Simpson Thacher Represents Initial Purchasers in Offering of US$150 Million 11.75% Guaranteed Senior Notes by Subsidiary of China XD Plastics Company Ltd.
02.05.14
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Simpson Thacher represented Initial Purchasers, Morgan Stanley & Co. International plc, UBS AG, Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited and China Minsheng Banking Corp. Ltd. Hong Kong Branch, in connection with a 144A and Regulation S offering of US$150 million 11.75% Guaranteed Senior Notes due 2019 by Favor Sea Limited, a wholly owned subsidiary of China XD Plastic Company Limited (“China XD”). The Notes are unconditionally guaranteed China XD on a senior basis and were rated ‘‘BB–’’ by Fitch Inc. and Standard & Poor’s Ratings Services. The Notes are listed and quoted on the Singapore Exchange Securities Trading Limited.
China XD is one of the leading specialty chemical companies engaged in the research, development, manufacture, and sale of modified plastics primarily for automotive applications in China. China XD listed its common stock on the NASDAQ Global Market in 2009. The net proceeds of this offering will be used by China XD for the repayment of indebtedness, capital expenditure, and general corporate purposes.
The Simpson Thacher team for the transaction included Leiming Chen, Xiaohui Lin, Tianyi Chen, Qi Yue, and Biyuan Zhang (Corporate), and Jon Cantor and Drew Purcell (Tax).