Paul Hastings advised the joint lead managers and bookrunners in Shanghai Electric Group Global Investment’s US$300 million issuance of 2.3% guaranteed bonds due 2025 and guaranteed by Shanghai Electric (Group) Corporation. The bonds are listed on the Singapore Exchange.
The joint lead managers and bookrunners included: UBS Hong Kong; Barclays Bank; ICBC International Securities; Guotai Junan Securities Hong Kong; Bank of Communications Hong Kong; Shanghai Pudong Development Bank Hong Kong; China Construction Bank (Asia) Corporation; JP Morgan Securities; MUFG Securities Asia; CLSA and United Overseas Bank, Hong Kong.
The firm also counselled on Shanghai Electric’s US$500 million guaranteed bonds issuance in November 2019. The proceeds were used for general corporate purposes and offshore indebtedness refinancing.
The transaction team was led by partner Jia Yan, co-chair of the firm’s mainland China offices, and Hong Kong-based partner James Ma, with support from Hong Kong associate Jeff Lee. Shanghai Electric is one of the largest equipment manufacturing conglomerates in China.