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Minters mingles with globals to close half-a-billion-dollar deal

Minters mingles with globals to close half-a-billion-dollar deal

Adam Handley Minter Ellison

Minter Ellison was the sole Australian firm to advise on the issue of bonds listed on the Hong Kong Stock Exchange by an Australian subsidiary of a Chinese state-owned iron and steel company.

Firms: Minter Ellison (Australian legal adviser to Baosteel); Paul Hastings (Hong Kong legal adviser to Baosteel); Linklaters (Hong Kong legal adviser to the joint global coordinators, joint bookrunners and joint lead managers).

Deal: An Australian subsidiary of Shanghai Baosteel Group Corporation has raised US$500 million through the issue of bonds listed on the Hong Kong Stock Exchange.

Value: US$500 million

Area: Finance/mining and resources

Key players: The lead partner for Minters, Adam Handley (pictured), has advised Baosteel on all of its major legal matters in Australia since 2007. Mr Handley is also co-chair of Minters’ China practice and the managing partner of Minters in Western Australia. Tax partner David Pratley also led in the area of tax.

Mr Handley and Mr Pratley were assisted by debt capital markets partner John Elias and Lili Pan, a senior overseas legal adviser and the firm’s China liaison.

Vivian Lam was the lead partner for Paul Hastings.

Linklaters’ team advised Deutsche Bank and Standard Chartered Bank, which acted as the joint global coordinators. These clients were also among the joint bookrunners and joint lead managers, which also included ANZ, Bank of China, DBS Bank Ltd and HSBC.

Deal significance: This is one of the first issues of bonds on the Hong Kong Stock Exchange by an Australian subsidiary of a Chinese state-owned enterprise outside the banking sector. Consequently, numerous new legal and commercial challenges had to be managed through significant innovation. These included the interplay between the different market practices and legal requirements of Australia, Hong Kong and China.

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