Carey Olsen's corporate team in Hong Kong has advised leading global eco-development solutions provider Beijing Energy International Holding Co. Ltd ("Beijing Energy International") on the Bermuda law aspects of a $40 million green bond issuance.
On 2 April 2024, Beijing Energy International successfully issued the bond, featuring a term of two years and a historically low coupon rate of 2.70%. The issuance was oversubscribed by 3.04 times.
The issuance, conducted under the green asset-backed special plan (ABS) for supporting rural revitalisation of Beijing Energy International's phase-I supply chain financing, provides a stable financial foundation for the continued development of the company.
China Merchants Asset Management served as the manager, with China Merchants Securities acting as the underwriter.
The Carey Olsen team comprised partner Michael Padarin and associate Calvin Lee.
Michael Padarin commented: "We are pleased to have been able to assist Beijing Energy International on this deal, which is the first overseas entity supply chain project led by a state-owned enterprise in the electric power and green financing markets. This deal showcases the strength of Carey Olsen's global debt capital markets team, and particularly our Hong Kong office's growing expertise in handling complex transactions like this."
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