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Ogier advises on Midea’s USD3 billion guaranteed MTN program

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BVI continues to be a popular jurisdiction for debt capital market deals in Asia, says Ogier’s Hong Kong team, which has acted as BVI counsel in relation to the establishment of a USD3 billion guaranteed medium term note programme using a BVI incorporated issuer.

Ogier partner Nathan Powell and associate Rachel Huang acted as BVI advisers to the Issuer and Guarantor alongside Linklaters (Hong Kong law) and Global Law Office (PRC law).  

Powell says: “We have seen continued strong demand in the Asian market for the use of BVI issuing vehicles on some of the largest debt issues by both Chinese state owned enterprises and leading private companies. A BVI company can be incorporated cost effectively and very quickly facilitating even the most urgent transactions and the corporate law framework in the BVI offers considerable flexibility in relation to the use of the transaction proceeds for the benefit of other members of the group.”

The BVI issuer is an indirect wholly-owned subsidiary of Midea Group Co, Ltd. who unconditionally and irrevocably guaranteed the Programme. The Programme and the notes issued under it are listed on The Stock Exchange of Hong Kong Limited. The Programme is rated “A-” by Standard & Poor’s Rating Services and “A-” by Fitch Ratings Ltd.

Midea is a leading consumer appliances manufacturer in China with a global presence with annual revenues of over RMB120 billion (approximately USD18 billion). It is listed on the Shenzhen Stock Exchange with core business segments spanning across air conditioners, refrigerators, washing machines, small household appliances, motors and logistics. Midea is ranked in Forbes’ Top 500 Global Enterprises and ranks 32nd on Fortune Magazine’s list of China’s Top 500 Enterprises.

The Joint Arrangers for the deal are Citigroup Global Markets Limited and The Hongkong and Shanghai Banking Corporation Limited and the Dealers include Australia and New Zealand Banking Group Limited, Bank of China Limited, Deutsche Bank AG, Singapore Branch, Industrial and Commercial Bank of China (Asia) Limited and Merrill Lynch International. Latham & Watkins and Jingtian & Goncheng Law Office acted as English law and PRC law counsels, respectively, to the Joint Arrangers and Dealers. 

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