DLA Piper has advised Rizhao Port Group on the listing of its credit-enhanced bonds and China Agri-Products Exchange on its medium-term note programme.
Rizhao Port Group listed its credit-enhanced bonds for ¥850m (£80m) with the benefit of a keepwell deed provided by Rizhao Port Group. The bonds are placed by way of debt issue to professional investors only and the listing was effective on 16 May 2014.
Agricultural Bank of China International and Barclays acted as joint lead managers and joint bookrunners and were represented by Davis Polk & Wardwell.
DLA Piper also advised China Agri-Products Exchange on its HKD1,000m (£77m) medium-term note programme, which is listed on the Hong Kong Stock Exchange.
The company intends to issue the notes under the programme to exchange for existing private bonds and therefore there will be no proceeds to the company upon the issue of the notes. Such exchange will be made at the option of the holder of the private bonds.
The execution team of the Rizhao Port deal included Hong Kong partner Paul Lee and Singapore partner Ben Sandstad. Both deals were assisted by a team of Hong Kong associates.