By William Gullotti
Buffalo, N.Y., March 17 – Luoyang Longmen Tourism Group Co., Ltd. priced $58 million of 2.98% credit-enhanced bonds due 2024 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds feature the benefit of an irrevocable standby letter of credit issued by Bank of Zhengzhou Co., Ltd.
The bonds may only be redeemed early, in whole but not in part, for taxation reasons at par plus interest.
Bondholders will be able to put the notes at par plus interest if a change of control or registration event occurs.
Fosun Hani, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Dongxing Securities (Hong Kong) and Wilson Securities are the joint global coordinators and placing agents for the offering.
Proceeds will be used for project construction and replenishing working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective March 17.
The issuer is the sole operating platform of the Longmen Grottoes Scenic Area, involved in investment, construction and operation of tourism projects.
| Issuer: | Luoyang Longmen Tourism Group Co., Ltd.
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| LoC issuer: | Bank of Zhengzhou Co., Ltd.
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| Issue: | Credit-enhanced bonds
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| Amount: | $58 million
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| Maturity: | Feb. 16, 2024
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| Placement agents: | Fosun Hani, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Dongxing Securities (Hong Kong) and Wilson Securities
|
| Counsel to agents: | Fangda Partners (English), Jingtian & Gongcheng (China)
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| Coupon: | 2.98%
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| Price: | Par
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| Yield: | 2.98%
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| Call: | For taxation reasons only at par plus interest
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| Change of control: | At par 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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| Distribution: | Regulation S
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| ISIN: | XS2456821821
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