By William Gullotti
Buffalo, N.Y., Sept. 28 – China’s Jiangsu Pingling Construction Investment Group Co., Ltd., via subsidiary Pingling Group Overseas Ltd., sold RMB 730 million of 3.88% credit enhanced green bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.
The bonds will be issued by the subsidiary, guaranteed by the parent and feature the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Changzhou Branch.
Guosen Securities (HK), Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Bocom International, Citic Securities, CEB International, CNCB Capital and China Citic Bank International are the joint lead managers and joint bookrunners for the offering.
Guosen and Huatai are also the joint global coordinators, with Huatai further acting as green structuring adviser.
Proceeds will be used in accordance with the company’s green finance framework.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Sept. 28.
The issuer is a wholly owned direct subsidiary of the guarantor, incorporated in the British Virgin Islands on June 30. The guarantor is a major land development and infrastructure construction entity in Liyang, Jiangsu Province.
| Issuer: | Pingling Group Overseas Ltd.
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| Guarantor: | Jiangsu Pingling Construction Investment Group Co., Ltd.
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| LoC issuer: | Postal Savings Bank of China Co., Ltd., Changzhou Branch
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| Amount: | RMB 730 million
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| Issue: | Credit enhanced green bonds
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| Maturity: | Sept. 27, 2026
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| Bookrunners: | Guosen Securities (HK), Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Bocom International, Citic Securities, CEB International, CNCB Capital and China Citic Bank International
|
| Green structuring adviser: | Huatai International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | JC Master Law Offices (China), Ogier (BVI)
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| Counsel to underwriters: | Fangda Partners (England), Zhonglun W&D Law Firm (Hangzhou) (China)
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| Coupon: | 3.88%
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| Price: | Par
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| Yield: | 3.88%
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| Call option: | At par for tax reasons
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| Put option: | At par upon change of control
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| Pricing date: | Sept. 20
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| Issue date: | Sept. 27
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| Listing date: | Sept. 28
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| Distribution: | Regulation S
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| ISIN: | HK0000954286
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