Ruiding Development’s US$1.5 Billion Bond Offering

Paul Hastings LLP advised Contemporary Ruiding Development Limited on the deal.

Contemporary Ruiding Development Limited announced its debut offshore bond issuance. The offering involved US$1 billion of 1.875% guaranteed bonds due 2025 and US$500 million of 2.625% guaranteed bonds due 2030, guaranteed by Contemporary Amperex Technology Co., Limited (“CATL”).

The Hongkong and Shanghai Banking Corporation Limited, Merrill Lynch (Asia Pacific) Limited, ICBC International Securities Limited and CMB International Capital Limited acted as the joint global coordinators, joint bookrunners and joint lead managers. Barclays Bank PLC, Bank of China Limited, CCB International Capital Limited, China CITIC Bank International Limited, China Everbright Bank Co., Ltd., Hong Kong Branch, China Minsheng Bank Corp., Ltd., Hong Kong Branch, China PA Securities (Hong Kong) Company Limited, Citigroup Global Markets Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Standard Chartered Bank acted as the joint bookrunners and joint lead managers.

Contemporary Ruiding Development is an indirect wholly-owned subsidiary of CATL, a leading manufacturer of lithium-ion battery based in the Fujian Province in China. CATL is the largest electric vehicles battery brand in China based on market share in 2019. The proceeds from this offering will be used for financing its offshore project construction and working capital.

The Paul Hasting team was led by Raymond Li (Picture), global partner and chair of Greater China and corporate partner James Ma, with support from of counsel May Lun, associates Jeff Lee and Andy Tam, legal manager Samson Tong, and paralegal Kitty Lee.

Involved fees earner: Jeff Lee – Paul Hastings; Kitty Lee – Paul Hastings; Raymond Li – Paul Hastings; May Lun – Paul Hastings; James Ma – Paul Hastings; Andy Tam – Paul Hastings; Samson Tong – Paul Hastings;

Law Firms: Paul Hastings;

Clients: Contemporary Ruiding Development;

Author: Michael Patrini