Hong Kong (BUSINESS WIRE) - International law firm Sidley Austin has closed three substantial debt and equity-linked deals in recent weeks.
The firm represented Nine Dragons Paper (Holdings) Limited in connection with its offering of US$300 million 7.875% Senior Notes due 2013, pursuant to Regulation S and Rule 144A. Nine Dragons, based in China, is the largest producer in Asia, and one of the largest in the world, of containerboard and other packaging paperboard products. This transaction marks the first debt capital markets transaction from a new issuer in Asia in 2008. Partner Matthew Sheridan led the Sidley team on the transaction, together with fellow partner Constance Choy. Sheridan and Choy also represented Nine Dragons on its IPO on the Stock Exchange of Hong Kong in 2006 which was named Best Mid-Cap IPO 2006 by The Asset.
Sheridan also recently represented Country Garden, one of China's leading property developers, in its issue of US$600 million convertible bonds pursuant to Regulation S, with a concurrent synthetic share buy-back through a cash-settled equity swap transaction valued at US$250 million. The bonds are listed on the Singapore Exchange Securities Trading Limited.
Sheridan commented, "There have been fewer international capital markets transactions of this type and size to have successfully closed in recent months so we are especially proud to have assisted our clients on closing these deals."
Another partner in Sidley's sizeable capital markets team in Hong Kong, Timothy Li also acted for LDK Solar Co., Ltd., a leading solar wafer manufacturer in China, in a Rule 144A private placement of US$400 million 4.75% convertible senior notes due 2013. The notes are convertible into LDK Solar American depositary shares, cash or a combination of cash and American depositary shares. In describing the structure of the transaction, Li explained, "In connection with and to facilitate this offering, LDK Solar agreed to use 50% of the net proceeds to enter into prepaid forward contracts with affiliates of the initial purchasers to repurchase its American depositary shares. To facilitate the offering, the parent company of LDK Solar also entered into a 10b5-1 sales plan and similar prepaid forward contracts with these prepaid forward counterparties with respect to a number of shares of LDK Solar." Li added, "Sidley has represented LDK on all aspects of its pre-IPO financings, then on its SEC-registered initial public offering with its American depositary shares listed on the New York Stock Exchange, as well as this follow-on private placement."
Notes for the Editor
Overview
Sidley Austin LLP is one of the world's largest full-service law firms, with more than 1800 lawyers and 16 offices in North America, Asia, Australia and Europe. Every year since 2003, Sidley has been named to Legal Business' Global Elite, their designation for "the 15 finest law firms in the world."
Sidley's Capital Markets Practice Sidley is one of the world's leading capital markets law firms. The firm routinely ranks at or close to the top of industry league tables for our representation of both issuers and underwriters. Actively involved in every significant category of securities work, including debt, equity, equity-linked and hybrid capital offerings, Sidley has been at the forefront in the development of numerous innovative securities products over the last 25 years.
In Asia, Sidley maintains one of the largest and most active capital markets practices of any international law firm with the capability to advise clients on a broad range of financing matters governed under Hong Kong, U.S. and English law. Sidley lawyers represent issuers, underwriters and sponsors throughout the region on all types of equity, debt and equity-linked transactions, including listings on The Stock Exchange of Hong Kong Main Board and Growth Enterprise Market (GEM) Board, SEC-registered offerings in the United States, international securities offerings pursuant to Rule 144A and Regulation S governed by U.S. and English law, and issuances involving the creation of ADR or GDR programs. Sidley's multi-jurisdictional law capabilities enable the firm to act on dual listings and international offerings from the Asia offices, representing both Asia-based and multinational clients in connection with listings on the New York Stock Exchange, NASDAQ, the London Stock Exchange, the Luxembourg Stock Exchange and the Singapore Stock Exchange, among others.
For purposes of the New York State Bar rules, this press release may be considered Attorney Advertising and the headquarters of the firm are Sidley Austin LLP 787 Seventh Avenue, New York, NY 10019, 212.839.5300 and Sidley Austin LLP One South Dearborn, Chicago, IL 60603, 312.853.7000. Prior results described herein do not guarantee a similar outcome.
