15 July 2021

Carey Olsen advises West China Cement on US$600 million bond issue

A cross-jurisdictional Carey Olsen team has advised West China Cement Limited (the "Company") on its issuance of US$600 million 4.95% senior notes due 2026, which have been listed on The Stock Exchange of Hong Kong.

The Company, which is a leading cement manufacturer and distributor in north-western China and incorporated in Jersey, will use the proceeds of the issue for refinancing, replenishing working capital and general corporate purposes including overseas expansion and investment in Africa.

The notes are guaranteed by WC Cement Limited (incorporated in the British Virgin Islands) and certain other subsidiaries of the Company. Nomura and China International Capital Corporation acted as joint global coordinators, joint lead managers and joint bookrunners.

Carey Olsen, working as an integrated team across the firm's Hong Kong SAR and Jersey offices, acted as British Virgin Islands and Jersey legal advisers to the Company.

The team comprised partners Simon Marks (Jersey) and James Webb (Hong Kong) with support from counsel Matthew Ecobichon (Jersey) and Daniel Moore (Hong Kong) and associate Lucy Robbins (Jersey).

James Webb said: "Carey Olsen is delighted to have advised West China Cement on another successful bond issue. This is a prime example of the calibre of Carey Olsen's global debt capital markets practice and our Hong Kong office's growing track record of executing substantial multi-jurisdictional transactions."

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