By William Gullotti
Buffalo, N.Y., Sept. 27 – China’s Tianjin Rail Transit Urban Development Co., Ltd., a direct and wholly owned subsidiary of Tianjin Rail Transit Group Co., Ltd., priced $107.8 million of 6.2% guaranteed bonds due 2023 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by the parent company and may be redeemed early for taxation reasons at par plus interest.
Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no-registration event occurs.
Dongxing Securities (Hong Kong), Shenwan Hongyuan (H.K.), CNCB Capital, China International Capital Corp., China Galaxy International, Central China International, Guoyuan Securities (Hong Kong), Haitong International and JQ Securities are the joint lead managers and joint bookrunners for the offering. Dongxing, Shenwan Hongyuan, CNCB and China International are also serving as joint global coordinators.
Proceeds will be used for general corporate purposes.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Sept. 27.
The issuer is primarily engaged in property development and land management.
| Issuer: | Tianjin Rail Transit Urban Development Co., Ltd.
|
| Guarantor: | Tianjin Rail Transit Group Co., Ltd.
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| Amount: | $107.8 million
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 25, 2023
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| Bookrunners: | Dongxing Securities (Hong Kong), Shenwan Hongyuan (H.K.), CNCB Capital, China International Capital Corp., China Galaxy International, Central China International, Guoyuan Securities (Hong Kong), Haitong International and JQ Securities
|
| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Deacons (England)
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| Counsel to underwriters: | Jingtian & Gongcheng LLP (England), Jingtian & Gongcheng (China)
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| Coupon: | 6.2%
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| Price: | Par
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| Yield: | 6.2%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| No-registration event: | At par plus interest
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| Pricing date: | Sept. 20
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| Issue date: | Sept. 26
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| Listing date: | Sept. 27
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| Distribution: | Regulation S
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| ISIN: | XS2528708063
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