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Conyers provided BVI advice to State Grid Corporation of China (“State Grid”), the state-owned enterprise’s first international debt issue on the Rule 144A / Regulation S offering of US$2 billion senior unsecured guaranteed notes consist of three tranches – US$500 million 1.750% Senior Guaranteed Notes due 2018, US$1 billion 3.125% Senior Guaranteed Notes due 2023 and US$500 million 4.375% Senior Guaranteed Notes due 2043. The notes were issued by a BVI subsidiary of State Grid, State Grid Overseas Investment (2013) Limited and guaranteed by State Grid. The notes have received “AA-” by S&P Ratings Services, a first-time “Aa3” issuer rating by Moody’s Investors Service and “A+” by Fitch Ratings Services, and are listed and traded on the Hong Kong Stock Exchange.
State Grid is the largest utility corporation and the largest power grid corporation in the world, as well as the largest power grid construction and operation company in China, measured by revenue.
Richard Hall and Wynne Lau of Conyers’ Hong Kong office advised and worked alongside Herbert Smith Freehills on this matter.