ICBC Financial Leasing Co., Ltd. MTN Programme Update, Upsizing and $2 Billion Notes Offering

Davis Polk advised the dealers in connection with the upsizing of the $5 billion medium-term notes program by ICBCIL Finance Co. Limited as issuer and as the joint lead managers in connection with the fourth drawdown under the program, which consists of $1.15 billion 3% notes due 2020 and $850 million 3.375% notes due 2022. The notes issued under the program has the benefit of a keepwell and liquidity support deed and a deed of asset purchase undertaking provided by ICBC Financial Leasing Co., Ltd.

Incorporated on November 28, 2007, in Tianjin, ICBC Financial Leasing Co., Ltd. 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. The company 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 partners William F. Barron and Paul Chow, counsel Gerhard Radtke and registered foreign lawyer Meng Ding. 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, Beijing, London and Washington DC offices.