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Ogier advises China South City on innovative consent solicitation in respect of US$1.5 billion bonds


15 August 2022

Cayman Islands, British Virgin Islands, Hong Kong

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Ogier acted as Cayman Islands and British Virgin Islands counsel to China South City Holdings Limited (China South City) on its successful consent solicitation in relation to five outstanding USD-denominated bonds totalling approximately US$1.5 billion.

The highly innovative proposal of the consent solicitation involves a combination of maturity extension, interest rate adjustment and call features. It also includes Shenzhen SEZ Construction and Development Group Co Ltd, a major shareholder of China South City, entering into a keepwell deed for the benefit of the bondholders. The successful consent solicitation will culminate into a decisive re-profiling of the company's offshore public debt and bring certainty to the company's debt management.

Ogier assisted China South City with the structuring of the transaction and the preparation of the necessary documentation from a Cayman Islands and BVI law perspective in a timely and effective manner.

The Ogier team in Hong Kong was led by partner Cecilia Li, with support from the firm's global head of Corporate, Nathan Powell, and paralegals Vicky Wu and Kingston Tang. Ogier worked alongside Linklaters as US and Hong Kong counsel to China South City.

Cecilia said: "We are delighted to have advised China South City on this very bespoke proposal. Our debt capital markets experts are experienced in providing innovative solutions that manage the complexity and fluidity of modern debt capital markets, while responding to clients' unique needs."

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