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Freshfields advises Goldman Sachs on the US$870m offering of convertible senior notes by ZTO

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Goldman Sachs, the initial purchaser, on the offering of US$870m 1.50 per cent convertible senior notes due 2027 by ZTO Express (Cayman) Inc. (‘ZTO’). Goldman Sachs has also been granted an option to purchase up to an additional US$130 million principal amount of the notes.
The notes bear an interest rate of 1.50 per cent per annum and may be converted into ADSs at an initial conversion rate of 31.6296 ADSs per US$1,000 principal amount of the notes.
ZTO is one of the leading express delivery companies in China, while also providing other value-added logistics services through its extensive nationwide network in the country. ZTO is listed on the New York Stock Exchange and the Hong Kong Stock Exchange.
The Freshfields team advising on the deal was led by partners Calvin Lai and David Yi. They were supported by associates Yitian Jin and Zhuolin Li. Dispute resolution partner Tim Mak and associate Billy Lui also provided invaluable support. US tax advice was provided by partner Claude Stansbury and counsel Dennis Caracristi.

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