Published on 3/8/2024 in the Prospect News Emerging Markets Daily.
New Issue: Dafeng Port Heshun prices $31 million 5.45% credit enhanced guaranteed bonds due 2027
By William Gullotti
Buffalo, N.Y., March 7 – China’s Dafeng Port Heshun Technology Co. Ltd., a subsidiary of Jiangsu Yancheng Port Dafeng Port Development Group Co., Ltd. (f/k/a Jiangsu Dafeng Harbor Holdings Ltd.), priced $31 million 5.45% credit enhanced guaranteed bonds due 2027 at par, according to a listing notice with an appended offering circular on Friday.
The bonds will be issued by the subsidiary and guaranteed by the parent, also featuring an irrevocable standby letter of credit provided by Bank of Jiangsu Co., Ltd., Yancheng Branch.
BOSC International, Soochow Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Huatai International, Shenwan Hongyuan (H.K.), ChangJiang Securities (HK), Essence International, Sigma Capital and JA Securities are the joint lead managers and joint bookrunners for the offering, with BOSC and Soochow also serving as joint global coordinators.
Proceeds will be used to refinance non-current liabilities due within one year.
The Regulation S issue is expected to be listed on the Stock Exchange of Hong Kong Ltd. on March 8.
The provider of cargo handling, barging, warehousing and port logistics is based in Dafeng, China.
Issuer: | Dafeng Port Heshun Technology Co. Ltd.
|
Guarantor: | Jiangsu Yancheng Port Dafeng Port Development Group Co., Ltd. (f/k/a Jiangsu Dafeng Harbor Holdings Ltd.)
|
LoC issuer: | Bank of Jiangsu Co., Ltd., Yancheng Branch
|
Amount: | $31 million
|
Issue: | Credit enhanced guaranteed bonds
|
Maturity: | March 7, 2027
|
Bookrunners: | BOSC International, Soochow Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Huatai International, Shenwan Hongyuan (H.K.), ChangJiang Securities (HK), Essence International, Sigma Capital and JA Securities
|
Trustee: | Bank of New York Mellon, London Branch
|
Counsel to issuer: | Travers Thorp Alberga (Cayman Islands)
|
Counsel to underwriters: | Ashurst Hong Kong (England, Hong Kong), Guantaozhongmao & Partners, Nanjing Office (China)
|
Coupon: | 5.45%
|
Price: | Par
|
Yield: | 5.45%
|
Call: | For taxation reasons at par
|
Puts: | At par upon change of control or no registration event
|
Pricing date: | March 4
|
Issue date: | March 7
|
Listing date: | March 8
|
Distribution: | Regulation S
|
ISIN: | XS2777379905
|
|
© 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.