Herbert Smith Freehills advises China Huaneng Group on issuance of two-tranche US$1 billion perpetual securities 史密夫斐尔律师事务所为华能集团发行两笔共计10亿美元永续债券提供法律服务

Leading global law firm Herbert Smith Freehills has advised China Huaneng Group, one of China's largest state-owned power generation companies, on its issuance of two-tranche US$1 billion perpetual securities listed on the Hong Kong Stock Exchange. The issuance includes US$500 million 2.85% perpetual securities which are not redeemable for the first three years, and US$500 million 3.08%  perpetual securities which are not redeemable for the first five years. China Huaneng Group will use the funds raised to refinance offshore indebtedness.

Approximately 70 sovereign funds, asset management companies and insurance investors attended the global investors tele-conference for the securities issue.

"It is encouraging to see both tranches of securities receive active subscription from investors at the roadshow," said Tom Chau, head of the firm’s Beijing office. "This mandate reaffirms our two-decade commitment to longstanding client China Huaneng Group.”

“Our Capital Market service has a proven track record in advising clients on fundraisings in global capital market, which is enabled by close cross-office collaboration, strong experience and capability, and an accurate understanding of client needs,” said Herbert Smith Freehills Kewei joint operation partner Stanley Xie.

Herbert Smith Freehills has advised China Huaneng Group and its subsidiaries on multiple fundraisings in the capital markets, including China Huaneng Group’s US$1.5 billion Regulation S offering of guaranteed fixed rate notes in December 2019, Huaneng Power International’s US$600 million Regulation S offering of guaranteed fixed rate notes in February 2020, and Huaneng Renewables Corp. Ltd., on its voluntary delisting of its H shares on the Stock Exchange of Hong Kong.

Partners Tom, Stanley and Isaac Chen led the team advising China Huaneng Group, assisted by senior US associate Jin Kong in Hong Kong, associate Sean Ji and paralegal Jessica Sun from Herbert Smith Freehills Kewei in Shanghai, and paralegal Iris Zhu in Beijing. Senior legal analysts Rena Zhu and Ellie Mao, as well as lawyer Yilin Li from Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services business also provided support.

全球领先的律师事务所史密夫斐尔为中国最大的国有电力公司之一中国华能集团发行两笔总计10亿美元永续债券提供法律服务。华能集团本次发行的两笔债券在香港联合交易所上市，包括永续前3年不可赎回票息为2.85%的5亿美元债券，以及永续前5年不可赎回票息为3.08%的5亿美元债券。发债募集资金将用于海外债务置换。

约70家主权基金、资产管理公司和保险公司参加了债券发行的全球投资人电话会议。

史密夫斐尔北京办公室管理合伙人兼首席代表邹兆麟表示：“此次发行的两笔债券在路演中均获投资者踊跃认购，令人振奋鼓舞。我们与华能集团保持了超过二十年的客户关系，这次交易再次体现了我们对华能集团这一长期客户的长期承诺。“

科伟史密夫斐尔联营办公室合伙人谢守德表示：“我们的资本市场业务在为客户进行全球资本市场融资提供咨询方面保持着良好业绩，这得益于密切的跨部门合作、丰富的经验和过硬的实力，以及对客户需求准确把握的能力。 “

史密夫斐尔曾为2019年12月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、2020年2月华能国际发行两笔总计6亿美元债券，以及华能新能源H股股份私有化提供法律服务。

合伙人邹兆麟、谢守德和陈敏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孔瑾(Senior Associate)，科伟史密夫斐尔上海联营办公室季晓源(Associate)和孙菁(Paralegal)以及北京办公室朱梓萱(Paralegal)。科伟史密夫斐尔联营办公室替代性法律服务(ALT)联合团队朱笑笑(Senior Legal Analyst)、茅唯一(Senior Legal Analyst)和李依琳(Lawyer)也提供了支持。