Published on 3/20/2024 in the Prospect News Emerging Markets Daily.
New Issue: China’s ZhongChuang sells RMB 220 million 4.4% credit enhanced bonds due 2027 at par
By William Gullotti
Buffalo, N.Y., March 20 – ZhongChuang (HK) Technology Co. Ltd. sold RMB 220 million of 4.4% credit enhanced bonds due 2027, according to a listing notice and an offering circular on Wednesday.
The par-priced bonds come with the benefit of a keepwell deed provided by parent company Zhejiang Qiantang River Investment Development Co., Ltd. and will also have the benefit of an irrevocable standby letter of credit provided by Bank of Shaoxing Co., Ltd.
Dingxin (Securities) Ltd., Soochow Securities (Hong Kong), Shenwan Hongyuan (H.K.), Zheshang International, China Galaxy International, CMBC Capital, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Huatai International, Shanghai Pudong Development Bank Hong Kong Branch, Shun Heng Securities, Zhongtai International, Guoyuan Securities (Hong Kong) and China Industrial Securities International are the joint lead managers and joint bookrunners for the offering, with Dinxin, Soochow, Shenwan Hongyuan and Zheshang also acting as joint global coordinators.
Proceeds will be used for project construction and replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 20.
Zhejiang Qiantang River Investment Development is a state-owned infrastructure construction and land development entity based in the Haining economic development district of Zhejiang province, China.
Issuer: | ZhongChuang (HK) Technology Co. Ltd.
|
Keepwell: | Zhejiang Qiantang River Investment Development Co., Ltd.
|
LoC bank: | Bank of Shaoxing Co., Ltd.
|
Amount: | RMB 220 million
|
Issue: | Credit enhanced bonds
|
Maturity: | March 19, 2027
|
Bookrunners: | Dingxin (Securities) Ltd., Soochow Securities (Hong Kong), Shenwan Hongyuan (H.K.), Zheshang International, China Galaxy International, CMBC Capital, CEB International, Industrial Bank Co., Ltd., Hong Kong Branch, Huatai International, Shanghai Pudong Development Bank Hong Kong Branch, Shun Heng Securities, Zhongtai International, Guoyuan Securities (Hong Kong) and China Industrial Securities International
|
Trustee: | CMB Wing Lung (Trustee) Ltd.
|
Counsel to issuer: | Zhejiang Huliang Law Firm (China)
|
Counsel to underwriters: | Linklaters (England), DeHeng Law Offices (China)
|
Coupon: | 4.4%
|
Price: | Par
|
Yield: | 4.4%
|
Call: | At par plus interest for tax reasons
|
Change of control: | At 101 plus interest
|
Pricing date: | March 12
|
Issue date: | March 19
|
Listing date: | March 20
|
Distribution: | Regulation S
|
ISIN: | HK0000987344
|
|
© 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.