25 May 2016
London – Mayer Brown has advised CIMC Fortune Holdings Limited and China International Marine Containers (Hong Kong) Limited (CIMC), part of the largest container manufacturing group in the world, on the establishment of a $450 million Euro-commercial paper (ECP) programme supported by a direct-pay letter of credit issued by a Chinese financial institution of international repute.
The transaction marks one of the first direct-pay letter of credit backed ECP programmes established in the European capital markets. Goldman Sachs International acted as structuring advisor and arranger.
The Mayer Brown team was led by Banking & Finance partner James Taylor (London) and Corporate & Securities partner David Bakst (New York) and included Banking & Finance partners Trevor Wood and Stephen Walsh, of counsel Gary Silverman and associate Angeli Sunmonu (all London); Restructuring, Bankruptcy and Insolvency partner Devi Shah and of counsel Alexandra Wood (both London); and Corporate & Securities partner Phill Smith and associate Clare Yim (both Hong Kong).