Clifford Chance

Clifford Chance advises WTT Investment Ltd. on debut high yield bond offering, first rated high yield by Hong Kong telecommunication player in 10 years

Leading international law firm Clifford Chance advised WTT Investment Ltd, which conducts its business through its wholly owned subsidiary, WTT HK Limited (previously Wharf T&T, WTT), a fixed-line telecommunication services operator in Hong Kong, on refinancing of existing acquisition facilities by issuing a 144A/Reg S high yield bond. WTT was acquired in 2016 by leading private equity funds, MBK Partners and TPG Capital, who currently jointly own WTT group. The US$670 million senior notes offering due 21 November 2022 will pay a fixed coupon of 5.5% per annum.

This is WTT Investment's debut international capital markets offering and is the first rated high-yield bond offering in more than a decade by a Hong Kong telecommunications company. The notes were oversubscribed by approximately five times by the investors in Asia, Europe and the United States. WTT Investment also arranged a secured revolving credit facility alongside the bond offering.

Partner Alex Lloyd who led on the high yield bond transaction said, "We were able to assemble a top notch cross-practice team to address the full range of issues for the client. We were particularly pleased to assist WTT Investment on its first offering on the international capital markets and also the first rated Hong Kong telecom high yield bond offering in over a decade."

Alex was supported by senior associate Song Yue, associate Angela Ryu and trainee solicitor Grace Fung. On Hong Kong law matters relating to the bond offering, partner Angela Chan and associate Nancy Mu assisted. The work on the secured revolving credit facility was led by partner Anthony Wang with assistance from consultant Clara Shirota, senior associate Michael Pallaras, associate Olivia Chan and legal assistant Theodore Au.