Appleby Advised Times Property on US$225 Million Notes Issuance
04 Apr, 2014
Leading offshore law firm Appleby acted as Cayman counsel for Times Property Holdings Limited (Times Property) in relation to the issuance of 12.625%, US$225 million Senior Notes due 2019 (the Notes). The Notes (Stock Code: 5712) were successfully listed on the Hong Kong Stock Exchange on 24 March 2014 and will bear interest from 21 March 2014 at 12.625% per annum payable semi-annually in arrears on 21 March and 21 September of each year, beginning 21 September 2014 and will mature on 21 March 2019.
The net proceeds from the issuance of the Notes will be used to refinance existing indebtedness, finance the existing and new property development projects (including land premium and construction costs) and for other general corporate purposes.
The Appleby team was led by Judy Lee, a Corporate Partner in Appleby’s Hong Kong office, assisted by Senior Associate Chris Cheng. Sidley Austin advised Times Property as to Hong Kong and US law and Commerce & Finance Law Offices advised Times Property as to PRC Law, whilst Davis Polk & Wardwell and King & Wood Mallesons advised the initial purchasers as to US and PRC laws, respectively.
Times Property is principally engaged in property development, property leasing and property management in Mainland China. Appleby also acted for Times Property in its recent listing on the Main Board of the Hong Kong Stock Exchange, with net proceeds of approximately HK$1.44 billion.