Baker & McKenzie advised Pacific Andes Resources Development, a Singapore-listed subsidiary of Pacific Andes International Holdings, on its issuance of three-year RMB-denominated bonds. The issue closed on 2 June and raised RMB600 million (US$94 million).
Pacific Andes International Holdings was established in 1986 and listed on the main board of the Hong Kong stock exchange in 1994. The group operates across the seafood value chain, encompassing harvesting, sourcing, ocean logistics and transport, food safety testing, and the processing and distribution of frozen fish products, fishmeal and fish oil. Pacific Andes is a longstanding client of Baker & McKenzie.
The proceeds from the bond issue will be used for general corporate purposes, working capital, capital expenditure and strategic acquisitions and investments.
Partner Brian Spires of Baker & McKenzie’s US securities group in Hong Kong led the transaction, assisted by a team of lawyers from the firm’s London office led by banking partner Chris Hogan. The Hong Kong regulatory compliance aspects were handled by a team in Hong Kong led by corporate partner Milton Cheng.
“The increasing internationalization of the renminbi and the developing offshore renminbi market in Hong Kong has been a catalyst for the spurt of renminbi bonds and other RMB-denominated investment products. We expect the renminbi bond market to remain active,” said Spires.
Appleby advised the company on Bermuda law, while David Lim & Partners advised it on Singapore law. Linklaters advised the joint lead managers and the trustee on English law, and Allen & Gledhill advised the listing agent.
