Herbert Smith Freehills, King & Wood Mallesons and Walkers have advised the State Grid Corporation of China (SGCC) on its $3.5 billion bond issuance, with Linklaters and Commerce & Finance Law Offices guiding the initial purchasers.

Herbert Smith Freehills advised on U.S. and Hong Kong law, King & Wood Mallesons acted as PRC counsel, and a Walkers team, led by partner Kristen Kwok, provided advice on BVI law to SGCC, the largest state-owned electric utilities company in the world.

The Herbert Smith Freehills team was led by Hong Kong-based U.S. securities practice head Kevin Roy and Beijing managing partner Tom Chau.

The notes consist of $1.25 billion senior guaranteed notes due 2019 with an annual interest rate of 2.750 percent, $1.6 billion senior guaranteed notes due 2024 with a coupon of 4.125 percent, and $650 million senior guaranteed notes due 2044 with an annual interest rate of 4.850 percent.

SGCC is principally engaged in the construction and operation of a power grid network that covers 26 provinces in China, reaches more than 88 percent of China's territory and serves a population of more than 1.1 billion.

Linklaters and Commerce & Finance Law Offices acted as legal advisers to the initial purchasers of the bond on U.S. and PRC law, respectively. Meanwhile, Mayer Brown JSM acted as counsel to the trustee, paying agent, transfer agent and registrar of the deal on U.S. law.