Greentown China Holdings’ $500 Million Private Placement of Perpetual Securities

White & Case LLP has advised Greentown China Holdings Limited, a Chinese luxury residential property developer, on its subsidiary’s private placement of unlisted US$500 million senior perpetual capital securities callable 2021.

The placing agents for the private placement are Credit Suisse (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited.

The perpetual capital securities were issued by Twinkle Lights Holdings Limited, a wholly-owned subsidiary of Greentown China, guaranteed by Greentown China and supported by a keepwell deed and deed of equity interest purchase undertaking of China Communications Construction Company Limited, Greentown China’s significant shareholder. The net proceeds will be used to refinance existing indebtedness of Greentown China and its subsidiaries.

The White & Case team which advised on the transaction was led by partner David Li (Picture) and included partners Kaya Proudian (Singapore) and Baldwin Cheng (Hong Kong), with support from associates June Chun and Mengbi Xu (both Beijing) and Hendy Handoko (Singapore).

Involved fees earner: Baldwin Cheng – White & Case; June Chun – White & Case; Hendy Handoko – White & Case; David Li – White & Case; Kaya Proudian – White & Case; Mengbi Xu – White & Case;

Law Firms: White & Case;

Clients: Greentown China Group;

Author: Michael Patrini