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Freshfields advises on US$400m convertible bond issue by YiChang HEC ChangJiang Pharmaceutical to Blackstone

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised on the proposed issue of US$400m of H share convertible bonds by YiChang HEC ChangJiang Pharmaceutical Company Limited (‘YiChang HEC ChangJiang Pharmaceutical’) to four funds controlled by The Blackstone Group L.P. (‘Blackstone’).

If issued, the bonds will bear interest at the rate of 3.0 per cent per annum and may be converted into 82,631,578 conversion shares at the initial conversion price of HK$38.00 per share (assuming full conversion of the H share convertible bonds), representing approximately 18.28 per cent of YiChang HEC ChangJiang Pharmaceutical’s existing issued share capital.

YiChang HEC ChangJiang Pharmaceutical is a leading pharmaceutical company whose primary business is the development, manufacture and sale of pharmaceutical products in China. It intends to use the proceeds from the issue of the convertible bonds for acquiring drugs and other pharmaceutical products; capital expenditure on production facilities; and expansion of sales and distribution networks, among other purposes.

Blackstone is one of the largest global alternative investment firms with approximately US$440bn of assets under management. Blackstone has extensive experience and resources in the healthcare sector, as well as a strong track record in healthcare investments globally.

The Freshfields team advising on the deal was led by partner and head of China equity capital markets Richard Wang, partner Yuxin Shen and head of China debt capital markets Bing Guan.


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