Appleby acted as British Virgin Islands counsel for Fosun International Limited (the “Fosun International”) on a guaranteed notes issuance of US$1 billion issued by its indirect subsidiary.
As an indirect subsidiary of Fosun International, Sparkle Assets Limited (the “Sparkle Assets”) will issue notes in the aggregate principal amount of US$400,000,000 due on 30 January 2020 bearing interest at the rate of 6.875% per annum, payable semi-annually in arrears. The Notes will be guaranteed by Fosun International and some of its subsidiaries. Sparkle Assets is a special purpose vehicle wholly owned by China Alliance Properties Limited, a subsidiary of Fosun International.
The Notes are being offered and sold to non-U.S. persons in reliance on Regulation S.
The Appleby team was led by Jeffrey Kirk, banking & asset finance partner of Appleby, and assisted by Associates, Maria Lau and Rupen Shah. Sidley Austin acted as U.S. federal and New York state law and Hong Kong law counsel for Fosun International and Chen & Co. Law Firm acted as PRC law counsel to Fosun International. Davis Polk & Wardwell and Grandall Legal Group acted as counsel for the initial purchasers.
