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Allen & Overy advises on Cathay Pacific’s convertible bonds

Allen & Overy has advised the joint lead managers on Cathay Pacific’s (Cathay’s) HKD6.74 billion 2.75% guaranteed convertible bonds due 2026.
Proceeds from the bonds will be used for general corporate purposes and to further strengthen the company’s liquidity and working capital position. 

This issuance follows announcements in 2020 of Cathay’s HKD39bn recapitalisation plan which included a HKD11.7bn rights issue, a transaction which A&O also advised on. 

The multidisciplinary A&O team involved in this transaction included capital markets partner Agnes Tsang and corporate partner Lina Lee, supported by senior associate Joel Lam and associates Shue Sing Churk, Michelle Tsang and Jia Yan Low. Derivatives and structured finance partner Yvonne Siew and associate Yibin Ren provided advice on the stock lending and Of Counsel Andre da Roza provided Hong Kong regulatory advice. 

The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities referred to herein (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States