New Issue: Chengdu Dongfangguangyi sells $170 million 3.42% bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., March 22 – China’s Chengdu Dongfangguangyi Investment Co., Ltd. priced $170 million of 3.42% three-year bonds at par, according to a listing notice with an appended offering circular on Tuesday.

The bonds can be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put options at 101 plus interest for a change of control and at par plus interest if a registration event occurs.

Orient Securities (Hong Kong), China International Capital Corp. and BOSC International 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 Guosen Securities (HK), Alpha International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, TradeMaster Securities, CNCB Capital, ICBC International and JQ Securities.

Proceeds will be used for refinancing offshore bonds.

Listing for the bonds is expected on the Hong Kong Exchange effective March 22. Application will also be made to list the bonds on the Chongwa (Macao) Exchange.

The issuer is located in the Chenghua District of Chengdu, China, and is engaged in land development, infrastructure construction and housing resettlement.

Issuer:	Chengdu Dongfangguangyi Investment Co., Ltd.
Amount:	$170 million
Issue:	Bonds
Maturity:	March 21, 2025
Bookrunners:	Orient Securities (Hong Kong), China International Capital Corp., BOSC International, Guosen Securities (HK), Alpha International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, TradeMaster Securities, CNCB Capital, ICBC International and JQ Securities
Trustee:	China Construction Bank (Asia) Corp. Ltd.
Counsel to issuer:	Herbert Smith Freehills (England), Tahota Law Firm (China)
Counsel to bookrunners:	Mayer Brown (England), Beijing Dacheng Law Offices, LLP (China)
Coupon:	3.42%
Price:	Par
Yield:	3.42%
Call option:	For taxation reasons in whole, but not in part, at par plus interest
Change of control:	At 101 plus interest
Registration event:	At par plus interest
Pricing date:	March 14
Issue date:	March 21
Listing date:	March 22
Distribution:	Regulation S
ISIN:	XS2453372992

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