Conyers acted as Cayman Islands and British Virgin Islands counsel to Agile Group Holdings Limited (“Agile”) in connection with its US$400 million 4.85% Senior Notes due 2022 constituted under an Indenture, secured by guarantees and PPPSI share charges over BVI and Hong Kong subsidiaries and governed by an Intercreditor Agreement and 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 Beverly Cheung of Conyers’ Hong Kong office advised on the matter, working alongside Sidley Austin.