Paul Hastings, a leading global law firm, announced today that it represented China Daye Non-Ferrous Metals Mining Limited (“China Daye”) in its issuance of RMB denominated USD-settled convertible bonds in an aggregate principle amount of RMB820 million, due 2018 (the “Bonds”). China Daye is listed on the Hong Kong Stock Exchange and is a state-owned enterprise principally engaged in the mining and processing of mineral ores and the trading of metal products in the PRC. The Bonds are convertible into ordinary shares of the Company at the option of the bondholders, subject to the terms and conditions of the Bonds. The listing of and permission to deal in the Bonds on the Hong Kong Stock Exchange is expected to commence on May 31, 2013.
DBS and CIMB were the joint lead managers and joint bookrunners on the deal. China Daye intends to use the proceeds of the Bonds for working capital and general corporate purposes.
Paul Hastings previously advised J.P. Morgan, as the sole sponsor and financial adviser, on China Daye’s deemed new listing resulting from its RMB5.8 billion acquisition of Prosper Well Group Limited, which holds four copper mines in Hubei Province in the PRC. This transaction was completed in March 2012.
The Paul Hastings team was led by Raymond Li, partner and Chair of Greater China, and capital markets partners Vivian Lam and Christian Parker, with support from associates Erika Wan, Matthew Poxon and May Lun.
