By William Gullotti
Buffalo, N.Y., June 21 – China’s Xin Fu (BVI) Co., Ltd., an indirect wholly owned subsidiary of Taizhou Xintai Group Co., Ltd., priced $32 million of 4½% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by the parent company and feature the benefit of an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Nanjing 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. is the joint global coordinator for the Regulation S offering, also serving as a joint lead manager and joint bookrunner along with China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, China Galaxy International, Shenwan Hongyuan (H.K.) and SunRiver International Securities Group Ltd.
Proceeds will be used to refinance offshore debt.
Listing for the bonds became effective on the Hong Kong Exchange on June 20.
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: | China Bohai Bank Co., Ltd., Nanjing Branch
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| Amount: | $32 million
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| Issue: | Credit enhanced bonds
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| Maturity: | June 17, 2025
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| Bookrunners: | Central Wealth Securities Investment Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, China Galaxy International, Shenwan Hongyuan (H.K.) and SunRiver International Securities Group Ltd.
|
| 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: | 4½%
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| Price: | Par
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| Yield: | 4½%
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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 10
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| Issue date: | June 17
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| Listing date: | June 20
|
| Distribution: | Regulation S
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| ISIN: | XS2485416361
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