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Maples and Calder has acted as British Virgin Islands counsel to the issuer, Cheung Kong Bond Securities Limited (the "Issuer") in respect of its issuance of S$500 million (approximately US$417m) 5.125 per cent guaranteed senior perpetual securities. The securities will be listed on the Singapore Stock Exchange. The issue is guaranteed by the ultimate holding company of the Issuer, Cheung Kong (Holdings) Limited (the "Guarantor"), one of the largest developers of residential, commercial and industrial properties in Hong Kong.
Maples and Calder has also acted for the Cheung Kong Group in respect of its issuance of US$1 billion perpetual capital securities in October 2010. The Maples and Calder team was led by Partner, Christine Chang and assisted by Associate, Lorraine Pao. Baker & Mckenzie, led by Partners Milton Cheng and Andrew Lockhart, acted as Hong Kong counsel to the Guarantor and Allen & Gledhill LLP, led by Partner Margaret Chin Siew Hoong and assisted by Senior Associate, Ong Kangxin, acted as Singapore counsel to the Issuer and Guarantor. DBS Bank Ltd. and J.P. Morgan were the joint lead managers.
Clifford Chance, led by Partner Matt Fairclough and assisted by Legal Assistant Michael Weaver, acted as Hong Kong and Singapore counsel to the joint lead managers. The deal is the first Singapore dollar issue of perpetual securities to be issued by a non-Singapore borrower. The proceeds from the offering will be on-lent by the Issuer to the Guarantor and/or other members of the Cheung Kong Group, to be used for general corporate funding purposes.
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