KWM is proud to have acted for Hong Kong’s biggest electricity provider CLP Power Hong Kong Limited (“CLP Power”) on the issue of its three-year A$500 million Kangaroo bond through its wholly owned subsidiary, CLP Power Hong Kong Financing Limited. The issuance is structured in two tranches, a three-year A$350 million floating-rate note tranche and a three-year A$150 million fixed-rate note tranche.
This landmark transaction is the first Kangaroo bond issuance involving Australian dollar-denominated bonds issued by a Hong Kong commercial corporate entity. The Notes were issued under the Issuer’s US$4.5 billion Medium Term Note Programme and guaranteed by CLP Power Hong Kong Limited.
The Dealers on the transaction were ANZ (as Sole Coordinator and Joint Lead Manager), KDB Asia (as Joint Lead Manager) and Korea Investment & Securities Asia (as Co-Manager).
KWM acted as Hong Kong and Australian counsel.
Richard Mazzochi, partner and head of KWM's Banking and Finance department in Hong Kong, said: “We are honoured to have assisted CLP Power Hong Kong Financing Limited with its first Kangaroo bond issuance. This issue further demonstrates CLP Powers’ innovative approach to its funding base.”
Philip Harvey, partner of KWM's Banking and Finance department in Australia, said: “Congratulations to the CLP Power team on this milestone transaction. It’s a privilege to be able to support them on their first corporate Kangaroo bond issuance.”
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*Any reference to "Hong Kong" or "Hong Kong SAR" shall be construed as a reference to the "Hong Kong Special Administrative Region of the People's Republic of China".
