New Issue: Linyi City’s Yi Bright unit sells $100 million 6.8% guaranteed bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., April 29 – China’s Yi Bright International Ltd., a wholly owned subsidiary of Linyi City Construction Investment Group Co., Ltd., priced $100 million of 6.8% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Monday.

The parent company will guarantee the Regulation S bonds.

China Industrial Securities International, China International Capital Corp., China Securities International, Guotai Junan International, Orient Securities (Hong Kong), CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Guolian Securities International, CMBC Capital, GF Securities, Zhongtai International, CMB Wing Lung Bank Ltd., Huatai International, China Galaxy International, Regent Securities, Citic Securities, Sigma Capital and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners, with China Industrial Securities, China International Capital, China Securities International, Guotai Junan, Orient, CNCB, Industrial Bank, Guolian and CMBC also acting as joint global coordinators.

Proceeds will be used for project development and to replenish working capital.

The listing is expected on the Chongwa (Macao) Exchange effective April 29.

The engineering and construction services company is based in Linyi, China.

Issuer:	Yi Bright International Ltd.
Guarantor:	Linyi City Construction Investment Group Co., Ltd.
Amount:	$100 million
Issue:	Guaranteed bonds
Maturity:	April 26, 2026
Bookrunners:	China Industrial Securities International, China International Capital Corp., China Securities International, Guotai Junan International, Orient Securities (Hong Kong), CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Guolian Securities International, CMBC Capital, GF Securities, Zhongtai International, CMB Wing Lung Bank Ltd., Huatai International, China Galaxy International, Regent Securities, Citic Securities, Sigma Capital and Shenwan Hongyuan (H.K.)
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Morgan, Lewis & Bockius (England), Beijing DHH (Shanghai) Law Firm (China), Ogier (BVI)
Counsel to underwriters:	King & Wood Mallesons (England), Jingtian & Gongcheng (China)
Coupon:	6.8%
Price:	Par
Yield:	6.8%
Call:	For taxation reasons at par
Puts:	At 101 upon change of control; at par for a non-registration event
Pricing date:	April 23
Issue date:	April 26
Listing date:	April 29
Distribution:	Regulation S
ISIN:	XS2790851161

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