Conyers provides BVI advice to State Grid Corporation of China on debt issue
Conyers Dill & Pearman has provided British Virgin Islands (BVI) advice to State Grid Corporation of China on its first international debt issue on the Rule 144A/Regulation S offering of $2bn senior unsecured guaranteed notes.
The unsecured guaranteed notes consist of three tranches: $500m 1.750 per cent senior guaranteed notes due 2018; $1bn 3.125 per cent senior guaranteed notes due 2023; and $500m 4.375 per cent senior guaranteed notes due 2043.
The notes were issued by a BVI subsidiary of State Grid, State Grid Overseas Investment (2013) Ltd and guaranteed by State Grid. The notes have received a rating of ‘AA-’ by S&P Ratings Services, a first-time ‘Aa3’ issuer rating by Moody’s Investors Service and ‘A’ by Fitch Ratings Services. They are listed and traded on the Hong Kong Stock Exchange.
Richard Hall and Wynne Lau of Conyers’ Hong Kong office advised and worked alongside Herbert Smith Freehills on this matter.
News from Conyers Dill & Pearman
Briefings from Conyers Dill & Pearman
The Trusts (Special Provisions) Amendment Act 2014 provides certainty regarding how far settlors can go without calling the validity of the trust structure into question.
This memorandum has been prepared for the assistance of those who are considering registration of a foreign limited partnership in the Cayman Islands.