Country Garden’s $975 Million Senior Notes Offering

Sidley has advised Country Garden Holdings Company Limited (HKEX: 2007) (Country Garden) in connection with its offering of US$425 million 7.125% senior notes due 2022, as well as its offering of US$550 million 8.0% senior notes due 2024.

Both bond issuances include high-yield covenants and are pursuant to Regulation S. The issuances include an offering with a 5.3-year tenor which is one of the longest term issued by Chinese real estate companies since February this year. The offering is also one of the largest real estate bond issuances in China in recent months.

Country Garden is a leading residential property developer in China focusing on property development, construction, decoration, property investment, as well as hotel development and management.

The Sidley team was led by partner Carrie Li (Picture), with support from senior associate Dominic Sze and China advisor Sophie Gu.

Involved fees earner: Carrie Li – Sidley Austin LLP; Dominic Sze – Sidley Austin LLP; Sophie Gu – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Country Garden Holdings Company Limited;

Author: Michael Patrini