Conyers advises Yuzhou Properties Company on offering of $300m senior notes
Conyers Dill & Pearman has provided British Virgin Islands (BVI) and Cayman Islands legal advice to Yuzhou Properties Company in connection with an international offering of up to $300m (£178m) principal amount of 8.625 per cent senior notes due 2019.
This is ranking pari passu with all existing notes in issue, banking facilities and 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 of Conyers’ Hong Kong office advised on the matter, working alongside Paul Hastings and Skadden, Arps, Slate, Meagher & Flom.
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