Paul Hastings Represents COSCO Finance on US$1 Billion Bond Issuance

December 04, 2012

Hong Kong (December 4, 2012) - Paul Hastings, a leading global law firm, announced today that it represented COSCO Finance (2011) Limited (COSCO Finance), a wholly-owned subsidiary of Hong Kong listed China COSCO Holdings Company Limited (China COSCO), on its issuance of credit enhanced USD-denominated bonds in the aggregate principal amount of US$1 billion.

Payments in respect of the bonds have the benefit of an irrevocable standby letter of credit denominated in RMB and issued by Bank of China Limited, Beijing Branch. China COSCO has also provided certain undertakings under a keepwell deed. BOCI Asia Limited acted as sole global coordinator, joint lead manager and joint bookrunner and The Hongkong and Shanghai Banking Corporation Limited acted as joint lead manager and joint bookrunner.

The bonds, which will mature in 2022, have an interest rate of 4.00% per annum. COSCO Finance plans to use the net proceeds of the bonds to on-lend to China COSCOs offshore subsidiaries and affiliates for general corporate purposes.

Paul Hastings has advised China COSCO and a number of its subsidiaries on a range of transactions including on its US$1.2 billion Hong Kong IPO in 2005.

The Paul Hastings team was led by

, partner and Chair of Greater China, and capital markets partners and , with support from , , , , and .

Paul Hastings 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.

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