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.
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。