Morrison & Foerster Advises Dalian Port on its RMB400 Million RMB Bond Offering

11/03/2011

China, Corporate Finance | Capital Markets, and Public Companies Counseling + Compliance

Press Release

HONG KONG (November 3, 2011) – Morrison & Foerster advised Dalian Port (PDA) Company Limited ("Dalian Port"), long-standing client of the firm, on a RMB400 million 5.8% RMB bond offering due 2014 by its wholly-owned subsidiary, Asia Pacific Ports Development Company Limited. The Bonds were guaranteed by another wholly-owned subsidiary, Asia Pacific Ports Company, and had the benefit of a keepwell support arrangement from Dalian Port.  Bank of Communications, BNP Paribas, CCBI, Deutsche Bank, Merrill Lynch International, and UBS acted as the Joint Lead Managers.

Dalian Port is one of China's largest oil and container ports.  Most recently, the firm represented Dalian Port on Hong Kong listing and compliance issues with respect to its A-Share initial public offering on the Shanghai Stock Exchange.  In 2006, the firm also represented Dalian Port in its US$320 million initial public offering on the Hong Kong Stock Exchange, which included a Rule 144A/Regulation S global offering and was one of the largest IPOs in Hong Kong of that year. Dalian Port is the first port company to be listed on both the Hong Kong and Shanghai Stock Exchanges.

Morrison & Foerster advised Dalian Port on Hong Kong and English law matters.  The team was led by partners Xiaohu Ma and Tony Grundy.

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