Sidley Austin is advising Beijing’s largest property developer, SOHO China Ltd., on two bond offerings worth a combined $1 billion.
The U.S. dollar-denominated bonds will be sold on the Singapore Exchange in two tranches: $600 million in 5.75 percent senior notes due 2017 and $400 million in 7.125 percent senior notes due 2022.
SOHO China said in a filing to the Hong Kong Stock Exchange, where it has traded since 2007, that the money would be used for general corporate purposes.
Sidley Austin partner Matthew Sheridan, who works out of the firm’s Hong Kong and Singapore offices, is leading on the transaction for SOHO China. The real estate company is also being represented by Zhong Lun Law Firm on Chinese law, Walkers on British Virgin Islands and Cayman Islands law, and MdME on Macau law.
Davis Polk & Wardwell Hong Kong partner William Barron is acting for the initial purchasers, which included The Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. International Plc., Standard Chartered Bank, Barclays Bank Plc. and Goldman Sachs (Asia). He was assisted by tax partner John Paton in London. The initial purchasers are also being advised by Beijing-based firm Commerce and Finance Law Offices on Chinese law.
SOHO China is owned by former Goldman Sachs executive Zhang Xin and her family, which together ranked number 21 on Forbes’ list of the richest people in China. Their net worth as of October was listed by the magazine at $2.65 billion.
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