Published on 11/24/2021 in the Prospect News Emerging Markets Daily.
New Issue: China Great Wall sells $300 million 2 7/8% five-year notes
By Rebecca Melvin
Concord, N.H., Nov. 24 – China Great Wall International Holdings V Ltd. sold $300 million 2 7/8% five-year notes (expected ratings: BBB+/A) guaranteed by China Great Wall AMC (International) Holdings Co. Ltd., according to a listing notice with the Stock Exchange of Hong Kong.
The issue price of the notes was 99.323.
The notes have a make-whole call prior to Aug. 23, 2026, after which they are callable at par. They are also callable in the event of certain tax changes. There is a change-of-control put at 101.
The proceeds of the issue will be used for refinancing.
Bank of Communications, Standard Chartered Bank, ABC International, Bocom International, China Construction Bank, CCB International, CLSA, ANZ, BOC International and China Everbright Bank Hong Kong Branch were the joint global coordinators, joint bookrunners and joint lead managers for the Regulation S deal along with China Galaxy International Securities (Hong Kong) Co. Ltd., China Minsheng Banking Corp., Ltd. Hong Kong Branch, CMB International, CMBC Capital, CNCB Capital, Essence International, Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Morgan Stanley, Shanghai Pudong Development Bank Hong Kong Branch, SMBC Nikko and the Bank of East Asia Ltd.
The asset management and financial services group is based in Hong Kong.
| Issuer: | China Great Wall International Holdings V Ltd.
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| Guarantor | China Great Wall AMC (International) Holdings Co. Ltd.
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| Amount: | $300 million
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| Issue: | Notes
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| Maturity: | Nov. 23, 2026
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| Bookrunners: | Bank of Communications, Standard Chartered Bank, ABC International, Bocom International, China Construction Bank, CCB International, CLSA, ANZ, BOC International and China Everbright Bank Hong Kong Branch (global coordinators), China Galaxy International Securities (Hong Kong) Co. Ltd., China Minsheng Banking Corp., Ltd. Hong Kong Branch, CMB International, CMBC Capital, CNCB Capital, Essence International, Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Morgan Stanley, Shanghai Pudong Development Bank Hong Kong Branch, SMBC Nikko and the Bank of East Asia Ltd.
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| Coupon: | 2 7/8%
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| Price: | 99.323
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| Calls: | Make-whole call followed by a par call as well as in certain tax events
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| Change-of-control put: | Yes, at 101
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| Offering date: | Nov. 16
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| Issue date: | Nov. 23
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| Ratings: | S&P: BBB+
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| Fitch: A
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| Distribution: | Regulation S
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