By William Gullotti
Buffalo, N.Y., March 17 – China’s Keqiao (HK) International Investment Co., Ltd., a wholly owned subsidiary of Shaoxing Keqiao District State-owned Assets Investment and Management Group Co. Ltd., priced $300 million of 3% guaranteed bonds due 2025 (//BBB), according to a listing notice with an appended offering circular on Thursday.
The bonds, priced at par, are guaranteed by the parent company and may only be redeemed early for taxation reasons.
Bondholders will be able to exercise put rights at 101 plus interest for a change of control and at par plus interest if a registration event occurs.
Bank of China, Guosen Securities (HK), Dongxing Securities (Hong Kong) are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are Orient Securities (Hong Kong), CLSA, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications and China International Capital Corp.
Proceeds will be used for project construction and replenishing working capital.
The listing for the Regulation S bonds is expected March 17 on the Stock Exchange of Hong Kong Ltd.
Shaoxing Keqiao is responsible for the consolidation and operation of state-owned assets and involved with facilitating the economic and social development of Keqiao District, Shaoxing City.
| Issuer: | Keqiao (HK) International Investment Co., Ltd.
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| Guarantor: | Shaoxing Keqiao District State-owned Assets Investment and Management Group Co. Ltd.
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| Amount: | $300 million
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| Issue: | Guaranteed bonds
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| Maturity: | March 16, 2025
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| Bookrunners: | Bank of China, Guosen Securities (HK), Dongxing Securities (Hong Kong), Orient Securities (Hong Kong), CLSA, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications and China International Capital Corp.
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| Counsel to issuer: | Fangda Partners (England), Deheng Law Offices (China)
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| Counsel to bookrunners: | Freshfields Bruckhaus Deringer (England), Jingtian & Gongcheng (China)
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| Coupon: | 3%
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| Price: | Par
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| Yield: | 3%
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| Call: | For taxation reasons only at par plus interest
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | March 9
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| Issue date: | March 16
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| Listing date: | March 17
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| Rating: | Fitch: BBB
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| Distribution: | Regulation S
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| ISIN: | XS2450979484
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