Since its establishment in 2010, Escrow Limited Hong Kong Group has acted for a wide variety of clients, including international and local banks, sovereign wealth funds, institutional investors, hedge and private equity funds, family offices and trustees in various roles, involving transactions in excess of US$25 billion.
Significant Assignments
Special Situations
For a US$34 million Indonesian loan facility, as well as related call and put options, share purchase, and custody arrangements, there are facility and security agents. (Singapore)
Trustee and Security Trustee for China Logistics Property Holdings Co. (PRC)’s US$100 million, three-year Euroclear listed notes
offshore security agent for a financing transaction involving a US$500 million cross-border intercompany loan. A PRC entity pledged equipment, which made up part of the security. [PRC]
In relation to US$150 million in secured convertible bonds convertible into shares of a listed Singaporean company producing aluminum products in the PRC, the trustee, security agent, paying agent, conversion agent, bond registrar, and warrant registrar are involved throughout the process. (PRC, Singapore)
Agent for Collateral and Calculation for a US$800 million secured high-yield note issue, listed on the SGX and handled by Euroclear/Clearstream. (US, Philippines, Japan)
Trustee and Agent for the newly issued bonds resulting from the exchange, as well as Tabulation and Exchange Agent for an exchange offer for US$250 million Zero Coupon Convertible Bonds due 2012.
PRC property developer hires Facility Agent and Security Agent for US$170 million mezzanine facility. [PRC]
Collateral Agent for a financial advisory company based in the Cayman Islands that is issuing US$85 million in PIK notes. In the Cayman Islands
In connection with a financing deal worth US$68 million for an offshore facility to be used by a group of PRC companies that run upscale theaters in the country, the onshore lender and custodian of an IRA were involved. A unique VIE structure has been put in place whereby an Intercreditor Deed connects Madison Pacific’s onshore loan to one of the offshore facilities, serving as a means of partially protecting the offshore lender’s interest in the event of enforcement. [PRC]
Agent and Trustee for US$10 million CB and US$55 million Euroclear convertible notes issued by Guildford Coal Limited, an Australian listed company. In Australia
Security Trustee for Hong Kong Listed’s US$37.5 million Convertible Bonds business in the food sector. The Hong Kong trustee of a co-investment trust that contained common shares of Alibaba Group Holding Limited valued at up to US$40 million. We were directed to convert the trust’s common shares into American Depositary Securities (ADS) and sell those securities after escrow when the lock-up provision expired. The Hong Kong
Agent of security for a subordinate bridge facility valued at A$70 million. In Australia
The note issuance for an Indian pharmaceutical and biotechnology company is being handled by a Global Offshore Security Trustee. (INDIA)
Escrow and Custodial
Regarding a HK$1 billion facility, the Facility Agent deposited HK$1 billion with the Escrow Agent. Before the day’s end of business, the money was moved out of the escrow account and placed into it. The Hong Kong
Agent acting as escrow in a US$31 million aircraft refinancing deal. During a closing conference call, we offered stakeholders a customized, bespoke service that included prompt and effective “bank-like” escrow arrangements, such as real-time fund processing and instruction confirmations.
Escrow Agent regarding a settlement contract pertaining to the buying and selling of a marine vessel. The Maritime Port Authority of Singapore was contacted, and the Escrow Agent was responsible for keeping US$11.62 million in funds and original documentation pertaining to the transaction.
Lender nominee and calculation agent acting on behalf of a PRC bank mortgagee with shares in a Hong Kong listco valued at HK$3 billion. The Hong Kong custodian of an unlisted investment trust’s shares for recipients. (Curacao, Hong Kong)
The liquidators of a Cayman Islands fund in liquidation are the escrow agent and custodian. They are in charge of securities from several Asian jurisdictions, such as Hong Kong, Singapore, Taiwan, and Korea, spanning a variety of asset classes. (Hong Kong, Singapore, Korea, Taiwan, and the Cayman Islands)
US$210 million note secured by US listed bond, escrow agent and security trustee. (USA, Hong Kong)
Fund Administration
A Cayman Islands fund with assets under management in Asia Pacific valued at about US$30 million has a replacement fund administrator. We are responsible for general fund administration, NAV computations, and asset and cash custodianship. In addition, we support the LPs in conducting an impartial forensic examination and appraisal of the foundational investments. (Australia, India, Hong Kong, Cayman Islands)
helped Taiwanese investors and a Hong Kong fund manager with their US$100 million investment in a PRC real estate development project. We helped establish two Unit Trusts in Singapore that are the owners of the project’s Special Purpose Vehicles. Singapore, Taiwan, and Hong Kong)
A HK$7 million estate needs an estate administrator to manage, distribute, and settle its assets. (Canada, Japan, Hong Kong)
Scheme Judge for the Reorganization of bonds for a major Chinese developer issued offshore. (PRC, Caymans, Hong Kong)