Conyers acted as Cayman Islands and British Virgin Islands counsel to Agile Group Holdings Limited (“Agile”) in connection with the issue of US$183 million 6.05% senior notes due 2025 (the “Notes”) to be consolidated and form a single class with the US$300 million 6.05% senior notes due 2025 (the “Original Notes”) issued on 13 October 2020 by the Company constituted pursuant to an Indenture, secured by guarantees and PPPSI share charges over BVI and Hong Kong subsidiaries and governed by an Intercreditor Agreement and a Sub-Collateral Agent Appointment Agreement.
The security package is a dichotomy between security governed by the Intercreditor Agreement and the Sub-Collateral Agent Appointment Agreement shared on a pari passu basis between the secured creditors under the arrangement.
Agile is one of the leading property developers in China, focusing primarily on the development and sale of medium to large-scale high-quality residential properties in China. In addition, Agile develops commercial properties, including retail shops that are complementary to its residential properties, shopping malls, office buildings and hotels.
Partner Paul Lim and Associate Hollia Lam of Conyers’ Hong Kong office advised on the matter, working alongside Sidley Austin and Norton Rose Fulbright.