7 December 2010, Hong Kong – Mayer Brown, a leading global law firm, is pleased to announce that it advised Hang Seng Bank Limited as the mandated coordinating arranger on Hong Kong's first ever renminbi syndicated loan.
China Automation Group Limited, one of China's largest integrated solutions providers of railway signalling systems, yesterday (December 6) signed a US$50 million-equivalent multi-currency term loan facility agreement with Hang Seng and nine other banks.
Hang Seng was the lead arranger on the transaction. The 3.5-year facility was oversubscribed and increased from its original target of US$40 million equivalent to US$50 million.
"The China Automation Group loan facility marks another milestone in the development of Hong Kong as the premier renminbi offshore market," said Mayer Brown partner Allan Yu. "We are honoured to have been part of this historic transaction and eagerly await similar deals in the future as the offshore renminbi market continues to grow in Hong Kong."
The Mayer Brown team was led by partner Allan Yu.