14 October 2020

KWM Hong Kong maintains robust track record in offshore liability management transactions

King & Wood Mallesons (KWM) remains at the forefront in corporate restructuring & insolvency and onshore and offshore debt issuance, having recently advised on three offshore liability management transactions. These transactions involved cash tender and exchange offer of New York law governed high-yield notes.

Jiangsu Nantong Sanjian Construction Group Co., Ltd.

KWM represented Jiangsu Nantong Sanjian Construction Group Co., Ltd., (Nantong Sanjian) as the parent guarantor in the issuance of approximately US$181 million 10.0% senior notes due 2022 by Nantong Sanjian Overseas Co., Ltd in exchange for the outstanding 7.80% guaranteed senior notes due 2020 by Jiangsu Nantong Sanjian International Co., Ltd.

Nantong Sanjian is a leading private construction company in China that primarily engages in building and highway construction projects. Nantong Sanjian has been ranked 122nd in the “2020 Top 250 International Contractors’’ by the Engineering News Record and is among one of few Chinese private contractors ranked on this list.

Concord New Energy Group Limited

KWM represented Concord New Energy Group Limited (CNE) in its issuance of US$90 million 10.75% senior notes due 2023, comprising US$82.4 million of such notes pursuant to the exchange offer for its outstanding 7.90% senior notes due 2021 and US$7.6 million of such notes in a concurrent new money offering.

CNE is an energy group that specialises in clean and new energy worldwide. CNE is the only pure vertical integrated clean energy power company listed on the Hong Kong Stock Exchange.

Yango Group Co., Ltd.

KWM represented Yango Group Co., Ltd. (Yango Group) in connection with its cash tender offer of the outstanding 7.50% senior notes due 2020 issued by YANGO JUSTICE INTERNATIONAL LIMITED, its wholly owned subsidiary.

Yango Group is one of the leading large-scale real property developers in China and has been listed on the Shenzhen Stock Exchange since 1996. 

“Since the beginning of 2020, we have been actively engaged in advising issuers and dealer managers on a number of debt liability management transactions. This will continue to be a trend and a focus area for us”, Michael Lu, partner of KWM Hong Kong said.

Hao Zhou, Co-Chief Executive of KWM Hong Kong added, “Our deep experience in structuring and executing complex liability management exercises complements our debt capital markets offering, providing us the competitive advantage to stand out in this increasingly competitive market.”

The KWM team was led by partners Hao Zhou and Michael Lu, with support from counsel Cynthia Tan and Jason Kuo, senior associates Jason Du and Lu Tan, and associates Luning He, Winnie Li and Anlei Zuo.

Any reference to “Hong Kong” or “Hong Kong SAR” shall be construed as a reference to “Hong Kong Special Administrative Region of the People’s Republic of China”.

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