22 August – LAWFUEL – The Law News Network – Clifford Chance continues to lead high yield bond offerings from Hong Kong Hong Kong – Global law firm Clifford Chance has advised XinAo Gas Holdings Limited (“XinAo”) on its issue of US$200 million Guaranteed Notes due 2012, jointly and severally guaranteed by certain of its subsidiaries. This is the second Regulation S only high yield offering from Hong Kong in the last 12 months, where the covenants were US-style high yield covenants.
XinAo is a Hong Kong listed-red chip company with substantial operations in the PRC. The offering was solely lead managed by Deutsche Bank. The Notes were sold in reliance on Regulation S under the US Securities Act and are listed on the Hong Kong Stock Exchange.
The Clifford Chance team advising XinAo included Hong Kong-based capital markets partners Connie Heng, Alex Lloyd and Jon Zonis, assisted by William Pang.
The Hong Kong Capital Markets team has to date successfully advised on a number of high yield bond offerings in Asia this year, including offerings by City Telecom, Hanaro Telecom and Noble Group.