DLA Piper advises Rizhao Port on issue of credit-enhanced bonds
DLA Piper has advised Rizhao Port (Hong Kong) Company on its issue of RMB850m (£82m) worth of credit-enhanced bonds, its first ‘Dim Sum’ bond offering in Hong Kong, in mid-May.
The law firm acted as Hong Kong counsel for the bond issuer, Rizhao Port, and its PRC-based parent company, Rizhao Port Group Co.
DLA Piper assisted in preparation of the bond offering circular and key transaction documentation while also arranging listing of the bonds on the Hong Kong Stock Exchange. The bond issue was the first time Rizhao Port Group, a PRC SOE with a diversified corporate group involved in port operations, construction contracting and commodities trading, had undertaken a bond issue outside of the PRC.
The bond issue involved a collaborative effort across three of DLA Piper’s Asian offices, in Beijing, Hong Kong and Singapore, including partners John Shi, Paul Lee, Ben Sandstad and Jeffrey Mak and lawyers David Cheng, Yao Chi and Andrew Nicholls.
Davis Polk & Wardwell acted as Hong Kong counsel for the joint lead arrangers, Agricultural Bank of China International and Barclays Bank, along with Beijing DHH Law Firm acting as PRC counsel for the issuer and joint lead arrangers respectively.
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