Paul Hastings Advises Credit Suisse and RBS in China Powers USD Settled RMB 982 Million Convertible Bond
Hong Kong (May 31, 2011) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Credit Suisse AG and the Royal Bank of Scotland as the joint bookrunners in China Power International Developments (China Power) RMB982 million renminbi-denominated US dollar-settled convertible bonds. China Power is a listed unit under state-owned enterprise China Power Investment Corporation, one of the five largest power generating groups in China.
China Power plans to use the proceeds to fund future capital expenditures, to repay existing bank borrowings and for general working capital.
Paul Hastings debt capital markets team has significant experience advising on such transactions and in late 2010 advised China SCE Property Holdings Limited (China SCE) in its groundbreaking synthetic offshore renminbi bond. The team has also notably advised Sino-Ocean Land Holdings Ltd. in relation to the issue by its subsidiary of perpetual subordinated convertible securities and Glorious Properties on its issue of RMB high yield bonds.
Paul, Hastings, Janofsky & Walker LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.