Sino-Ocean in US$900 million convertible securities issue
September 04, 2010 | BY
clpstaff &clp articlesSino-Ocean Land Capital Finance, a subsidiary of Sino-Ocean Land Holdings, has issued perpetual subordinated convertible securities in the aggregate principal…
Sino-Ocean Land Capital Finance, a subsidiary of Sino-Ocean Land Holdings, has issued perpetual subordinated convertible securities in the aggregate principal amount of US$900 million. Parent Sino-Ocean Land Holdings is one of the largest real estate companies in China.
The convertible securities have no fixed redemption rate and will be listed on the Singapore Exchange Securities Trading upon completion. This issue is the first in Hong Kong where the securities are recognised as equity on the balance sheet of the issuer upon issue.
The joint lead managers were Boci Asia, JP Morgan Securities and Macquarie Capital Securities. Linklaters advised the lead managers on US and English law, while Jingtian & Gongcheng served as PRC counsel.
Sino-Ocean Land Holdings and the guarantor were represented by a Paul Hastings Janofsky & Walker team on US and English law. The team was led by Hong Kong partners Raymond Li, Neil Torpey, Vivian Lam, David Grimm and Catherine Tsang. The issuer's PRC counsel was Kejie Law Office. Maples and Calder provided BVI counsel to the issuer and guarantor.
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