Skadden, Han Kun Law Offices, Jingtian & Gongcheng and Davis Polk have assisted Chinese technology giant Baidu in completing its first offshore reminbi bond issuance, totalling RMB10 billion (USD1.48 billion).
The two HKEX-listed bonds, completed on 13 March, included RMB7.5 billion in notes, due in 2030 with a coupon rate of 2.7% per year, and RMB2.5 billion of bonds maturing in 2035 at 3% per annum.
Skadden acted as Baidu’s US legal counsel, led by partners Du Shu, Jonathan Stone and Paloma Wang, while Han Kun advised the issuer on PRC law.
Davis Polk’s partner James Lin and his team advised underwriters on international law, while Jingtian & Gongcheng offered PRC legal advice.
Baidu’s document on the HKEX said the funds raised from the bonds would be used for general corporate matters, including debt and interest payments. Baidu has been raising capital recently. In the same month, the Hong Kong- and US-listed company also completed the issuance of USD2 billion zero coupon exchangeable bonds.