By William Gullotti
Buffalo, N.Y., Nov. 27 – China’s Xi’an Port Industrial Co., Ltd. sold $63 million of 6.1% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular.
The bonds are backed by an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd. Xi’an Branch.
TF International, Citic Securities, Waton Securities International Ltd., ABC International, CEB International, Shenwan Hongyuan (H.K.), CNCB Capital and Golden Rich Securities are the joint lead managers and joint bookrunners for the Regulation S offering, with TF also serving as global coordinator.
Proceeds will be used as funding for the $300 million redemption of offshore bonds due Dec. 2, 2023, which were issued in two parts in December 2020 and July 2021.
The new bonds were listed on the Hong Kong Exchange effective Nov. 23.
The real estate company is based in Xi’an, China.
| Issuer: | Xi’an Port Industrial Co., Ltd.
|
| LoC issuer: | Postal Savings Bank of China Co., Ltd. Xi’an Branch
|
| Amount: | $63 million
|
| Issue: | Credit-enhanced bonds
|
| Maturity: | Oct. 22, 2026
|
| Bookrunners: | TF International, Citic Securities, Waton Securities International Ltd., ABC International, CEB International, Shenwan Hongyuan (H.K.), CNCB Capital and Golden Rich Securities
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England), Beijing Yingke Law Firm Xi'an Office (China)
|
| Coupon: | 6.1%
|
| Price: | Par
|
| Yield: | 6.1%
|
| Call: | For taxation reasons at par plus interest
|
| Puts: | At par plus interest upon change of control or if a no registration event occurs
|
| Pricing date: | Nov. 20
|
| Issue date: | Nov. 22
|
| Listing date: | Nov. 23
|
| Distribution: | Regulation S
|
| ISIN: | XS2717993658
|
|
|
© 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.
