Clifford Chance

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.