15 June 2015
Clifford Chance advises on China Three Gorges Corporation's US$700 million and EUR700 million notes
Leading international law firm Clifford Chance has advised the underwriters on China Three Gorges Corporation's Rule 144A/Reg. S offering of US$700 million and EUR700 million notes through its wholly-owned special purpose vehicles Three Gorges Finance I (Cayman Islands) Limited and Three Gorges Finance II (Cayman Islands) Limited, respectively. The joint global coordinators were J.P. Morgan, Deutsche Bank and ICBC. The other lead managers and joint bookrunners were Goldman Sachs, Bank of China, Société Générale, CCB International and CITIC CLSA and the co-managers were Guotai Junan International, Haitong International and Santander.
The US$700 million 3.70% guaranteed notes due 2025 are listed on the Singapore Stock Exchange and the EUR700 million 1.70% guaranteed notes due 2022 are listed on the Irish Stock Exchange.
Partner Fang Liu said "We were delighted to assist on China Three Gorges Corporation's debut international bond offering, which is also among the first few dual currency transactions by Chinese state-owned enterprises."
The Clifford Chance team was led by Fang who was supported by partner Connie Heng, senior associate Richard Hawkins and associate Yue Song. Partner Avrohom Gelber and associate Eric Naftel advised on the US tax aspects of the transaction, and partner Clifford Cone and senior associate Jeff LeMaster advised on the Investment Company Act aspects of the transaction in New York.
China Three Gorges Corporation is the largest hydropower enterprise in the world in terms of installed capacity.