The 4% bonds are due 2025

Davis Polk advised the joint lead managers in connection with a Regulation S offering by China Education Group Holdings Limited of its CNY500 million 4.00% bonds due 2025 guaranteed by Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank (ADB).

China Education Group Holdings Limited is one of the largest listed higher and vocational education providers in China in terms of student enrollment and operates a network of universities and professional schools in China, Australia and the United Kingdom. CGIF, a trust fund of the ADB, was established by ASEAN members, the PRC, Japan, Korea and the ADB to promote economic development, stability and resilience of financial markets in the region.

The Davis Polk corporate team included partner Gerhard Radtke, counsel Bingqing Pan and registered foreign lawyers Moran Zhang, Sean Su and Priyanka Mehta. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.