Sidley Austin has advised China Evergrande Group (Evergrande) on its sale of $3 billion in dollar bonds, the biggest offshore high-yield bond sale out of China so far this year, with Davis Polk and Wardwell advising the managers.
Evergrande, China’s second-largest property developer by sales, has been under pressure to raise funds to cut its large debt pile, which stood at 671.1 billion yuan ($98.88 billion) as of June 2018.
Besides Asian investors, offshore investors such as Fidelity, Value Partners, PIMCO, Amundi and Blackrock subscribed to the issuance.
Commerce and Finance Law Offices and King & Wood Mallesons advised the issuer and the managers on PRC law, respectively.
The Sidley team was led by partners Timothy Li and Carrie Li in Hong Kong office. The Davis Polk team was led by parnter Gerhard Radtke in Hong Kong office. The KWM team was led by Guangzhou partners Lixin Wang and Haotian Sun in Guangzhou office. The C&F team was led by Shanghai partner Haiyan Zhu in Shanghai office. Maples and Calder advised the issuer on Cayman Islands law and British Virgin Islands law.
盛德国际和美国达维等共同助力恒大集团发行30亿美元高级无抵押债券
盛德国际律师事务所助力中国恒大集团发行30亿美元高级无抵押债券，此次发行是2019年开年以来亚洲最大的单笔高级债券发行，美国达维律师事务所为承销商提供法律服务。
从销售额来看，恒大集团是中国第二大房地产商。恒大一直以来面临筹集资金以削减巨额债务的压力。截至2018年6月，恒大的债务总额达至6711亿元人民币（约988.8亿美元 ）。
中国恒大的本次债券发行受到市场的热烈追捧，除亚洲投资者的积极参与外，本次发行还获得欧洲和美国离岸投资者的积极认购，其中包括富达基金、惠理基金、太平洋资产管理、东方汇理资产管理、贝莱德资产管理等著名投资机构。
通商律师事务所作为中国恒大本次发债项目的发行人中国法律顾问，金杜律师事务在本次交易中担任承销商的中国法律顾问。
盛德国际律师事务所团队由香港办公室合伙人李焕庭律师和李洁怡律师主导。美国达维律师事务所团队由香港办公室合伙人Gerhard Radtke负责。金杜律师事务所负责本项目的主办合伙人是广州办公室的王立新律师和孙昊天律师。通商律师事务所则由上海办公室的朱海燕律师负责。迈普达律师事务所担任发行人的开曼群岛法律顾问和英属维尔京群岛法律顾问。
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