PRC steel producer in high yield bond issue

    September 04, 2010 | BY

    clpstaff &clp articles

    Steel giant China Oriental Group Company (China Oriental) has issued a US$550 million five-year, 8% secured high yield bond. The sole global coordinator…

    Steel giant China Oriental Group Company (China Oriental) has issued a US$550 million five-year, 8% secured high yield bond. The sole global coordinator of the issue was Deutsche Bank, and Deutsche Bank and ING were the joint lead managers and bookrunners.

    China Oriental will use the offering proceeds to fund projects such as potential domestic steel mill acquisitions, capital expenditure projects of its current production facilities and potential investments in iron ore assets.

    A Hong Kong-based Freshfields Bruckhaus Deringer team led by Kay Ian Ng, Ken Martin and Calvin Lai advised the issuer. King & Wood, Wong Partnership and Conyers Dill & Pearman served as China Oriental's PRC, Singapore and offshore counsel respectively. The joint lead managers were represented by Davis Polk & Wardwell on US and Hong Kong law, while Jun He Law Offices advised them on PRC law. Dewey LeBeouf acted for the trustees.

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