Sidley Austin LLP
Matthew Sheridan, Partner, 852-2901-3886 msheridan@sidley.com
or
Timothy Li, Partner, 852-2509-7865 htli@sidley.com
or
Lisa Kong, Marketing Director, 852-2509-7899 lkong@sidley.com
The firm represented Nine Dragons Paper (Holdings) Limited in connection with its offering of US$300 million 7.875% Senior Notes due 2013, pursuant to Regulation S and Rule 144A. Nine Dragons, based in China, is the largest producer in Asia, and one of the largest in the world, of containerboard and other packaging paperboard products. This transaction marks the first debt capital markets transaction from a new issuer in Asia in 2008. Partner Matthew Sheridan led the Sidley team on the transaction, together with fellow partner Constance Choy. Sheridan and Choy also represented Nine Dragons on its IPO on the Stock Exchange of Hong Kong in 2006 which was named Best Mid-Cap IPO 2006 by The Asset.
Sheridan also recently represented Country Garden, one of China's leading property developers, in its issue of US$600 million convertible bonds pursuant to Regulation S, with a concurrent synthetic share buy-back through a cash-settled equity swap transaction valued at US$250 million. The bonds are listed on the Singapore Exchange Securities Trading Limited.
Sheridan commented, "There have been fewer international capital markets transactions of this type and size to have successfully closed in recent months so we are especially proud to have assisted our clients on closing these deals."
Another partner in Sidley's sizeable capital markets team in Hong Kong, Timothy Li also acted for LDK Solar Co., Ltd., a leading solar wafer manufacturer in China, in a Rule 144A private placement of US$400 million 4.75% convertible senior notes due 2013. The notes are convertible into LDK Solar American depositary shares, cash or a combination of cash and American depositary shares. In describing the structure of the transaction, Li explained, "In connection with and to facilitate this offering, LDK Solar agreed to use 50% of the net proceeds to enter into prepaid forward contracts with affiliates of the initial purchasers to repurchase its American depositary shares. To facilitate the offering, the parent company of LDK Solar also entered into a 10b5-1 sales plan and similar prepaid forward contracts with these prepaid forward counterparties with respect to a number of shares of LDK Solar." Li added, "Sidley has represented LDK on all aspects of its pre-IPO financings, then on its SEC-registered initial public offering with its American depositary shares listed on the New York Stock Exchange, as well as this follow-on private placement."
Notes for the Editor
Overview
Sidley Austin LLP is one of the world's largest full-service law firms, with more than 1800 lawyers and 16 offices in North America, Asia, Australia and Europe. Every year since 2003, Sidley has been named to Legal Business' Global Elite, their designation for "the 15 finest law firms in the world."
Sidley's Capital Markets Practice Sidley is one of the world's leading capital markets law firms. The firm routinely ranks at or close to the top of industry league tables for our representation of both issuers and underwriters. Actively involved in every significant category of securities work, including debt, equity, equity-linked and hybrid capital offerings, Sidley has been at the forefront in the development of numerous innovative securities products over the last 25 years.
In Asia, Sidley maintains one of the largest and most active capital markets practices of any international law firm with the capability to advise clients on a broad range of financing matters governed under Hong Kong, U.S. and English law. Sidley lawyers represent issuers, underwriters and sponsors throughout the region on all types of equity, debt and equity-linked transactions, including listings on The Stock Exchange of Hong Kong Main Board and Growth Enterprise Market (GEM) Board, SEC-registered offerings in the United States, international securities offerings pursuant to Rule 144A and Regulation S governed by U.S. and English law, and issuances involving the creation of ADR or GDR programs. Sidley's multi-jurisdictional law capabilities enable the firm to act on dual listings and international offerings from the Asia offices, representing both Asia-based and multinational clients in connection with listings on the New York Stock Exchange, NASDAQ, the London Stock Exchange, the Luxembourg Stock Exchange and the Singapore Stock Exchange, among others.
For purposes of the New York State Bar rules, this press release may be considered Attorney Advertising and the headquarters of the firm are Sidley Austin LLP 787 Seventh Avenue, New York, NY 10019, 212.839.5300 and Sidley Austin LLP One South Dearborn, Chicago, IL 60603, 312.853.7000. Prior results described herein do not guarantee a similar outcome.
Sidley Austin LLP
Matthew Sheridan, Partner, 852-2901-3886 msheridan@sidley.com
or
Timothy Li, Partner, 852-2509-7865 htli@sidley.com
or
Lisa Kong, Marketing Director, 852-2509-7899 lkong@sidley.com
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