Office News

Hong Kong - Orrick's China capital markets team advised HKSE-listed Intime Department Store, one of China's largest department store operators, in connection with a RMB1 billion dim sum bond offering.  Intime plans to use the proceeds in part to fund future expansions, which include opening 12 new outlets around the country within three years with others to follow later, in a move designed to make the company a national chain and to compete in the rapidly expanding Chinese retail sector.

"We are very pleased that Intime's dim sum bond has been successfully received," said Michelle Taylor. "Orrick has been working with Intime for a number of years, and our firm's capital markets track record, coupled with our expertise in complex, cross-border finance, enabled us to advise our client on this global offering.

The offering was jointly underwritten by Citicorp International Limited, Nomura International plc and Industrial and Commercial Bank of China (Asia) Limited. The offering guarantees 4.65% of the bonds to be due by 2014.

A dim sum bond offering is a bond issued in the Hong Kong market that is denominated in renminbi (RMB).  The dim sum bond program was initially launched in 2009 by the Chinese government in cooperation with the Hong Kong Monetary Authority and is the first offshore market for RMB-denominated investments. The market has experienced rapid growth since foreign corporate issuers, such as McDonald's and Caterpillar, were permitted to issue dim sum bonds in 2010 to raise RMB to fund their expansion in China. 
 
Lead partners on this deal included Michelle Taylor and Edwin Luk.

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A global law firm, Orrick provides the highest quality legal advice on complex transactional, litigation and regulatory matters. The firm acts for more than half of the Fortune 100, the world’s leading financial institutions, emerging companies and government entities. It is particularly well known for its strength in the technology, energy and infrastructure and financial services sectors. The 2011 Chambers Global profiles Orrick’s expertise across 37 practice areas and 11 markets, and names 60 Orrick lawyers as leading practitioners worldwide. Orrick is also well recognized for offering its clients and its people the benefits of its distinctive culture of collaboration and innovation.