Conyers advises China Aoyuan Property Group on issue of senior notes
Conyers Dill & Pearman has provided British Virgin Islands (BVI) and Cayman Islands legal advice to China Aoyuan Property Group in connection with issue of $300m (£180m) 11.25 per cent senior notes due 2019 (ranking pari passu with all unsecured and unsubordinated indebtedness subject to priority rights pursuant to applicable law) supported by subsidiary guarantees of ‘restricted subsidiaries’ within the group and charges over the share capital of all ‘restricted subsidiaries’ on a first priority basis subject to an intercreditor arrangement.
The senior notes are subordinated to other secured obligations and to all existing and future obligations of ‘non-restricted subsidiaries’.
Paul Lim and Rowan Wu of Conyers’ Hong Kong office advised on the matter, working alongside Linklaters and Davis Polk & Wardwell.
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