DeHeng Advises Nan Hai Corporation on the Issuance
of US$ 500 Million Credit Enhancement Notes in Hong Kong
2017-05-31
Amber Treasure Ventures Limited, a wholly-owned BVI subsidiary of Nan Hai Corporation Limited ("Nan Hai Corporation", HK.00680), issued US$ 500 million 3-year credit-enhancement notes on May 25, 2017 at an interest rate of 3.00%. The underwriters of this offering are CITIC Bank (International) Limited, BOCI Asia Limited and Huarong International Securities Limited.
DeHeng, as the PRC attorneys to the underwriters of this issuance of notes, formed a project team lead by partner Hou Zhiwei, and includes Zhang Yan, Fan Liangliang and Hu Xueyuan. In the two months from project approval to closing, the project team members closely worked with the issuers, underwriters, overseas lawyers, and other agencies, and provided comprehensive, professional, efficient and high-quality legal services for this issuance.
Founded in Bermuda in 1991, Nan Hai Corporation is a diversified investment group listed on the Hong Kong Stock Exchange. It extensively invests in culture and media business, real estate development, and corporate IT services, through its three business units: Dadi Media, Nan Hai Development and China Digital. Moody's Investors Service rated this note "Baa2."
Attorney Hou Zhiwei commented that corporate demand for offshore financing soared recently, because of the substantial increase in domestic bond financing costs and the sustained demand for overseas acquisitions in the first half of 2017. However, due to the impact of relevant policies, the number of offshore bonds successfully issued by domestic enterprises in the first half of 2017 decreased greatly compared with the same period of last year. In the current market environment, Nan Hai Corporation’s successful raise of large sums of capital offshore at a low cost and in a short period of time, gained an upper hand for the enterprise in the fierce market competition environment and gave a new impetus to the accelerated development of the enterprise.
