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Zhong Lun Advises on SDH’s Issuance of Medium-term Notes on SEHK, MOX, and LuxSE
Zhong Lun Advises on SDH’s Issuance of Medium-term Notes on SEHK, MOX, and LuxSE
Recently, Sichuan Development (Holdings) Co., Ltd. (四川发展（控股）有限责任公司, "SDH") has completed its issuance of the second tranche of senior unsecured notes under its USD2 billion medium-term notes program. The USD400 million issuance, with a note term of five years and an interest rate of 2.8%, the lowest rate for notes of the same structure issued by state-owned enterprises in China’s central and western regions, is the market’s first by a Chinese state-owned enterprise tri-listed on the Hong Kong Stock Exchange (SEHK), Chongwa (Macao) Financial Asset Exchange (MOX), and Bourse de Luxembourg (LuxSE).
Zhong Lun, as PRC legal counsel for the underwriters, has provided full legal services for the establishment of the medium-term notes program and drawdown and issuance of the notes thereunder. The Zhong Lun team was led by partners Bin Fan and Yunfan He, with support from associates Meizhu Cao, Zhipeng Liu, and Mojun Huang.
SDH is a wholly state-owned enterprise established by the government of Sichuan Province and the first of its kind to have a total assets of more than RMB 1 trillion. SDH has been playing a core role in guiding various funds to strategic sectors and promoting major infrastructure projects and development of main industries.
