NIO’s $1.5 Billion Convertible Senior Notes Offering


Latham & Watkins represented the joint bookrunning managers on the deal.

NIO Inc (NYSE:NIO) executed its offering of US$750 million in aggregate principal amount of convertible senior notes due 2026 (2026 Notes), and US$750 million in aggregate principal amount of convertible senior notes due 2027 (2027 Notes). The transaction is largest convertible bond offering by a Chinese auto maker, and was closed on January 15, 2021. The notes issued at closing included the exercise in full by the initial purchasers’ option to purchase up to an additional US$100 million in aggregate principal amount of the 2026 Notes and US$100 million in aggregate principal amount of the 2027 Notes.

NIO Inc is a pioneer in China’s premium smart electric vehicle market. Credit Sussie, Goldman Sachs, Morgan Stanley, and CICC acted as the joint bookrunning managers for the offering.

The Latham deal team was led by Hong Kong corporate partner Allen Wang (Picture) and counsel Wei Wei. Advice on derivatives was provided by Hong Kong corporate partner Posit Laohaphan, New York corporate partner Reza Mojtabaee-Zamani, and associates Polina Tulupova, Jack Neff, and Christine Lo; on tax matters by New York partner Bora Bozkurt and associate Ron Moore.

Involved fees earner: Bora Bozkurt – Latham & Watkins; Posit Laohaphan – Latham & Watkins; Reza Mojtabaee-Zamani – Latham & Watkins; Ronald Moore – Latham & Watkins; Jack Neff – Latham & Watkins; Polina Tulupova – Latham & Watkins; Allen Wang – Latham & Watkins; Wei Wei – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: China International Capital Corporation Limited (CICC); Credit Suisse; Goldman Sachs; Morgan Stanley;

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Author: Michael Patrini