Fufeng in convertible bond offering

Fufeng Group (Fufeng), a PRC-based manufacturer of glutamic acid, MSG and xanthan gum has mad an international offering of convertible bonds on the Mainboard of the Singapore Exchange. Fufeng is listed on the Hong Kong Stock Exchange.

It issued Rmb820 million US dollar-settled 4.5 percent convertible bonds due to mature in 2015. Additionally there was an option to issue a further Rmb205 million US collar-settled 4.5 percent convertible bonds. The joint lead managers were Citi and RBS and as part of the offering, they borrowed shares in Fufeng from the majority shareholder.

Clifford Chance acted in this transaction in multiple capacities. Connie Heng led the capital markets team advising issuer Fufeng, while derivatives counsel Patrick Phua represented Fufeng's majority shareholder on the securities lending arrangement. In Singapore, the firm's capital markets team led by Joan Janssen was appointed as the Singapore listing agent for the bonds.

Fufeng's PRC counsel was King & Wood and Conyers Dill & Pearman was its offshore legal adviser. Linklaters was international counsel to the joint lead managers and trustee, and Jingtian & Gongcheng was PRC counsel to Citi and RBS.