Ogier advises Lenovo Group on $1bn capital markets issue

Ogier has acted as Cayman counsel on an innovative perpetual securities issue by Lenovo Group, the world’s biggest seller of personal computers.

Ogier’s Hong Kong team, led by partner Anthony Oakes, advised on the Cayman law aspects of a $1bn 5.375 per cent perpetual securities in the form of cumulative preferred shares, with a performance guarantee from Lenovo Group Limited.

Oakes said: “This was an innovative piece of work involving a perpetual security, structured as a preference share of a Cayman company rather than as a bond. Another interesting feature was the performance guarantee by Lenovo which was used to maintain the integrity of the SPV.”

Oakes and associates Tiffany Leung and Yuki Yan from Ogier’s Hong Kong team specialising in Cayman and BVI law advised on the transaction.

The joint lead managers were: Australia and New Zealand Banking Group; Bank of Communications, Hong Kong Branch; Barclays Bank; BNP Paribas; China Construction Bank (Asia) Corporation; Citigroup Global Markets; Crédit Agricole Corporate and Investment Bank; DBS Bank; Merrill Lynch International; Mizuho Securities Asia; Morgan Stanley & Co International; MUFG Securities EMEA; Société Générale and Standard Chartered Bank.