Skadden, Kirkland & Ellis, Han Kun Law Offices, Latham & Watkins and Commerce & Finance Law Offices have advised electric vehicle manufacturer NIO on its USD1 billion convertible senior notes offering.
The offering comprised two tranches maturing in 2029 and 2030, with each amounting to USD500 million.
Skadden’s Shanghai-based managing partner Wu Yuting, head of Asia corporate practice Jonathan Stone and head of derivatives group Joseph Vebman, served as the US counsel for NIO.
Kirkland & Ellis, led by capital markets partner Lyn Mengyu, acted as Hong Kong counsel for NIO. The team received support from capital markets partners George Zheng and Kong Ming.
Han Kun offered PRC law services.
Latham & Watkins represented the initial purchasers – including Goldman Sachs, Morgan Stanley, CICC and JPMorgan Chase – in dealing with overseas legal issues. Hong Kong-based partners Posit Laohaphan, Allen Wang, Dominik Sklenar and Terris Tang led the team, with support from New York-based partner Reza Mojtabaee-Zamani and Singapore-based partner Farhana Sharmeen.
Commerce & Finance provided PRC law advice to the initial purchasers.
NIO disclosed in an announcement that shortly after pricing the bonds, the company engaged in private negotiations with one of the initial purchasers and its affiliates. A part of the proceeds would be used to repurchase two portions of the existing convertible senior notes. The remaining proceeds would be allocated to strengthening NIO’s financial position and supporting general corporate purposes.
Moreover, NIO has denied any plans to raise an additional USD3 billion from investors.
