07 September 2020

King & Wood Mallesons advises on the first syndicated green loan facility by Chinese banks in London

On 28 August 2020, Bank of Communications London Branch (“BoCoM London”), Agricultural Bank of China London Branch, China CITIC Bank London Branch, Shanghai Pudong Development Bank (“SPDB”) and its Hong Kong and London Branches as mandated lead arrangers and original lenders successfully achieved the first drawdown of a USD300 million syndicated green loan facility for Bocom Leasing Management Hong Kong Company Limited (“Bocom Leasing HK”). SPDB (through its Hong Kong Branch) also served as the green finance structuring advisor for this transaction.

The closing of the deal marks another breakthrough in the development of Chinese financial institutions in the London market. The deal represents the first European syndicated green loan led by BoCoM London and the London branches of some other Chinese banks and arranged for Bocom Leasing HK. The loan syndication also lays a foundation for the further development of participants in the European green finance area.

King & Wood Mallesons (“KWM”) London acted as the English, Hong Kong and PRC counsel to the members of the syndicate. Despite the COVID-19 outbreak, the KWM team managed to promptly deploy its global platform resources and provided one-stop legal services for the clients, facilitating the closing of the deal.

The London-based lead partner Joe Su advised on the English law and Hong Kong law matters in this transaction and the Beijing-based partner Lv Yinghao advised on the PRC law issues. The other team members included Rosanna Munoz-Britton (London), Jin Jing (Beijing), Jennifer Reyes Au (London), and Huang Zelin (Haikou).

*Any reference to Hong Kong, Macao or Taiwan shall be construed as a reference to Hong Kong Special Administrative Region, Macao Special Administrative Region or the Taiwan region of the People’s Republic of China; and any reference to Hong Kong, Macao or Taiwan residents shall be constructed as a reference to the PRC citizens from Hong Kong Special Administrative Region or Macao Special Administrative Region or to the residents from the Taiwan region who are employed, live or study in the Mainland China.

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