By William Gullotti
Buffalo, N.Y., April 11 – Deqing County Cultural Tourism Development Group Co., Ltd. announced it priced $45.5 million of 4% notes and $49 million of 3.4% credit enhanced notes, both due 2025, at par, according to two listing notices with appended offering circulars on Monday.
The credit enhanced series will feature an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders of each series will also be able to exercise put rights if a change-of-control or registration event occurs.
China International Capital Corp., Central Wealth Securities Investment Ltd. and Silk Road International are the joint global coordinators, joint lead managers and joint bookrunners for both series.
China Zheshang Bank Co., Ltd. (Hong Kong Branch) will also serve as a joint lead manager and joint bookrunner for the 4% notes, with Shenwan Hongyuan (H.K.) serving in the same capacity for the 3.4% credit enhanced notes.
Proceeds from the Regulation S offerings will be used for project financing and supplementing working capital.
Listings for both series are expected on the Hong Kong Exchange effective April 11.
The issuer is a cultural, social and economic development platform engaged in television broadcasting, tourism, property management and trading of building materials.
| Issuer: | Deqing County Cultural Tourism Development Group Co., Ltd.
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| Amount: | $94.5 million
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| Maturity: | April 8, 2025
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| Global coordinators: | China International Capital Corp., Central Wealth Securities Investment Ltd. and Silk Road International
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| Counsel to issuer: | Chungs Lawyers (In Association with Deheng Law Offices) (English), Deheng Law Offices (China)
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| Counsel to bookrunners: | Clifford Chance (English), Jun He LLP (China)
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| Call: | For taxation reasons at par plus interest
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| Pricing date: | March 31
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| Issue date: | April 8
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| Listing date: | April 11
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| Distribution: | Regulation S
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| Notes
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| Amount: | $45.5 million
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| Issue: | Notes
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| Bookrunner: | China Zheshang Bank Co., Ltd. (Hong Kong Branch)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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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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| ISIN: | XS2448360466
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| Credit-enhanced notes
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| Amount: | $49 million
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| Issue: | Credit-enhanced notes
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| LoC issuer: | Bank of Shanghai Co., Ltd., Hangzhou Branch
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| Bookrunner: | Shenwan Hongyuan (H.K.)
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| Coupon: | 3.4%
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| Price: | Par
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| Yield: | 3.4%
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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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| ISIN: | XS2460364628
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