King & Wood Mallesons (KWM) advised PRC state-owned China General Nuclear Power Corporation (CGN) under the laws of the Hong Kong SAR and the PRC on the US$500 million 3.875% guaranteed bonds due 2023, US$100 million 4.8% guaranteed bonds due 2048, and €500 million 2% guaranteed bonds due 2025 by CGNPC International Limited.
This is the first successful issuance of multi-tranche long-term USD bonds with a maturity of 30 years multi-tranche by a PRC clean energy company and is the second green bonds issuance by CGN that complies with the Green Bond Principles 2018 of the International Capital Market Association.
CGN, one of the three enterprises authorised to have a controlling interest in nuclear power projects in the PRC, focuses in the generation and sale of power, construction, operation and management of nuclear and renewable power plants and projects. It is also a nuclear power-focused clean energy corporation directly controlled by the State-owned Assets Supervision and Administration Commission of the PRC.
KWM has advised CGN on a number of its international bond issuances over the past few years and this closing marks KWM’s sixth offshore bond issuance since 2012, subsequent to the offerings of (i) CNY1.5 billion 3.75% Renminbi-denominated bonds in 2012, (ii) CNY1.5 billion 3.75% Renminbi-denominated bonds in 2013, (iii) US$600 million 4% US dollar-denominated bonds in 2015, (iv) US$500 million 4% US dollar-denominated bonds in 2015, and (v) €500 million 1.625% seven-year euro-denominated green bonds and US$900 million multi-tranche long-term US dollar-denominated bonds in 2017.
The transaction involved close collaboration between the KWM Hong Kong and Shenzhen offices. The Hong Kong team was led by partners Hao Zhou and Michael Lu, and supported by counsel Cynthia Tan and associate He Luning. The PRC team was led by Shenzhen-based partner Pan Yujia who was supported by Yao Tingting.