DeHeng Advised China Three Gorges Corporation
on Issuing $850 Million Medium- and Long-term Bonds
2019-11-06
In October 2019, China Three Gorges Corporation (the "CTG") issued 5-year, USD$500 million and 30-year，USD$350 million bonds overseas, with the coupon rates of 2.3% and 3.2% respectively (the "Issurance"). The Bank of China, Deutsche Bank, and JPMorgan served as Joint Global Coordinators. And Citigroup, Industrial and Commercial Bank of China, Morgan Stanley, Mizuho Securities, Standard Chartered Bank, UBS, and CLSA as Joint Lead Managers and Joint Bookrunners (the "Underwriters"). The raised fund will be used to swap the bridge loan of the Chaglla hydropower station project in Peru.
CTG is positioned to serve the development of the Yangtze River Economic Belt, the Belt and Road Initiative and other national strategies. Moreover, CTG plays a leading role in the deep integration of the Yangtze River Economic Belt and the conservation of the Yangtze River, providing basic guarantees for promoting regional sustainable development and taking responsibility in promoting the upgrade and innovation-driven development of the clean energy industry. Besides, it stimulates the reform of corporate and accelerates to grow as a world-class multinational clean energy group with a strong capability of innovation and global competitiveness. Its principal business covers hydropower engineering construction and management, electric power production, international investment and contracted engineering, the development of wind power, solar energy and other new energy, integrated development and utilization of water resources, relevant technology consulting services, and so on. After more than 20 years of continuous rapid development, it is now the world's largest hydropower developer, operator as well as China's largest clean energy group.
As the Chinese legal counsel for the Underwriters, the DeHeng team, led by Mr. Hou Zhiwei, the partner of its Beijing Office, with primary support from Zhang Yan, Hu Xueyuan, Yang Jingjing, Xianyu Jiashan, Sun Yuehao，and Wang Zhi, provided professional, comprehensive and high-quality legal services for the Issurance.
