Herbert Smith Freehills Kramer advised MMG Limited on US$500 million convertible bond issue
The Leading Global law firm Herbert Smith Freehills Kramer has advised MMG Limited (01208.HK) on a US$500 million zero coupon convertible bond issue. The bonds were issued on 8 October and listed on the Hong Kong Stock Exchange. The transaction included a concurrent delta placement to hedge investors’ market risk. Proceeds will be used to refinance MMG’s offshore indebtedness.
MMG Limited is a subsidiary of state-owned mining conglomerate, China Minmetals Corporation (CMC), with interests in copper, zinc, and other metals projects across Australia, Botswana, the Democratic Republic of Congo, and Peru.
Matt Emsley (Partner, Herbert Smith Freehills Kramer) said, “We have supported MMG on a number of important matters over many years, from equity raises to this benchmark convertible bond. The deal reflects our deep understanding of the mining industry’s capital needs and our commitment to delivering flexible and competitive funding solutions.”
William Ku (Partner, Herbert Smith Freehills Kramer) added, “This transaction highlights the breadth of our debt and equity-linked capital markets practice and our ability to execute complex cross-border financings for international issuers. Despite interest rate uncertainty, we helped MMG achieve a successful offering with exceptional investor demand and pricing.”
The Herbert Smith Freehills Kramer team advising MMG was led by Matt Emsley (Partner, Hong Kong) and William Ku (Partner, Hong Kong), supported by Marcus Wong (Associate), Aaron Li (Associate), Sarah Shen (Associate), and Nicholas Loo (Associate).
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