By William Gullotti
Buffalo, N.Y., March 24 – Rudong County Mintai Urban and Rural Construction Engineering Co., Ltd. announced it priced a $100 million offering of 2.9% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds feature an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Nanjing Branch.
The issuer may only redeem the bonds early in whole, but not in part, for taxation reasons only at par plus interest. Bondholders will be able to exercise put options at par plus interest if a change of control or registration event occurs.
AMC Wanhai Securities Ltd. and Bocom International are the joint global coordinators, joint lead managers and joint bookrunners for the offering with Industrial Bank Co., Ltd. Hong Kong Branch also serving as a joint lead manager and joint bookrunner.
Proceeds will be used for developing infrastructure construction businesses and replenishing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective March 24.
The issuer is a state-owned platform focused on developing and modernizing Rudong County in the Jiangsu Province of China.
| Issuer: | Rudong County Mintai Urban and Rural Construction Engineering Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Nanjing Branch
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| Amount: | $100 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 23, 2025
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| Bookrunners: | AMC Wanhai Securities Ltd., Bocom International and Industrial Bank Co., Ltd. Hong Kong Branch
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| Counsel to issuer: | Paul Hastings (Europe) LLP (English), Jiangsu Zhengdong Law Firm (China)
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| Counsel to bookrunners: | Simmons & Simmons (England), JC Master Law Offices (China)
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| Coupon: | 2.9%
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| Price: | Par
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| Yield: | 2.9%
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| Call: | For taxation reasons only at par plus interest
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | March 18
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| Issue date: | March 23
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| Listing date: | March 24
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| Distribution: | Regulation S
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| ISIN: | XS2456820690
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