Appleby acted as Bermuda and British Virgin Islands counsel for COSCO Pacific (2013) Finance Limited and COSCO Pacific Limited in relation to COSCO Pacific Finance’s note issuance in the aggregate principal amount of US$300 million due January 2023, bearing interest at the rate of 4.375% per annum and guaranteed by COSCO Pacific.
COSCO Pacific Finance is a special purpose vehicle that is newly incorporated in British Virgin Islands and is a wholly owned subsidiary of COSCO Pacific Limited. It was established solely for the purpose of issuing the Notes. COSCO Pacific Limited is listed on the Hong Kong Stock Exchange and is a constituent company of China Ocean Shipping (Group) Company (the “COSCO Group”). The proceeds of the Notes will primarily be used to fund the expansion of the COSCO Group’s terminal and container leasing business.
The Appleby team was led by Jeffrey Kirk, banking & asset finance partner of Appleby, and assisted by Associate, Rupen Shah. Linklaters acted as counsel for the company, while Clifford Chance acted for the joint lead managers. “We are seeing an increase in the amount of bond issuance in Asia over the past few months and will expect this trend to continue as more companies tap into the bond markets to raise their capital,” noted Jeffrey.
About the COSCO Group
The COSCO Group is principally engaged in the businesses of managing and operating terminals, container leasing, management and sale, and container manufacturing. The COSCO Group is one of the largest terminal operators in the world, and is ultimately owned by the Government of the PRC.
