China’s Lenovo plans dollar perpetual securities, medium-term notes

New York March 6 – China’s Lenovo Group Ltd. is looking to issue dollar-denominated perpetual securities via subsidiary Lenovo Perpetual Securities Ltd. and senior notes as a drawdown from the company’s medium-term note program, according to a filing by the issuer.

For the perpetual securities, BNP Paribas, Citigroup, DBS Bank, and Morgan Stanley are the joint global coordinators. They are joined as bookrunners by ANZ, BOC, Barclays Bank, CCB Asia, Credit Agricole CIB, BofA Merrill Lynch, Mizuho Securities, MUFG, Societe Generale and Standard Chartered Bank for the Regulation S deal.

Lenovo Perpetual will lend the proceeds to the parent via an intra-group subordinated note.

The proceeds will then be used to repay amounts outstanding under a promissory note to Google Inc., in relation to the acquisition of Motorola Mobility Holdings LLLC, and for working capital and general corporate purposes.

The drawdown notes will be sold from the $3 billion medium-term note program established in November.

Citigroup Global Markets Ltd. is the arranger for the program. BNP Paribas, Citigroup and DBS Bank Ltd. are the dealers.

Lenovo is a Beijing-based technology company.

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