Ashurst acts on Hong Kong's leading beauty and lifestyle products retailer Bonjour's HK$129.5 million convertible bond issuance
28 April 2021
28 April 2021
Ashurst represented Far East Consortium International Limited ("FEC", HKEx: 35), an international company mainly engaged in property development and investment, hotel operations and management, on the subscription of HK$129.5 million convertible bonds issued by Apex Centric Investment Limited, a wholly-owned subsidiary of Bonjour Holdings Limited ("Bonjour", HKEx: 653).
The bonds are guaranteed by, and are convertible into shares of, Bonjour Holdings Limited, a Hong Kong listed company which is principally engaged in the retail and wholesale of beauty and health-care products in Hong Kong, Macau and the PRC. The bonds also have the benefit of a share charge provided by Bonjour Holdings Limited over the shares in Apex Centric Investment Limited, and a deed of undertaking under which Bonjour Holdings Limited and certain of its subsidiaries undertook to grant certain rights of first refusal and property re-development rights over a piece of land in Hong Kong.
This transaction is the first convertible bond issued by Bonjour Holdings Limited. It has also successfully established a strategic partnership between FEC and Bonjour in relation to future co-operation on property redevelopment as well as an e-commerce platform.
Jini commented, "We are very pleased to be representing Far East Consortium as investor on this transaction and to work together with the Bonjour team on the issue of their convertible bonds."