By William Gullotti
Buffalo, N.Y., March 14 – Zhoukou Urban Construction Investment Development Ltd., Co. priced $120 million of 4.8% bonds due 2025 at par, according to a listing notice with an appended offering circular.
The bonds can only be redeemed early for taxation reasons at par plus interest. Bondholders will be able exercise put rights at 101 for a change of control and at par for a registration event.
China International Capital Corp., Haitong Bank, China Industrial Securities International, Huatai International, Essence International and China Zheshang Bank Co., Ltd. (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 Shenwan Hongyuan (H.K.) and China Credit International Securities Co., Ltd.
Proceeds will be used for replenishing working capital and general corporate purposes.
Listing for the bonds is expected on the Hong Kong Exchange and the Chongwa (Macao) Exchange (MOX) effective March 14.
The issuer is a municipal-level state-owned enterprise responsible for the development, financing and operation of urban infrastructure projects focused on shantytown redevelopment, primary land development, commercial trading and security services.
| Issuer: | Zhoukou Urban Construction Investment Development Ltd., Co.
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| Amount: | $120 million
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| Issue: | Bonds
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| Maturity: | March 11, 2025
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| Bookrunners: | China International Capital Corp., Haitong Bank, China Industrial Securities International, Huatai International, Essence International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Shenwan Hongyuan (H.K.) and China Credit International Securities Co., Ltd.
|
| Counsel to issuer: | Herbert Smith Freehills (England), Shengfan Law Firm (China)
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| Counsel to bookrunners: | Fangda Partners (England), Jingtian & Gongcheng (China)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Call option: | For taxation reasons in whole, but not in part, 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 4
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| Issue date: | March 11
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| Listing date: | March 14
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| Distribution: | Regulation S
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| ISIN: | XS2453962107
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