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.
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