KWM, HSF, Commerce & Finance, Linklaters and Conyers advise on the establishment of State Grid's offshore medium-term note programme and first bond issuance
BY ALB |
On April 17, 2017, State Grid Corporation of China ("State Grid") launched a USD 7.7 billion offshore medium-term note programme via a special purpose vehicle (SPV), State Grid Overseas Investment (2016) Ltd. established by its wholly-owned subsidiary, State Grid Overseas Investment Co., Ltd., on the British Virgin Islands. The company issued USD 5 billion worth of bonds to global investors on April 27, with an unconditional and irrevocable guarantee provided by State Grid for the medium-term note programme and bond issuance.