Lovells' Hong Kong banking team, led by Gary Hamp facilitated two major debt transactions this week.
The first transaction was Pacific Century Premium Development’s three-year dual currency facility. Led by Hamp and partner Owen Chan, the Lovells team advised Pride Pacific and Beijing Jing Wei House & Land Estate Developments on the syndicated loan from six lending banks – Standard Chartered Bank, DBS, ICBC Asia, Bank of Tokyo-Mitsubishi UFJ, Bank of East Asia and Wing Lung Bank.
White & Case’s Hong Kong partner and head of the Asia Bank Finance and Restructuring practice, John Hartley, along with partners Karen Tang and Jeremy Leifer advised Pacific Century Group (PCG) on the financing. The transaction involved a syndicated Hong Kong dollar denominated offshore loan and a secured RMB denominated onshore loan.
“We had to draw experience from the lessons learned more recently when these deals got into difficulty, to work with PCG and devise a structure which could be successfully used for a self-arrange, syndicated facility,” said Hartley on the complex arrangements. “Through the use of an inter-creditor structure, we sought to address some of the concerns of the offshore lenders in these structures, due to their being so far removed from the asset in China.”
In the same week, Lovells also finalised its advice to Mizuho Corporate Bank, WestLB, HVB, UniCredit and Ta Chong Bank, on Singaporean headquartered manufacturer First Engineering’s debt restructuring and debt-for-equity swap. Neil McDonald, partner and head of business restructuring and insolvency for Asia, Stephanie Keen, a Singapore-based PE partner and Shanghai-based local managing partner Douglas Clark assisted with legal work.
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