Clifford Chance

Clifford Chance advises State Grid International on EUR1 billion note offering

Leading international law firm Clifford Chance has advised State Grid International Development Limited (SGID) on its offering of EUR700 million 1.50% guaranteed notes due 2022 and EUR300 million 2.45% guaranteed notes due 2027 through State Grid Europe Development (2014) Public Limited Company, a wholly-owned special purpose vehicle. The joint global coordinators are Deutsche Bank, HSBC and Morgan Stanley and the other joint lead managers are ANZ, Bank of China, Barclays and the Royal Bank of Scotland. The notes are listed on the Irish Stock Exchange.

Partner Fang Liu said, "We were delighted to assist State Grid International Development on this successful offering of euro-denominated notes. With the Eurozone embarking on quantitative easing, we expect euro-denominated bonds to become an increasingly attractive source of debt financing."

Fang and partner Connie Heng co-led on the deal and were supported by consultant David Tsai and associates Song Yue and Gehuan Liu. In London, partner Stewart Dunlop and associates Naheeda Noormohamed and Brendon Tan also advised.

SGID is a wholly-owned subsidiary and the sole platform for overseas investments and operations of State Grid Corporation of China, which is the largest utility group and the largest power grid group in the world by revenue.