Herbert Smith Freehills Kewei advises Huaneng Power International on dual-tranche US$600 million bond issue / 科伟史密夫斐尔联营办公室为华能国际发行两笔总计6亿美元债券提供法律服务

Leading global law firm Herbert Smith Freehills and its joint operation partner Kewei have advised power generation giant Huaneng Power International Inc. on its US$600 million Regulation S offering of guaranteed fixed rate notes listed on the Stock Exchange of Hong Kong.

The issue includes US$300 million 2.250% bonds due 2025, and US$300 million 2.625% bonds due 2030.

This is Huaneng Power International's first issue of US dollar-denominated bonds, attracting US$3.2 billion in subscription. ICBC International, Credit Suisse and Bank of China acted as joint global coordinators, joint lead managers and joint bookrunners, with DBS and CLSA as joint lead managers and joint bookrunners.  

"This milestone transaction again highlights and demonstrates our commitment to our longstanding clients, Huaneng Power International," said Herbert Smith Freehills partner Tom Chau. "Both tranches of bonds generated broad interest in the market, adding to a consecutive slew of bond issues by China Huaneng Group and its subsidiaries.”

Huaneng Power International will use the funds raised to refinance offshore indebtedness.

"This marks yet another capital markets deal on which Herbert Smith Freehills Kewei's joint operation has advised for China Huaneng since our launch last year,” said Herbert Smith Freehills Kewei partner Stanley Xie. "Our success in this area demonstrates the advantage of a one-team approach and our ability to provide seamless service to our Chinese clients.

Herbert Smith Freehills Kewei advised China Huaneng Group on a US$1.5 billion Regulation S offering of guaranteed fixed rate notes listed on the Stock Exchange of Hong Kong in December 2019, while earlier this month Herbert Smith Freehills in Beijing and Hong Kong advised its subsidiary, Huaneng Renewables Corp. Ltd., on its voluntary delisting of H shares on the Stock Exchange of Hong Kong.

Tom and Stanley led the team advising Huaneng Power International, assisted by senior associate Jin Kong in Hong Kong and associate Sean Ji in Shanghai. Senior associate Isaac Chen in Beijing advised on the listing application for the bonds on the Stock Exchange of Hong Kong.

国际知名的律师事务所史密夫斐尔与科伟律师事务所的联营办公室为中国大型电力供应商华能国际电力股份有限公司（华能国际）发行两笔总计6亿美元高级无抵押固定利率债券提供法律服务。该债券在香港联合交易所上市。

华能国际本次发行了包括2025年到期息票率为2.250%的3亿美元债券，以及2030年到期息票率为2.625%的3亿美元债券。

这是华能国际首次发行以美元计价债券，投资者认购超过32亿美元。工银国际、瑞士信贷及中国银行担任联席全球协调人、联席牵头经办人和联席账簿管理人，星展银行及里昂证券担任联席牵头经办人和联席账簿管理人。

史密夫斐尔北京办公室管理合伙人邹兆麟律师表示：“为华能国际这一里程碑式的交易提供法律服务再次彰显了我们对长期客户的承诺。此次发行的两笔债券均得到了市场的广泛关注，为华能集团及其子公司连续成功发债再添一笔。”

华能国际此次发债融资将用于偿还债务。

科伟史密夫斐尔联营办公室合伙人谢守德表示：“这是科伟与史密夫斐尔自去年实现联营后，又一次紧密合作，助力华能系统通过资本市场融资。我们在资本市场业务取得的成功证明了联营办公室有能力为中国客户跨境融资提供高度契合的服务。”

2019年12月，科伟史密夫斐尔联营办公室为中国华能集团发行三笔总计15亿美元高级无抵押固定利率债券提供法律服务。近期，史密夫斐尔律师事务所北京及香港办公室为华能新能源股份有限公司H股股份私有化并退市提供法律服务。

史密夫斐尔北京办公室管理合伙人邹兆麟、科伟史密夫斐尔联营办公室合伙人谢守德率领律师团队为此次发债提供法律服务，主要团队成员包括香港办公室资深律师孔瑾、上海联营办公室律师季晓源。北京办公室资深律师陈敏负责办理债券上市事宜。