New Issue: China’s Zhejiang Xinchang prices $300 million of 6% sustainable bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., Jan. 12 – Zhejiang Xinchang Investment Development Co., Ltd. issued $300 million of 6% sustainable bonds due 2027 (Chengxin: BBBg) at par, according to a listing notice with an appended offering circular on Friday.

Guotai Junan International, Caitong International, China Industrial Securities International, BOSC International, China Securities International, Huatai International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Guolian Securities International are the joint lead managers and joint bookrunners, with Guotai Junan, Caitong, China Industrial and BOSC also serving as joint global coordinators.

Guotai Junan is further acting as sustainability structuring adviser.

Proceeds will be used for refinancing existing debt in accordance with the company’s sustainable finance framework.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Jan. 12.

The company is in the infrastructure municipal construction business.

Issuer:	Zhejiang Xinchang Investment Development Co., Ltd.
Amount:	$300 million
Issue:	Sustainable bonds
Maturity:	Jan. 11, 2027
Bookrunners:	Guotai Junan International, Caitong International, China Industrial Securities International, BOSC International, China Securities International, Huatai International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Guolian Securities International
Sustainability adviser:	Guotai Junan International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Mayer Brown (England, Hong Kong), Jingtian & Gongcheng (China)
Counsel to underwriters:	Jun He Law Offices (England, Hong Kong), Commerce & Finance Law Offices (China)
Coupon:	6%
Price:	Par
Yield:	6%
Call:	For taxation reasons at par
Puts:	At 101 for a change of control; at par for a no registration event
Pricing date:	Jan. 8
Issue date:	Jan. 11
Listing date:	Jan. 12
Rating:	Chengxin: BBBg
Distribution:	Regulation S
ISIN:	XS2736277232

© 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.