Lenovo in $650 Million Offering

April 24, 2020

Cleary Gottlieb represented Lenovo Group Limited (Lenovo) in its $650 million offering of 5.875% notes due 2025 under Regulation S.

The offering was a takedown from its $3 billion medium-term note program. The transactions closed on April 24, 2020, and the notes were listed on The Stock Exchange of Hong Kong Limited. The proceeds from the issuance of the notes will be used for refinancing and general corporate purposes.

Lenovo is the world’s largest PC vendor and holds the No. 1 position in the worldwide PC plus tablets market. It was founded in China in the 1980s, and its common shares are listed on The Stock Exchange of Hong Kong. Lenovo expanded its business and operations to a global scale through the acquisition of IBM’s PC division in 2005. In 2014, Lenovo acquired Motorola Mobility and IBM’s x86 server hardware and related maintenance services business.