Conyers acted as Cayman and British Virgin Islands counsel to China Aoyuan Group Limited (the “Company”) in connection with an international offering of US$230 million aggregate principal amount of the Company’s 5.98% Senior Notes due 2025 (the “Notes”).
The Notes were constituted under an Indenture and secured by subsidiary guarantees and permitted pari passu indebtedness share charges over BVI and Hong Kong subsidiaries (the “PPPSI Share Charges”) provided by the restricted subsidiaries of the Company.
The security provided is governed under an intercreditor arrangement with all existing creditors of the Company having the benefit of the shared collateral secured by the PPPSI Share Charges.
The Company is one of the leading property developers in Guangdong province in China and develops composite properties, incorporating healthy living concepts such as sports and health into residential communities.
Partner Paul Lim and Associate Hollia Lam of Conyers’ Hong Kong office advised on the matter, working alongside Linklaters.