We advised the dealer manager on the transaction

Davis Polk advised the sole dealer manager in connection with (i) the offer by the company to exchange at least certain minimum amount of its outstanding $455 million 13.5% senior notes due 2022 for $323.7 million aggregate principal amount of the company’s 14.25% senior notes due 2024; and (ii) the company’s solicitation of consents from holders of the old notes to certain amendments to the indenture governing the old notes. The exchange notes also have the benefit of share charges pledging shares of certain PRC subsidiaries of the company and the personal guarantees provided by the controlling shareholder of the company and his spouse.

Founded in Guangdong Province, China, Glory Land Company Limited, carrying on business in Hong Kong as “Guorui Properties Limited,” is principally engaged in developing residential projects and large-scale, mixed-use complex projects in the PRC.

The Davis Polk corporate team included partner Gerhard Radtke, counsel Bingqing Pan, registered foreign lawyer Moran Zhang and associate Rose Lu. The tax team included counsel Alon Gurfinkel and associate Veronica Davis. Members of the Davis Polk team are based in the Hong Kong and London offices.

Copy link to share post