By William Gullotti
Buffalo, N.Y., July 13 – Xi’an Baqiao Investment Holding Group Co., Ltd. announced it priced $58 million 4.1% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch.
The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control or registration event occurs.
Tensant Securities, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, Luso Bank Ltd. and CNCB Capital are the joint global coordinators and joint lead managers for the offering.
Also serving as joint lead managers are Haitong International, China Galaxy International, Shenwan Hongyuan (H.K.), China Securities International, Wanhai Securities, HK Sinoko Capital Ltd., China Industrial Securities International and Innovest Securities Investment Ltd.
Proceeds from the offering will be used to replenish working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective July 13.
The issuer is an investment holding company with segments focused on engineering and construction business, property management business, childhood education business and medical business. The issuer is beneficially owned and controlled by the Xi’an Baqiao District in Xi’an City, Shaanxi Province in China.
| Issuer: | Xi’an Baqiao Investment Holding Group Co., Ltd.
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| LoC issuer: | Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
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| Issue: | Credit enhanced bonds
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| Amount: | $58 million
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| Maturity: | May 12, 2025
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| Managers: | Tensant Securities, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, Luso Bank Ltd., CNCB Capital, Haitong International, China Galaxy International, Shenwan Hongyuan (H.K.), China Securities International, Wanhai Securities, HK Sinoko Capital Ltd., China Industrial Securities International and Innovest Securities Investment Ltd.
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Hong Zhen Law Firm (China)
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| Coupon: | 4.1%
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| Price: | Par
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| Yield: | 4.1%
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| Call: | For taxation reasons 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: | July 5
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| Issue date: | July 12
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| Listing date: | July 13
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| Distribution: | Regulation S
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| ISIN: | XS2439593653
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