Herbert Smith and Links lead on China developers' dual financing
Herbert Smith and Linklaters' have advised on two fundraisings for Chinese property developer Greentown China Holdings worth around HK$4.62bn (£299m).
May 30, 2007 at 10:58 PM
2 minute read
Herbert Smith and Linklaters' have advised on two fundraisings for Chinese property developer Greentown China Holdings worth around HK$4.62bn (£299m).
Herbert Smith corporate partner Tom Chau advised Greentown on a placing that raised around HK$2.31bn (£149.7m).
A separate team from Herbert Smith also acted for Greentown on a convertible bond issue worth YUAN2.31bn (£151.8m), which is due to mature in 2012.
The deal, led by UBS and Lehman Brothers as joint bookrunners, saw the bonds listed on the Singapore Exchange Securities Trading and closed on 18 May.
Herbert Smith advised on local, US and English law aspects of the deal with US securities partner Kevin Roy and banking partner Paul Lee taking the headline roles.
Greentown will plough cash generated from both deals into further land acquisitions and development projects.
Commenting on the deal, Roy said: "The past 12 months have seen increasing interest in convertible bonds across the region and we have won an increasing number of these mandates. Greentown has become one of our most significant clients in the mainland property sector since we acted for them on their initial public offering and high-yield bond issuance last year."
UBS was the sole global co-ordinator on both deals and was advised by Linklaters. Capital markets partner Jeremy Webb took the lead role supported by Hong Kong counsel Hwang Hwa Sim.
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