Lenovo Perpetual Securities’ $150 Million Offering

April 6, 2017

Cleary Gottlieb represented Lenovo Perpetual Securities Limited, a special purpose vehicle, in its $150 million Regulation S offering of 5.375 percent perpetual securities in the form of cumulative preferred shares of the SPV listed on the Singapore Stock Exchange, with a performance guarantee from Lenovo Group Limited and a subordinated intra-group note issued by Lenovo to the SPV.

The offering was a reopening of an initial $850 million offering of the 5.375 per cent perpetual securities issued on March 16, 2017. The transaction priced on March 30, 2017, and closed on April 6, 2017.

Lenovo is the world’s largest PC vendor and holds the No. 1 position in the worldwide PC and 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.