Published on 3/26/2024 in the Prospect News Emerging Markets Daily.
New Issue: Jiangsu Jinguan’s Haixi Overseas sells $100 million 5.3% bonds due 2027
By William Gullotti
Buffalo, N.Y., March 26 – Jiangsu Jinguan Investment Development Group Co. Ltd.’s Haixi Overseas Investment Co. Ltd. unit priced $100 million of 5.3% credit-enhanced guaranteed bonds due 2027 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds will be issued by the subsidiary, guaranteed by the parent and have the benefit of an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Lianyungang Branch.
Guotai Junan International, Citic Securities, China Securities International, Industrial Bank Co., Ltd., Hong Kong Branch and CNCB Capital are the joint lead managers and joint bookrunners for the Regulation S offering, with Guotai Junan further acting as global coordinator.
Proceeds will be used for refinancing offshore debt.
Listing for the bonds is expected on the Hong Kong Exchange effective March 26.
Jiangsu Jinguan offers infrastructure construction services and is based in Lianyungang, China.
| Issuer: | Haixi Overseas Investment Co. Ltd.
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| Guarantor: | Jiangsu Jinguan Investment Development Group Co. Ltd.
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| LoC issuer: | Bank of Jiangsu Co., Ltd., Lianyungang Branch
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| Amount: | $100 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | March 25, 2027
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| Bookrunners: | Guotai Junan International, Citic Securities, China Securities International, Industrial Bank Co., Ltd., Hong Kong Branch and CNCB Capital
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuers: | King & Wood Mallesons (England, Hong Kong), Gaopeng & Partners (China), Ogier (BVI)
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| Counsel to underwriters: | Morgan, Lewis & Bockius (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 5.3%
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| Price: | Par
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| Yield: | 5.3%
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| Call: | For taxation reasons at par
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| Change of control: | At par
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| Pricing date: | March 20
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| Issue date: | March 25
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| Listing date: | March 26
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| Distribution: | Regulation S
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| ISIN: | XS2782414168
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