Ogier advises Lenovo Group on US$1 Billion Capital Markets Issue

Ogier has acted as Cayman counsel on an innovative perpetual securities issue by Lenovo Group, the world's biggest seller of personal computers.

Ogier's Hong Kong team, led by partner Anthony Oakes, advised on the Cayman law aspects of a US$1 billion 5.375% perpetual securities in the form of cumulative preferred shares, with a performance guarantee from Lenovo Group Limited.

Anthony said: "This was an innovative piece of work involving a perpetual security, structured as a preference share of a Cayman company rather than as a bond. Another interesting feature was the performance guarantee by Lenovo which was used to maintain the integrity of the SPV. We were pleased to be involved in this transaction that marked a new development for the market."

Anthony and associate Yuki Yan from Ogier's Hong Kong team specialising in Cayman and BVI law advised on the transaction.

The joint lead managers were: Australia and New Zealand Banking Group Limited; Bank of Communications Co., Ltd, Hong Kong Branch; Barclays Bank PLC; BNP Paribas; China Construction Bank (Asia) Corporation Limited; Citigroup Global Markets Limited; Crédit Agricole Corporate and Investment Bank; DBS Bank Ltd; Merrill Lynch International; Mizuho Securities Asia Limited; Morgan Stanley & Co. International plc; MUFG Securities EMEA plc; Société Générale and Standard Chartered Bank.