S&C Guides Suning Appliance Group Through Bond Tap Issue

February 2019

Sullivan & Cromwell client Suning Appliance Group reopened its $235 million 7.50% senior, unsecured bonds due 2021 through a tap issue. After Suning Appliance registers the guarantee with the PRC State Administration of Foreign Exchange, the bonds will be consolidated and form a series with those issued in September 2018, on which S&C also acted. It is expected that the consolidated bonds will be approved for listing on the Hong Kong Stock Exchange.
 
Based in Nanjing, Suning is one of China's largest nongovernment retailers, focused on selling electrical appliances. Its network includes more than 7,900 physical stores in Mainland China, Hong Kong and Japan and its suning.com e-commerce business. It intends to use the offer's proceeds to refinance existing debt and for general corporate purposes. The S&C team was led by Kay Ian Ng.
 
BOSC International, China International Capital Corporation, CLSA, Guotai Junan International and HSBC acted as Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers, while China Everbright Bank, Donghai International, Industrial Bank Co., Ltd, Orient Securities and Shanghai Pudong Development Bank acted as joint bookrunners and joint lead managers.