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Conyers Dill & Pearman advised HKSE-listed Agile Property Holdings Limited on the issuance of US$500 million 4.0% Convertible Bonds due 2016. The Bondholders will share security on a pari-passu basis with the existing security under an inter-creditor agreement.
The transaction was complex as it involved an internal restructuring of the existing security arrangements in tandem with the completion of the Convertible Bonds. Security was given despite convertibility feature.
Paul Lim of Conyers’ Hong Kong office advised on Cayman Islands and British Virgin Islands law alongside Sidley Austin. Clifford Chance advised Standard Chartered Bank, Morgan Stanley & Co. International PLC, The Hong kong and Shanghai Banking Corporation Limited, Barclays Bank PLC and the Hong Kong Branch of The Royal Bank of Scotland
Agile Property Holdings Limited is a leading property development company in China which is principally engaged in the development of large-scale property projects. Agile has an extensive presence in the business of hotel operations, property investment and property management.