Milbank Advises Lumena Resources Corp. on US$250 Million High-Yield Offering
First High-Yield Offering by a Debut Asian Issuer in More Than Two Years Closes Successfully for PRC Thenardite Producer
HONG KONG, 3 November, 2009 – Milbank, Tweed, Hadley & McCloy LLP represented Hong Kong-listed Lumena Resources Corp. in its US$250 million Rule 144A high-yield bond offering, the first by a debut issuer in the Asian non-investment grade market for more than two years. The bond matures in 2014 and has a 12.25% yield. The bookrunners on the offering were BOC International, Credit Suisse and Deutsche Bank.
Lumena Resources Corp. is based in Sichuan, China and produces thenardite, a solid form of sodium sulphate and an important raw material for the production of powder detergents, dyes, textiles, glass, kraft pulp and pharmaceutical products. Lumena completed its IPO on the Hong Kong Stock Exchange earlier this year, when Milbank also represented the company.
The Milbank team included partners Anthony Root and Joshua M. Zimmerman, and associates Andrew Yang and Wei Xiao in Hong Kong.
The other law firms on the deal were Li & Partners, issuer’s Hong Kong counsel; Grandall, issuer’s PRC counsel; Appleby, issuer’s Cayman/BVI counsel; Shearman & Sterling, underwriters’ US counsel, and Junhe, underwriters’ PRC counsel.
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Milbank, Tweed, Hadley & McCloy LLP is a leading global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex and innovative transactions. Our transactional expertise includes Acquisition Finance, Capital Markets, Corporate Finance, Project Finance and other major fields of law practice. Headquartered in New York, Milbank has 10 offices worldwide, including Beijing, Hong Kong, Singapore and Tokyo.