DeHeng Advised Shandong Shipping International Development Co., Ltd.

on Issuing Overseas USD Bonds

2019-10-31

In October 2019, Shandong Shipping Corporation ("SDSC") issued USD200 million three-year bonds via its overseas subsidiary Shandong Shipping International Development Co., Ltd. (the Issuer), with the coupon rate of 5.90%. SDSC provided guarantee for the issuance. BOC International and Industrial Bank Co., Ltd. Hong Kong Branch served as the Global Coordinators, Joint Bookrunners and Joint Lead Managers.

SDSC is a large state-owned enterprise initiated by Shandong Marine Group Ltd., its controlling shareholder, with the approval of Shandong Provincial People's Government. Adhering to the core values of "inclusiveness, responsibility, self-motivation and perseverance", SDSC has built a reliable brand in the industry based on its outstanding services, leading management and unremitting pursuit of innovation. It offers high-quality logistics solutions for clients worldwide to meet the trade demand arising amid economic globalization. Specialized in the marine transportation of minerals, grains, energy, chemicals, and break-bulk cargoes, it operates routes connecting major ports in the world and owns a country-leading scale of dry bulk cargo fleet. In particular, it runs the world’s largest 400,000-ton ore ship and has funded the building of the world’s first 250,000-ton ore ship. Besides it has assembled China's largest liquefied petroleum gas fleet which also ranks among the top in the world. This was its third overseas bond issuance.

As the Chinese legal counselor for the Issuer, the DeHeng team was headed by lawyer Hou Zhiwei, partner of the Beijing Office, with primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao and Wang Zhi. They worked closely with the Issuer, underwriters and overseas lawyers to provide comprehensive, professional, efficient and premium legal services for the issuance.