Davis Polk advised the joint lead managers of a Regulation S offering of high-yield notes by China Evergrande Group of $500 million aggregate principal amount of its 6.25% senior notes due 2021, $1 billion aggregate principal amount of its 7.50% senior notes due 2023 and $2.3 billion aggregate principal amount of its 8.75% senior notes due 2025. 

Davis Polk also advised the deal managers of China Evergrande Group’s concurrent offering to exchange its outstanding 8.75% senior notes due 2018, 7.0% senior notes due 2020, 7.80% senior private notes due 2019 and 8.0% senior notes due 2019 for the additional issuance of $98.18 million of the new 2021 notes, $344.92 million of the new 2023 notes and $2.38 billion of the new 2025 notes, which carry the same terms as, and form a single class with, the respective notes issued in the new money offering.

China Evergrande Group, listed on the Hong Kong Stock Exchange, is one of the largest developers of residential property projects in different cities across China. Founded in Guangzhou, Guangdong Province in 1996, it has become a leading national property developer in China through its economies of scale and widely recognized brand name.

The Davis Polk corporate team included partner William F. Barron, counsel Gerhard Radtke, Margie Chan and Terrence R. O’Donnell and registered foreign lawyer Meng Ding. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the Hong Kong and London offices.

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