On April 18, 2013, Texhong Textile Group, Ltd. (“Texhong Textile”, stock code: 02678.HK) successfully completed a second debt issuance at the HKEx. Previously in 2011, it was listed at the Singapore Exchange and issued 5-year senior notes worth $200mln. Dacheng advised Texhong Textile on both issuances.
 
Texhong Textile intended to issue $200mln senior notes due 2019 at an interest rate of 6.500% per annum, with Deutsche Bank, JP Morgan and Standard Chartered Bank acting jointly as underwriters. The notes were offered for sale at the HKEx starting from April 18, 2013.
 
As the PRC legal counsel, Dacheng conducted due diligence over 16 subsidiaries of Texhong Textile in Chinese mainland, produced legal opinion letters and coordinated with foreign and domestic institutions and law firms to draft offering memorandum and purchase agreements. All documents related to the debt issuance were formulated in English.
 
Dacheng project team was led by Shanghai-based senior partner Mo Fei from real estate & construction practice and senior partner Lin Jing from capital market practice, assisted by paralegals Song Laishi and Chen Yuyuan.