Please ensure Javascript is enabled for purposes of website accessibility

Expertise

Services

We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies enable us to add real value to our clients’ businesses.

View all services

Consulting

Our experts provide independent guidance spanning advice and training to implementation and evaluation across sustainable investing, regulatory compliance and tech. Our tailored advice meets clients' specific needs, delivering flexible solutions and support.

View all Consulting

Sectors

Our sector approach relies on smart collaboration between our business divisions, our service lines and our jurisdictions. These sector-based teams have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients see around corners.

View all sectors

Locations

Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg law through our global network of offices across the Asian, Caribbean and European timezones. Ogier is the only firm to advise on this unique combination of laws.

News and insights

Keep up to date with industry insights, analysis and reviews. Find out about the work of our expert teams and subscribe to receive our newsletters straight to your inbox.

Fresh thinking, sharper opinion.

About us

We get straight to the point, managing complexity to get to the essentials. Our global network of offices covers every time zone. 

No Content Set
Exception:
Website.Models.ViewModels.Components.General.Banners.BannerComponentVm

Ogier advises on US$850m refinancing for leading Chinese nutritional firm

Deal

03 August 2016

ON THIS PAGE
Save as PDF

Ogier has recently acted as Cayman and BVI counsel to Biostime, a leading Chinese producer of infant nutritional products, enabling it to raise a total of US$850m of new financing as part of a combined capital markets and bank fundraising exercise.

The transaction involved the combination of new US$400m 7.25% high yield notes, due 2021, as well as a US$450m term loan facility and a tender offer for Biostime’s existing HK$3.1bn Convertible Bonds, due 2019.

The loan facility was made available in a single instalment, the proceeds of which were used to refinance a US$450m acquisition bridge loan that was initially incurred for the acquisition of its 83% shareholding in Swisse, one of Australia’s leading vitamin and supplements providers, last September.

The proceeds of the High Yield Notes were placed in a secured escrow account to solely fund the redemption of the Convertible Bonds. The Tender Offer was structured as a modified Dutch auction and was conditional on the successful completion of the High Yield Notes. Approximately US$230m of Convertible Bonds were successfully re-purchased through the Tender Offer.

Hong Kong-based Ogier partner, Anthony Oakes said: “We enjoyed working with Biostime across these combined banking and capital markets transactions.  The transactions were part of a balance sheet management exercise following Biostime’s acquisition of Swisse last year, with our elements reflecting both the sophistication of our cross-border expertise and the appeal of BVI and Cayman structures where Asian institutions are concerned.”

The lead counsel on the transaction were Clifford Chance who acted for Biostime and Linklaters who acted for the lead manager.

No Content Set
Exception:
Website.Models.ViewModels.Blocks.SiteBlocks.CookiePolicySiteBlockVm