In late April, Baker & McKenzie acted for China WindPower on its issue of RMB750 million (US$115 million) of RMB-denominated bonds. This was the first RMB-denominated bond offering by a wind power company, and the first bond offering by China WindPower in the international capital markets. The bonds, which have a three-year term and pay a fixed rate coupon of 6.375%, are listed in Singapore.
Hong Kong-based corporate partner Lawrence Lee, who led the transaction, said: “China is one of the largest wind power markets in the world and is also projected to be the fastest growing market for wind power over the next five years. China WindPower is well positioned to capture market opportunities in China because of supportive government policies for renewable energy sources, particularly wind power, and large exploitable wind power resources in China.”
Meanwhile, Freshfields advised Zhong-sheng Group Holdings, one of China’s top car dealership groups, on its issue of RMB1.25 billion three-year RMB-denominated and RMB-settled high-yield bonds. The funds raised will be used for the expansion of Zhongsheng’s dealership network, as well as for working capital purposes.
Calvin Lai, a US corporate partner who led the Freshfields team, said: “We have been pleased to advise Zhongsheng for a number of years beginning with its pre-IPO investment by General Atlantic.”