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Zhong Lun Advised on SMIC’s Issue of U.S.$600 Million Bonds
Zhong Lun Advised on SMIC’s Issue of U.S.$600 Million Bonds
Release time：2020-03-13
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Semiconductor Manufacturing International Corporation (SMIC; SEHK: 981; OTCQX: SMICY), recently announced its public offering of US$600,000,000 2.693 per cent bonds due 2025 on the SGX-ST, with J.P. Morgan, ICBC International, Barclays, UBS, SPDB International, ICBC MACAU, Silk Road International and BNP Paribas acting as the joint lead managers (“Joint Lead Managers"). This offering, as the first USD bond offering applying Regulation S only in global investment-level TMT industry this year, the first USD bond offering by Chinese-funded semiconductor company since March 2018, and the largest USD bond offering in Asian semiconductor industry in the same period, has drawn broad attention in the capital market globally. The coupon rate, 2.693%, is the lowest of BBB- rating USD bonds with the same term in the global TMT industry since 2017.
Zhong Lun Law Firm acted as the PRC counsel of the Joint Lead Managers in this offering. Before this offering, Zhong Lun has provided legal services for SMIC’s several bond issuance deals overseas.
The legal team from Zhong Lun was led by Scott YU and Rachel LI.
