Jurisdiction - China
Herbert Smith Freehills Advises Underwriters On Jingneng Clean Energy Investment Holdings RMB 1bn Bond Issuance.

7 January, 2015


Herbert Smith Freehills has advised the underwriters on a RMB 1bn bond issuance by Jingneng Clean Energy Investment Holdings Limited, a subsidiary of Beijing Energy Investment Holdings Co., Ltd. (“Beijing Energy Investment“) on the Hong Kong Stock Exchange. Beijing Energy Investment is a large state-owned conglomerate in China and it focuses on the investment, operation and management of electricity power and district heating businesses.


The senior bonds, due 2017, are guaranteed by Beijing Jingneng Clean Energy (Hong Kong) Co., Limited. The bonds benefit from a keepwell deed and deed of equity interest purchase and liquidity support undertaking from Beijing Energy Investment. Proceeds from the issuance will be used to refinance debt and for general corporate purposes. 


Citigroup Global Markets Limited (“Citi“), Deutsche Bank AG, Singapore Branch (“Deutsche Bank“) and China Merchants Securities (HK) Co., Limited (“CMS“) acted as the joint global coordinators.  Citi, Deutsche Bank, CMS, ABCI Capital Limited, Barclays Bank PLC, CITIC Securities Corporate Finance (HK) Limited, Daiwa Capital Markets Hong Kong Limited and Ping An of China Securities (Hong Kong) Company Limited acted as the Joint Bookrunners and the Joint Lead Managers. 


The underwriters were advised by a Herbert Smith Freehills team led by   partners Kevin Roy and Gary Lock.

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