Lenovo’s $750 Million Offering Under $3 Billion MTN Program
March 29, 2018
Cleary Gottlieb represented Lenovo Group Limited in its $750 million offering of 4.75 percent notes due 2023 under Regulation S and its concurrent U.S. exclusionary waterfall tender offer of its notes due 2019 and 2022.
The offering was a take-down from its $3 billion medium term note program. The transactions closed on March 29, 2018, and the notes were listed on The Stock Exchange of Hong Kong Limited. The issuance allowed Lenovo to refinance debt maturing in 2019 and also extend the maturity profile of a portion of its indebtedness.
Lenovo is the world’s largest PC vendor and holds the number one 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.