Appleby advises on COSCO Pacific Finance note issuance
Appleby has acted as Bermuda and British Virgin Islands counsel for COSCO Pacific Finance and COSCO Pacific in relation to COSCO Pacific Finance’s note issuance in the aggregate principal amount of $300m (£192m) due in January 2023, bearing interest at the rate of 4.375 per cent per annum and guaranteed by COSCO Pacific.
COSCO Pacific Finance is a special-purpose vehicle that is newly incorporated in the British Virgin Islands and is a wholly owned subsidiary of COSCO Pacific. It was established solely for the purpose of issuing the notes.
COSCO Pacific is listed on the Hong Kong Stock Exchange and is a constituent company of China Ocean Shipping (Group) Company. The proceeds of the notes will primarily be used to fund the expansion of the COSCO Group’s terminal and container leasing business.
The Appleby team was led by Jeffrey Kirk, banking and asset finance partner of Appleby, assisted by associate Rupen Shah. Linklaters acted as counsel for the company, while Clifford Chance acted for the joint lead managers.
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