On December 12, 2013, Bao-Trans Enterprises Ltd. successfully issued the U.S. $500,000,000 bonds in Hong Kong, with the interest rate at 3.75% and due in 2018.
Zhong Lun Law Firm acted as the PRC counsel of the Issuer. Professionals involved included partners Anthony Qiao, Michael Chen and Michael Gu, and associates Shirley Xiang, Elaine Wang, Sabrina Zou, Zulong Chen, Jeffery Meng and Emily Liu. Bank of China, Deutsche Bank, HSBC and ICBC International acted as the Joint Book Runners and Joint Lead Managers.
Bao-Trans Enterprises Ltd. is the wholly owned overseas subsidiary of Baoshan Iron & Steel Co., Ltd. (“Baosteel Co.”). Baosteel Co. executed the Liquidity Support Covenants Deed and the Keepwell Deed for this bonds issuance. Baosteel Group is the world’s 3rd largest steel producer and the largest steel enterprise directly controlled by SASAC. Baosteel Co. holds Baosteel Group’s core assets and is one of the world’s most competitive steel enterprises.