By William Gullotti
Buffalo, N.Y., Aug. 31 – Weifang Urban Construction and Development Investment Group Co., Ltd. priced $100 million of 6% bonds due 2025 (Baa3//BBB-) at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will also be able to exercise put rights at 101 plus interest for a change of control and at par plus interest if a no registration event occurs.
China International Capital Corp., Zhongtai International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Bank of China, Industrial Bank Co., Ltd., Hong Kong Branch, Silk Road International, Guotai Junan International, China Industrial Securities International, CNCB Capital, CEB International and CLSA are the joint lead managers and joint bookrunners for the offering.
China International Capital, Zhongtai International, Hua Xia Bank and Bank of China are also the joint global coordinators with China International Capital further acting as green structuring adviser.
Proceeds will be used for financing and replenishing working capital of eligible green projects.
Listing for the Regulation S bonds will be on the Stock Exchange of Hong Kong Ltd. effective Aug. 31.
The issuer is a state-owned company that undertakes development and construction of urban infrastructure in Weifang City.
| Issuer: | Weifang Urban Construction and Development Investment Group Co., Ltd.
|
| Amount: | $100 million
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| Issue: | Bonds
|
| Maturity: | Aug. 30, 2025
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| Bookrunners: | China International Capital Corp., Zhongtai International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Bank of China, Industrial Bank Co., Ltd., Hong Kong Branch, Silk Road International, Guotai Junan International, China Industrial Securities International, CNCB Capital, CEB International and CLSA
|
| Green structuring adviser: | China International Capital Corp.
|
| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Deacons (England), Shandong Yuanduyinghe Law Firm (China)
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| Counsel to underwriters: | Clifford Chance (England), Beijing Deheng Law Offices LLP (China)
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| Coupon: | 6%
|
| Price: | Par
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| Yield: | 6%
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| Call features: | 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: | Aug. 25
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| Issue date: | Aug. 30
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| Listing date: | Aug. 31
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | Regulation S
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| ISIN: | XS2486610541
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