S&C assists on TCC concurrent issue of USD804m green bonds, GDS

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S&C assists on TCC concurrent issue
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Sullivan & Cromwell (S&C) has acted for the buyers of Taiwan Cement Corporation (TCC)’s issue of green convertible bonds and global depositary shares (GDS) in the largest such concurrent issuance in Asia in the past two years.

TCC issued USD420 million of green convertible bonds on the Singapore Exchange and USD384 million of GDS on the Luxembourg Stock Exchange in October. The green convertible bonds, which are convertible into TCC’s common shares issued on the Taiwan Stock Exchange after purchase, is the first equity-linked note issued locally under the green financing framework. The bonds will mature in 2028.

Hong Kong-based partner Ching Yang Lin and Beijing-based managing partner Gwen Wong led the S&C team advising Citigroup, UBS and DBS – the initial purchasers of the green convertible bonds – and Citigroup and UBS, the initial purchasers of the GDS, on US law matters. The S&C team also comprised Stephen Pang, Jeffrey Lee and Bella Wang. Vanessa Blackmore advised on EU and UK laws.

TCC is the largest cement producer in Taiwan and the seventh largest in China. In recent years, it has endeavoured to transform itself into an eco-solutions provider and has expanded its business into renewable energy.

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