Yestar Healthcare’s Restructuring of $200 Million Senior Notes

Kirkland & Ellis advised Yestar Healthcare Holdings Company Limited on the deal. Hogan Lovells advised an ad hoc committee of bondholders.

Yestar Healthcare Holdings Company Limited (HKSE: 2393) announced a successful restructuring of its New York law governed $200 million senior notes (the Notes). 

Yestar is incorporated in the Cayman Islands and one of the largest distributors and service providers of in vitro diagnostic products in the PRC. The restructuring was implemented by way of a scheme of arrangement (the Scheme) in the Cayman Islands. Holders representing 95.8% of the outstanding principal amount of the Notes attended the scheme meeting on December 3, 2021, of which, 100% voted in favor of the Scheme. The Grand Court of the Cayman Islands sanctioned the Scheme on December 10, 2021.

The Kirkland team was led by restructuring partners Neil McDonald (Picture), Jacqueline Wenchen Tang and Hannah Crawford, with assistance from associates Zoey Zhang and Leeann Chen and transaction manager Willa Wang. Debt finance partner Jacqueline Zheng and capital markets partner Louis Rabinowitz, supported by debt finance associate Anthony Chan and legal manager Charlotte Tang, provided debt capital and credit advice for this matter. 

The Hogan Lovells team was led by Hong Kong based Corporate & Finance partner, Jonathan Leitch with support from lawyers Derrick Lau, Jenny Yim, Andrew Cobden and Teresa Kwok in Hong Kong and Shantay Cong in Shanghai. Capital Markets partner Richard Aftanas and associate Katherine Tyurin in New York provided US law advice.

Involved fees earner: Anthony Chan – Kirkland & Ellis; Leeann Chen – Kirkland & Ellis; Hannah Crawford – Kirkland & Ellis; Louis Rabinowitz – Kirkland & Ellis; Jacqueline Wenchen Tang – Kirkland & Ellis; Zoey Zhang – Kirkland & Ellis; Jacqueline Zheng – Kirkland & Ellis; Neil McDonald – Walkers Global;

Law Firms: Kirkland & Ellis; Walkers Global;

Clients: Yestar Healthcare Holdings Company Limited;