By William Gullotti
Buffalo, N.Y., June 10 – China’s Xin Fu (BVI) Co., Ltd., an indirect wholly owned subsidiary of Taizhou Xintai Group Co., Ltd., priced $48 million of 3.85% credit enhanced bonds due 2025 at par, according to multiple listing notices and an appended offering circular on Friday.
The bonds are guaranteed by the parent company and feature the benefit of an irrevocable standby letter of credit issued by Bank of Nanjing, Taizhou Branch.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to put the bonds at par plus interest if a change of control or registration event occurs.
Central Wealth Securities Investment Ltd. and Shanghai Pudong Development Bank Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are CMBC Capital, China Galaxy International and SunRiver International Securities Group Ltd.
Proceeds will be used to refinance offshore debt.
Listing for the bonds is expected on the Hong Kong Exchange effective June 10.
The Taizhou, China-based company provides infrastructure construction services.
| Issuer: | Xin Fu (BVI) Co., Ltd.
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| Guarantor: | Taizhou Xintai Group Co., Ltd.
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| LoC issuer: | Bank of Nanjing, Taizhou Branch
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| Amount: | $48 million
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| Issue: | Credit enhanced bonds
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| Maturity: | June 9, 2025
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| Bookrunners: | Central Wealth Securities Investment Ltd., Shanghai Pudong Development Bank Hong Kong Branch (joint global coordinators), CMBC Capital, China Galaxy International and SunRiver International Securities Group Ltd.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (England, Hong Kong), JunZeJun Nanjing Law Offices (China), Ogier (British Virgin Islands)
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| Coupon: | 3.85%
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| Price: | Par
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| Yield: | 3.85%
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| Call: | At par plus interest for taxation reasons
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| Puts: | At par plus interest if a change of control or a registration event occurs
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| Pricing date: | June 1
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| Issue date: | June 9
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| Listing date: | June 10
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| Distribution: | Regulation S
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| ISIN: | XS2485417096
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