King & Wood Mallesons advised Dr.Peng Holding Hongkong Limited as the issuer and Dr. Peng Telecom & Media Group Co., Ltd. (Dr. Peng Group) as the guarantor on the restructuring of the US$256 million 7.55% guaranteed notes due 2021 by way of a consent solicitation. The consent terms included an extension of the maturity date and mandatory redemption dates and improved credit support by way of new security.
Dr. Peng Group is a leading telecom operator and internet service provider in the PRC.
A seamless KWM debt capital markets (DCM) and finance team acted for the issuer and guarantor in this transaction. The DCM team was led by Hong Kong partner Song Yue, with support from counsel Ian Hardee and associates Rachel Wang and Danny Wang. The finance team was led by Beijing partner Yinghao Lv and Hong Kong partner Jessica Zhou, with support from senior associate Bryan Lo and associates Chong Ma, Moses Lee and Candice Chan.
Hao Zhou, Co-Chief Executive of KWM Hong Kong said, “The smooth delivery of this transaction is a testament of our leading position in navigating complex and cross-border debt restructuring transactions. This successful closing also reflects the increasing demand in the debt restructuring space in the PRC.”