The first transaction was the HK$2.8 billion onshore and offshore financing for Pride Pacific Limited and Beijing Jing Wei House & Land Estate Development Co., Ltd. (“BJJW”), both wholly-owned subsidiaries of Pacific Century Premium Developments Limited (“PCPD”). The transaction involved a syndicated Hong Kong dollar denominated offshore loan and a secured RMB denominated onshore loan. Lovells acted for the syndicate of lending banks which included Standard Chartered Bank, DBS, ICBC Asia, Bank of Tokyo Mitsubishi UFJ, Bank of East Asia and Wing Lung Bank. This transaction gave the Lovells team the perfect opportunity to demonstrate their capacity to negotiate, draft and execute documentation in English, Cantonese and Putonghua and to provide a seamless service advising on both Hong Kong law and certain PRC related aspects of the transaction.

Gary Hamp led the team and was assisted by fellow partner Owen Chan and Alan Tai, June Pun, Louise Leung and Emma Dearnaley.

The team also advised Mizuho Corporate Bank, Ltd., WestLB, HVB, UniCredit and Ta Chong Bank on the debt restructuring and debt for equity swap for First Engineering Limited, the Singapore headquartered precision engineering business. Lovells was able to make full use of its banking, business restructuring, private equity and intellectual property expertise throughout the region. Gary was assisted by Neil McDonald, Head of Business Restructuring and Insolvency for Asia, Stephanie Keen, a private equity partner based in Singapore and Douglas Clark, an intellectual property partner based in Shanghai. Allan Wardrop, Claire Black, Christine Li, Jenny Yim, Charles Butcher, Emma Dearnaley and Harriet Dedman of the Hong Kong office and Justin Tong of the Singapore office also assisted on the transaction.