Home Legal Advice Linklaters advises Airport Authority Hong Kong on its debut perpetual securities providing

Linklaters advises Airport Authority Hong Kong on its debut perpetual securities providing


Linklaters suggested the Airport Authority Hong Kong (AA) on the profitable issuance of its dual-tranche debt securities providing, consisting of US$750m non-call 5.5-year and US$750m non-call 7.5-year perpetual capital securities. This transaction marks the primary perpetual bonds providing by the AA and the primary US greenback senior perpetual providing within the public bond market from an airport globally. The securities additionally achieved the bottom coupon price ever for a US greenback denominated Asian company hybrid transaction.

The securities are listed on the Hong Kong Stock Exchange, with the proceeds getting used to fund the capital expenditure of the AA, together with the Three-runway System (3RS) undertaking, as well as for normal company functions. The 3RS undertaking goals to keep up Hong Kong SAR’s competitiveness as a world aviation hub and meet future air visitors progress.

The Linklaters group was led by capital markets accomplice Michael Ng, with assist from counsel Taiki Ki and managing affiliate Ruby Lau.

Partner, Michael Ng, commented:

“Linklaters has been a long-standing working partner with Airport Authority of Hong Kong for 20 years, supporting them on many of their important transactions. We are honoured to have had the opportunity to support the AA on this landmark offering and would like to thank them for their continued trust in us.”

Linklaters is a long-term accomplice of the AA, with their capital markets, banking and vitality & infrastructure practices offering assist on lots of the AA’s vital transactions, together with its issuance of US$500m 3.45% notes due 2029 under its US$8bn medium time period notice (MTN) programme in 2019 (the primary public providing bonds from the AA since 2003), as well because the institution and annual updates of its MTN programme. The agency additionally suggested the AA earlier this yr on its 5-year time period and revolving amenities, which is able to assist the prices of the improve of the Hong Kong International Airport and development of the third runway.

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