers.
News from Appleby
News from The Lawyer
Briefings from Appleby
In the third quarter of 2013, there were 538 deals announced offshore, with a combined value of $34.5bn.
In its changes to the Human Rights Act 1981, Bermuda’s parliament has added sexual orientation to the list of defined characteristics protected from unlawful discrimination.
Analysis from The Lawyer
The past quarter has been busy for the offshore sector as firms have looked to capitalise on globalisation, while workflow has remained high
Business is booming in the Isle of Man, a small jurisdiction that thinks big