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Loeb & Loeb successfully represented Xtep International Holdings Limited, a leading multi-brand sportswear company listed on the Main Board of the Hong Kong Stock Exchange, in the disposal of KP Global Investment Limited, owner of the K-Swiss and Palladium brands, to the controlling Ding family for US$151 million.
As part of the transaction, KP Global issued US$154 million in convertible bonds to offset its debt to Xtep International. Additionally, Xtep International exchanged US$65 million of existing convertible bonds issued by KP Global for new HK$500 million convertible bonds issued by Xtep International. A special dividend of US$151 million was distributed to Xtep International’s shareholders from the disposal proceeds.
This strategic transaction enables Xtep International to eliminate ongoing losses and concentrate on its profitable brands, including Xtep, Saucony and Merrell, while retaining potential equity in KP Global through convertible bonds.
The Loeb team who skillfully managed the complex financial transaction to deliver a successful outcome for Xtep International was led by Capital Markets partners Michael Fung and Jeffrey Kung and included counsels Steve Woo and Emily Fan and associates Edgar Siu and Samantha Lock.
As part of the transaction, KP Global issued US$154 million in convertible bonds to offset its debt to Xtep International. Additionally, Xtep International exchanged US$65 million of existing convertible bonds issued by KP Global for new HK$500 million convertible bonds issued by Xtep International. A special dividend of US$151 million was distributed to Xtep International’s shareholders from the disposal proceeds.
This strategic transaction enables Xtep International to eliminate ongoing losses and concentrate on its profitable brands, including Xtep, Saucony and Merrell, while retaining potential equity in KP Global through convertible bonds.
The Loeb team who skillfully managed the complex financial transaction to deliver a successful outcome for Xtep International was led by Capital Markets partners Michael Fung and Jeffrey Kung and included counsels Steve Woo and Emily Fan and associates Edgar Siu and Samantha Lock.
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