Orrick, Herrington & Sutcliffe (Orrick) has advised Intime Department Store (Group) Company Limited (Intime) in relation to an offering of Renminbi (RMB) 1 billion 4.65% guaranteed bonds due 2014 which are listed on the Hong Kong Stock Exchange with a Regulation S placement to global investors.

A team of English and Hong Kong qualified lawyers from Orrick’s China offices, led by partners Michelle Taylor, Edwin Luk and of counsel Donna Healy, advised on the transaction. 

The dim sum bond offering, which took place on July 19, 2011, was jointly underwritten by Citicorp International Limited, Nomura International plc and Industrial and Commercial Bank of China (Asia) Limited. 

Intime is one of China’s largest department store operators with 23 department stores located in the major cities of Zhejiang, Hubei and Shaanxi provinces, among the most affluent areas of China. The proceeds will be used to finance future expansion, repayment of debt and for general corporate purposes.

Michelle Taylor explained: “We are very pleased that Intime’s dim sum bond has been successfully received,” adding: “Orrick has been working with Intime for a number of years and our firm’s capital markets track record coupled with our expertise in complex, cross-border finance enabled us to advise our client on this global offering.”