Li Auto’s $862.5 Million Convertible Senior Notes Offering

Kirkland & Ellis advised the initial purchasers on the deal; Latham & Watkins LLP as to US law and by King & Wood Mallesons as to PRC law. Maples and Calder acted as Cayman Islands counsel to Li Auto Inc., while Skadden, Arps, Slate, Meagher & Flom LLP advised as to US law and by Han Kun Law Offices as to PRC law.

Li Auto Inc. (Nasdaq: LI), an innovator in China’s new energy vehicle market, announced the pricing of US$750 million in aggregate principal amount of convertible senior notes due 2028. In addition, the Company has granted the initial purchasers in the Notes Offering a 13-day option to purchase up to an additional US$112.5 million aggregate principal amount of the Notes.

The initial purchasers included Goldman Sachs (Asia) L.L.C., UBS Securities LLC, China International Capital Corporation Hong Kong Securities Limited, CLSA Limited and Barclays Capital Inc.

The Kirkland team advising the initial purchasers was led by transactional partner David Zhang (Picture) and capital markets partners Steve Lin and Ben James, and included tax partner Anne Kim and associate Michael Conroy.

The Maples team comprised partner Karen Zhang Pallaras and legal manager Ray Tso.

Involved fees earner: Michael Conroy – Kirkland & Ellis; Ben James – Kirkland & Ellis; Anne Kim – Kirkland & Ellis; Steve Lin – Kirkland & Ellis; David Zhang – Kirkland & Ellis; Karen Zhang Pallaras – Maples and Calder;

Law Firms: Kirkland & Ellis; Maples and Calder;

Clients: Barclays Capital ; China International Capital Corporation Hong Kong Securities Limited; CLSA Limited; Goldman Sachs (Asia) L.L.C.; Li Auto Inc.; UBS Securities LLC;

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Sonia Carcano

Author: Sonia Carcano