Harneys advises Cinda Management on its issue of US$800 Million Guaranteed Medium-term Notes under its US$5 Billion Programme
Harneys acted as BVI counsel to China Cinda (2020) I Management Limited (Cinda Management) in relation to its issue of the US$800,000,000 5.75 per cent guaranteed notes due 2029 under Cinda Management’s US$5 billion guaranteed medium-term note programme (the Programme).
Cinda Management, a business company incorporated in the British Virgin Islands, is a special purpose vehicle directly and wholly-owned by China Cinda (Hong Kong) Holdings Limited (Cinda HK). Application has been made to The Stock Exchange of Hong Kong Limited (HKEX) for the listing of the Programme of Cinda Management for 12 months after 17 May 2024 for debts issue to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on HKEX) only. Under the Programme, the notes are issued by Cinda Management and unconditionally and irrevocably guaranteed by Cinda HK.
Cinda HK is a wholly owned subsidiary of China Cinda Asset Management Company Limited (China Cinda). As a bridge between international and domestic capital markets, Cinda HK leverages its expertise in investment, financing, financial services, and the disposal of non-performing assets and acts as China Cinda's major offshore financing and operating arm. The size of the Programme has been increased from US$4 billion to US$5 billion to provide flexibility for Cinda HK's financing needs. The proceeds will be used for working capital, investment, refinancing of existing debt and/or other general corporate purposes.
The Harneys team was led by Partner Jessie Xu. Agricultural Bank of China International, Bank of China (Hong Kong), Bank of Communications, BOC International, BOCOM International, Bank of America Securities, CITIC Bank International, CCB (Asia), China Galaxy International, CICC, CITIC International, Cinda International, and Standard Chartered Bank acted as the Joint Arrangers and Dealers. Agricultural Bank of China Limited Hong Kong Branch, ANZ, CCB International, China Everbright Bank Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. Hong Kong Branch, CITIC Securities, CMBC Capital, CNCB Capital, Crédit Agricole CIB, Deutsche Bank, Essence International, Goldman Sachs (Asia) L.L.C., Guotai Junan International, Haitong International, HSBC, Nanyang Commercial Bank, Shanghai Pudong Development Bank Hong Kong Branch, SMBC Nikko, and Zhongtai International acted as the Dealers.
Jessie commented: “It was a great honour to work with the Cinda team. We hope that the Programme will help Cinda successfully raise capital so they can reap the rewards of a more robust and long-term corporate development. This successful notes issuance strengthens the good relationship between Cinda and Harneys. We look forward to more opportunities to work with Cinda in the future.”
The Corporate team at Harneys advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg, and Cyprus corporate vehicles. The team’s significant track record includes advising on high-profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures. The firm’s expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Luxembourg Stock Exchange.
