ICBC Financial Leasing Co., Ltd. MTN Program Update and $950 Million Notes Offering

Davis Polk advised the dealers in connection with the update of the $10 billion medium-term notes program by ICBCIL Finance Co. Limited as issuer and the dealers and the joint lead managers in connection with the fifth drawdown under the program, which consists of $700 million 3.125% notes due 2022 and $250 million 3.625% notes due 2027. The notes issued under the program have the benefit of a keepwell and liquidity support deed and a deed of asset purchase undertaking provided by ICBC Financial Leasing Co., Ltd. 

ICBC Financial Leasing Co., Ltd. (“ICBCFL”) is a wholly owned subsidiary of Industrial and Commercial Bank of China Limited (“ICBC”) and was established as a key component in implementing ICBC’s comprehensive operating strategy and products offering. ICBCFL has grown into one of the largest financial leasing companies in the PRC regulated by China Banking Regulatory Commission. The issuer is a wholly owned subsidiary of ICBC International Leasing Company Limited (“ICBCIL”), which is a primary overseas leasing platform of the company for its offshore leasing business. 

The Davis Polk corporate team included partner William F. Barron, counsel Gerhard Radtke, Margie Chan and Terrence R. O’Donnell and associates Bingqing Pan and Justina Lam. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Counsel Jeanine P. McGuinness provided regulatory advice. Members of the Davis Polk team are based in the Hong Kong, London and Washington DC offices.