Overview
Xunming advises issuers, underwriters, sponsors and credit funds on a wide range of financings, including high yield offerings, private credit financings, leveraged financings, project financings, convertibles bonds/shares, corporate hybrids, as well as distressed liability management exercises and restructurings. He has worked on the most complex and structured financings across the full range of jurisdictions, products and sectors in Asia.
Prior to relocating to Asia in 2018, Xunming worked in the New York, London and Hong Kong offices of other international law firms.
Experience
New Money
- Advised Biocon Biologics on its maiden US$800m bond issuance, the largest high yield debut US$ bond issuance from India in the past decade – this deal was awarded the IFR Asia Award 2024 for its debut high-yield bond issuance.
- Advised the sole global coordinator and bookrunner in connection with the Rule 144A/Reg S issuance of US$350m 7.75% Senior Secured Notes due 2031 issued by PT Sorik Marapi Geothermal Power – the first project bond out of Southeast Asia since 2020.
- Advised the joint lead managers in the US$300m 11.25% Notes due 2030 issued by Lao People's Democratic Republic (represented by the Ministry of Finance of the Lao People’s Democratic Republic) – marking the Republic’s return to international capital markets since 2019.
- Advised on orphan structured deals, including ACME Solar Holdings Private Limited’s issue of US$334m 4.7% Secured Notes due 2026 and Delhi International Airport Limited’s issue of US$450m 6.25% secured US dollar high yield notes due 2025.
- Advised Chindata Group Holdings Limited on its debut issue of US$300m 10.50% US dollar high yield notes due 2026 – a landmark PRC high yield data centre issuance.
Private Credit, Distressed Liability Management and Restructurings
- Advised various credit funds, including Apollo, Blackrock, Davidson Kempner, Farallon, Hillhouse, Elham, King Street, Stonehill and Sona, on numerous private credit financings and restructurings.
- Advised an ad hoc group of creditors on an out-of-court restructuring via a consent solicitation with respect to Hilong Holding Limited’s US$315m 9.75% Senior Secured Notes due 2024.
- Advised on various liability management transactions (including several distressed) for Adani, Vedanta, Bharti Airtel, Bharat Petroleum, GMR Hyderabad, Delhi International Airport, Summit Digitel, HCL Technology, Shriram Transport, Muthoot Finance, Tata Motors, UPL Corporation, Bumi Serpong, Pertamina Gas Negara, SATS Ltd, PTTGC, PTTEP and Thai Oil, among others.
Admissions