New Issue: Jinan Energy unit prices $210 million 5.842% guaranteed green bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., April 2 – Hong Kong’s Guoneng Environmental Protection Investment Group Co., Ltd. priced $210 million of 5.842% guaranteed green bonds due 2025 (Baa1) at par, according to a listing notice with an appended offering circular on Tuesday.

The bonds are guaranteed by parent company Jinan Energy Group Co., Ltd.

China Securities International, Guotai Junan International, Zhongtai International, Shenwan Hongyuan (H.K.), Orient Securities (Hong Kong), Bocom International, CCB International, CEB International, China Credit International Securities, China Galaxy International, China International Capital Corp., Citic Securities, CMB International, CMB Wing Lung Bank Ltd., CMBC Capital, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Pearl International Securities Ltd., Shanghai Pudong Development Bank Hong Kong Branch, TF International and Zheshang International are the joint lead managers and joint bookrunners, with China Securities, Guotai, Zhongtai, Shenwan Hongyuan and Orient also acting as joint global coordinators.

China Securities is further serving as sole green structuring adviser.

Proceeds will be used to finance and/or refinance eligible projects under the green finance framework.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective April 2.

The issuer is a direct, wholly owned, special purpose subsidiary of the guarantor, incorporated in Hong Kong. The guarantor is wholly owned by the Jinan Municipal Government, operating energy supply businesses in China’s Shandong Province.

Issuer:	Guoneng Environmental Protection Investment Group Co., Ltd.
Guarantor:	Jinan Energy Group Co., Ltd.
Amount:	$210 million
Issue:	Guaranteed green bonds
Maturity:	May 28, 2025
Bookrunners:	China Securities International, Guotai Junan International, Zhongtai International, Shenwan Hongyuan (H.K.), Orient Securities (Hong Kong) (joint global coordinators), Bocom International, CCB International, CEB International, China Credit International Securities, China Galaxy International, China International Capital Corp., Citic Securities, CMB International, CMB Wing Lung Bank Ltd., CMBC Capital, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Pearl International Securities Ltd., Shanghai Pudong Development Bank Hong Kong Branch, TF International and Zheshang International
Green structuring adviser:	China Securities International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Fangda Partners (England, Hong Kong), AllBright Law Offices (China)
Counsel to underwriters:	Freshfields Bruckhaus Deringer (England), Shandong Qilu Law Firm (China)
Coupon:	5.842%
Price:	Par
Yield:	5.842%
Call:	For taxation reasons at par plus interest
Change of control:	At 101
Pricing date:	March 21
Issue date:	March 28
Listing date:	April 2
Rating:	Moody’s: Baa1
Distribution:	Regulation S
ISIN:	XS2775632313

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