By William Gullotti
Buffalo, N.Y., March 8 – Avic International Finance & Investment Ltd. sold $200 million of 3% guaranteed green bonds due 2027 (//A) at 98.396, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by Avic International Holding Corp.
The bonds have a make-whole call at Treasuries plus 25 basis points until Feb. 7, 2027 followed by a par call. They may also be redeemed early in whole, but not in part, at any time for taxation reasons at par plus interest.
Bondholders will be able to put the bonds at 101 if a change-of-control event occurs and at par plus interest in the case of a registration event.
China Citic Bank International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering with China Citic Bank International also serving as the green structuring adviser.
Also listed as a joint lead manager and joint bookrunner is Zhongtai International.
Proceeds will be used to refinance existing debt in accordance with the issuer’s green finance framework.
Listing for the green bonds is expected on the Hong Kong Exchange effective March 8.
China-based Avic is a group of companies engaged in the aviation and defense industries, among others.
| Issuer: | Avic International Finance & Investment Ltd.
|
| Guarantor: | Avic International Holding Corp.
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| Amount: | $200 million
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| Issue: | Guaranteed green bonds
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| Maturity: | March 7, 2027
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| Bookrunners: | China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, and Zhongtai International
|
| Green structuring adviser: | China Citic Bank International
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| Counsel to issuer: | Linklaters (Hong Kong), Harney, Westwood & Riegels (British Virgin Islands), Junhe LLP (China)
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| Counsel to underwriters: | Davis Polk & Wardwell (Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 3%
|
| Price: | 98.396
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| Call features: | Make-whole call at Treasuries plus 25 bps until Feb. 7, 2027; thereafter at par; at any time in whole, but not in part, for taxation reasons at par plus interest
|
| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Trade date: | Feb. 28
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| Settlement date: | March 7
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| Listing date: | March 8
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| Rating: | Fitch: A
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| Distribution: | Regulation S
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| ISIN: | XS2452199545
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