Published on 3/14/2023 in the Prospect News Emerging Markets Daily.
New Issue: Chenzhou Industry prices RMB 875 million 4% credit enhanced bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., March 14 – China’s Chenzhou Industry Investment Group Co., Ltd. sold RMB 875 million 4% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The bonds are supported by an irrevocable standby letter of credit issued Hua Xia Bank Changsha Branch.
Wilson Securities, Essence International, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Huatai International, Guosen Securities (HK), Bocom International, SunRiver International Securities Group Ltd. and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners, with Wilson, Essence, Haitong and Hua Xia also acting as joint global coordinators.
Proceeds will be used to refinance existing debt.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 14.
The Chenzhou, China-based company provides infrastructure construction services.
| Issuer: | Chenzhou Industry Investment Group Co., Ltd.
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| LoC issuer: | Hua Xia Bank Changsha Branch
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| Issue: | Credit enhanced bonds
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| Amount: | RMB 875 million
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| Maturity: | March 13, 2026
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| Bookrunners: | Wilson Securities, Essence International, Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Huatai International, Guosen Securities (HK), Bocom International, SunRiver International Securities Group Ltd. and Dingxin (Securities) Ltd.
|
| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | Tian Yuan Law Firm LLP (England)
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| Counsel to underwriters: | Jun He Law Offices (England), Gao Peng & Partners (China)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Call: | For taxation reasons at par
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| Change of control put: | At par plus interest
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| Pricing date: | March 8
|
| Issue date: | March 13
|
| Listing date: | March 14
|
| Distribution: | Regulation S
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