New Issue: Chengdu Sino French Ecological sells $100 million 6½% enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Jan. 17 – Chengdu Sino French Ecological Park Investment Development Co., Ltd. sold $100 million 6½% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Tuesday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Chengdu Co., Ltd.

The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control or no registration event occurs.

Orient Securities (Hong Kong), China Galaxy International, China International Capital Corp., ICBC International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB International, Bank of Communications Macau Branch, Luso Bank Ltd., Guosen Securities (HK), CNCB Capital, TradeMaster Securities (Hong Kong) Ltd., JQ Securities, Initial Capital Securities and Guotai Junan International were the joint lead managers and joint bookrunners, with Orient Securities and China Galaxy also acting as joint global coordinators.

Proceeds from the offering will be used for project construction and working capital.

Listing for the bonds on the Hong Kong Exchange became effective Jan. 16.

The issuer is a wholly owned subsidiary of Chengdu Economic Development Industrial Investment Group Co., Ltd. and is responsible for a variety of work in relation to the Sino-French Ecological Park, such as construction plan formulation, construction of infrastructure and public facilities, investment promotion and other relevant services.

Issuer:	Chengdu Sino French Ecological Park Investment Development Co., Ltd.
LoC issuer:	Bank of Chengdu Co., Ltd.
Amount:	$100 million
Issue:	Credit enhanced bonds
Maturity:	Jan. 13, 2026
Bookrunners:	Orient Securities (Hong Kong), China Galaxy International, China International Capital Corp., ICBC International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB International, Bank of Communications Macau Branch, Luso Bank Ltd., Guosen Securities (HK), CNCB Capital, TradeMaster Securities (Hong Kong) Ltd., JQ Securities, Initial Capital Securities and Guotai Junan International
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Fangda Partners (England), Tahota (Tianfu) Law Firm (China)
Counsel to underwriters:	Mayer Brown (England), Beijing Dacheng Law Offices, LLP (China)
Coupon:	6½%
Price:	Par
Yield:	6½%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
No registration event:	At par plus interest
Pricing date:	Jan. 6
Issue date:	Jan. 13
Listing date:	Jan. 16
Distribution:	Regulation S
ISIN:	XS2570494000

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.