Freshfields has advised Changsha Pilot Investment Holdings Co., Ltd. on its issuance of US$350m notes due in 2019, with an interest rate of 3.10 per cent

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Changsha Pilot Investment Holdings Co., Ltd. (‘Changsha Pilot Investment Holdings’) on its issuance of US$350m notes due in 2019, with an interest rate of 3.10 per cent. The bonds are expected to be assigned a rating of BBB- by S&P and by Fitch and will be listed on the Hong Kong Stock Exchange on 5 December 2016.

Changsha Pilot Investment Holdings is an integrated developer with businesses concentrated in the Xiangjiang New District in Changsha, China. The company has a diversified business portfolio comprised primarily of land development and infrastructure construction, urban resource development and operation, financial and strategic investment and real estate development. This note issuance is the debut offshore issuance by the company as a local government financing vehicle of the Changsha Municipal Government.

The Freshfields team advising on the transaction was led by partners Calvin Lai and Andrew Heathcote and counsel Bing Guan, with support from senior associate Julia Zhu.