Liangshan issues USD204m bond on SGX

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Liangshan issues 204m bond on SGX

Liangshan Development Group issued USD204 million senior unsecured notes due in 2025 on the Singapore Exchange with a coupon rate of 6.5%. The funds raised are used to repay offshore debts and Fitch has assigned the note a BB- rating with a “stable” outlook.

The company is the largest local state-owned enterprise with investment and financing functions. It is based in an autonomous prefecture of Sichuan province, one of China’s poorest areas, with 970,000 on the poverty line.

Fangda Partners acted as the issuer’s English law counsel while Tahota Law Firm advised on PRC law.

AllBright Law Offices’ senior partner Anne Yang led the transaction with support from Wang Jingyun and Li Guiyun as counsel for the joint lead managers on PRC law.

Allen & Overy advised the joint lead managers on English law.

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