Ogier Advises Lenovo Group On US$1 Billion Capital Markets Issue

Ogier has acted as Cayman counsel on an innovative perpetual securities issue by Lenovo Group, the world's biggest seller of personal computers.

Ogier's Hong Kong team, led by partner Anthony Oakes, advised on the Cayman law aspects of a US$1 billion 5.375% perpetual securities in the form of cumulative preferred shares, with a performance guarantee from Lenovo Group Limited.

Anthony said: "This was an innovative piece of work involving a perpetual security, structured as a preference share of a Cayman company rather than as a bond. Another interesting feature was the performance guarantee by Lenovo which was used to maintain the integrity of the SPV. We were pleased to be involved in this transaction that marked a new development for the market."