6 July 2016
- Matthew Truman, Alexander Lloyd, Neeraj Budhwani, Virginia Lee, Andrew Kelly, Charlotte Leung
- Hong Kong
Clifford Chance advises Biostime International on acquisition financing showcasing breadth of advice across jurisdictions and practices
Leading international law firm Clifford Chance advised Biostime International Holdings Limited, a leading provider of baby care and nutrition products in China on the financing of its acquisition of Swisse Wellness, a leading Australian adult care and nutrition company.
These matters involved the execution of several complex aspects simultaneously such as a $450 million senior term loan facility; a provision of committed bridge financing; and the subsequent issuance of a $400 million high yield Rule 144A/Regulation S bond. Goldman Sachs was the lead manager on the transactions.
Clifford Chance provided US, English, Hong Kong and Australian legal advice on finance, capital markets and corporate matters.
In connection with the high yield bond issuance, a concurrent tender offer was also launched for the Company's US$400 convertible bonds. Upon closing of the high yield issuance, successfully tendered bonds would be acquired using the high yield proceeds with the remaining proceeds deposited into an escrow account.
A cross-practice, cross-border team was led by Finance partner Matt Truman and Capital Markets partner Alex Lloyd. They were supported by consultant Andrew Kelly and associates Charlotte Leung, Stephen Hui and Angela Ryu. The Corporate team was led by partner Neeraj Budhwani who was assisted by partner Virginia Lee, consultant Christina Hui and associate Charlie Gu.
Matt said, "Our work for Biostime is an excellent example of how we can pull together a top team across jurisdictions and disciplines to execute multiple transactions simultaneously."
Alex said, "Our team's strong US capability in Asia Pacific was key to this transaction and I believe we are the only firm in Asia Pacific that can provide this broad range of advice on the ground."