Appleby advises China Water on US$150 million tap of senior notes and concurrent tender offer

Appleby had previously advised China Water Affairs on its initial US$150 million issuance of 5.875% senior notes due 2030 in October 2025. The tap issuance will be consolidated with the existing notes and form a single series.

The net proceeds will be used to fund a concurrent tender offer and to repay certain offshore indebtedness. Subject to the company’s blue and green financing framework, part of the proceeds will also be used to finance or refinance eligible green projects, particularly in the water supply sector.

Appleby also advised on a concurrent cash tender offer to repurchase the company’s outstanding 4.85% senior notes due 2026. China Water Affairs is one of China’s leading listed water supply companies, focused on the development of its water supply business.

The transaction was led by Calamus Huang, Partner in Appleby’s Shenzhen office, with support from Angelina Wong, Senior Associate in Hong Kong, and Koey Wang, Legal Manager in Shanghai. The team advised on Bermuda, Cayman Islands and BVI law, delivering seamless and efficient legal services while working closely with all parties involved.

This transaction further demonstrates Appleby’s extensive experience in cross-border bond issuances, as well as its strong capabilities in coordinating across jurisdictions and offices.