By William Gullotti
Buffalo, N.Y., March 28 – China’s Xiangtan Zhenxiang State-Owned Assets Management Investment Co., Ltd. priced $100 million of 3.3% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.
The Regulation S bonds will have the benefit of an irrevocable standby letter of credit issued by Bank of Changsha Co., Ltd.
The bonds can only be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put options if a change-of-control or registration event occurs at par plus interest.
Central Wealth Securities Investment Ltd. is the global coordinator as well as serving as joint lead manager and joint bookrunner with CLSA, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, CMB Wing Lung Bank Ltd. and CMBC Capital.
Proceeds will be used for project construction and to replenish working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective March 28. Application will also be made to list the bonds on the Chongwa (Macao) Exchange as soon as practicable.
The issuer is an urban development platform focused on relocation housing development and infrastructure construction.
| Issuer: | Xiangtan Zhenxiang State-Owned Assets Management Investment Co., Ltd.
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| LoC issuer: | Bank of Changsha Co., Ltd.
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| Amount: | $100 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 25, 2025
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| Bookrunners: | Central Wealth Securities Investment Ltd., CLSA, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, CMB Wing Lung Bank Ltd. and CMBC Capital
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| Counsel to issuer: | Herbert Smith Freehills (England), W&H Law Firm, Shanghai (China)
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| Counsel to bookrunners: | Jun He Law Offices (England), Hiways Law Firm (China)
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| Coupon: | 3.3%
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| Price: | Par
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| Yield: | 3.3%
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| Call option: | For taxation reasons in whole, but not in part, 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 22
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| Issue date: | March 25
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| Listing date: | March 28
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| Distribution: | Regulation S
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| ISIN: | XS2429778827
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