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News and awards

Clifford Chance advises Health and Happiness on its secured high-yield debt issuance

27 June 2023

Clifford Chance advises Health and Happiness on its secured high-yield debt issuance

Leading international law firm Clifford Chance has advised Health and Happiness (H&H) International Holdings Limited, on the issuance of its Regulation S US$200 million 13.5% senior notes due 2026.

The US$200 million notes comprise US$141.793 million of notes issued in exchange for H&H's existing senior notes due 2024, and US$58.207 million of new money notes. The notes are listed on the Hong Kong Stock Exchange.

Clifford Chance acted as H&H's international counsel in the concurrent tender and exchange offers, consent solicitation, and new money issuance, together with related security and intercreditor aspects. The deal team included partners Matthew Truman, Alan Yeung and Charlotte Leung, counsel Yuanjing Chen, registered foreign lawyer Teri Teng, legal assistant Michelle Li, and trainee solicitor Patrick Lam.

Lead partner Alan Yeung said, "We are delighted to have advised H&H on this important transaction, amidst challenging conditions in the current China high-yield bond market. Our team's expertise and experience in navigating complex deals enabled us to successfully complete this transaction, which involved a novel liability management structure, intricate security and intercreditor issues and multiple jurisdictions, further solidifying our position as a leading advisor in the region."

H&H Group is a global health and nutrition company, listed on the Hong Kong Stock Exchange and headquartered in Hong Kong and London. Proceeds from the notes will be used for refinancing.
 

高伟绅助力健合发行高级抵押高收益债券

国际领先律师事务所高伟绅就健合(H&H)国际控股有限公司根据S条例发行于2026年到期、息率13.5%的2亿美元高级抵押债券提供法律服务。

2亿美元的票据包括交换健合2024年到期高级债券的1.41793亿美元的票据和5820.7万美元的新发票据。票据在香港联交所上市。

高伟绅为健合的同步交换要约、收购要约、同意征求和新发债券提供法律服务,并提供担保和债权人之间事宜方面的法律服务。交易团队成员包括合伙人Matthew Truman、杨逸龙和梁緻珞。陈元婧、滕悦、Michelle Li和林家朗提供支持。

牵头合伙人杨逸龙表示:我们非常高兴能够在中国目前高收益债券市场面临严峻挑战的情况下为健合的这一重要交易提供法律服务。凭借为复杂交易提供法律服务的能力和经验,高伟绅团队成功完成了本项交易。本交易涉及创新的债务管理结构、复杂的担保和债权人间问题,并且涉及多个司法辖区,进一步巩固了高伟绅于本地区一流律所的地位。

健合是一家国际健康及营养公司,在香港联交所上市,总部位于英国伦敦。本次票据发行收入将用于再融资。