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.