Herbert Smith Freehills has advised Maoye International Holdings, which operates department stores and develops shopping malls in China, on its issuance of high-yield debt worth $300 million.

Maoye, which operates 38 department stores across 18 provinces in China, opted for financing in the U.S. dollar market after pulling a proposed three-year dim sum bond in March, according to Thomson Reuters publication IFR.

The Herbert Smith Freehills team was led by Asia U.S. securities head Kevin Roy, and assisted by client relationship partner Jason Sung. Citigroup Global Markets Inc, CLSA Ltd, Deutsche Bank AG, Singapore branch and Morgan Stanley & Co International Plc were the joint lead managers and joint bookrunners for the offering.

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