By William Gullotti
Buffalo, N.Y., May 3 – Chengdu Jianjiang Investment Group Co., Ltd. announced it priced $70 million 4.2% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Chengdu Rural Commercial Bank Co., Ltd.
The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control or registration event occurs.
Fosun Hani, Dongxing Securities (Hong Kong) and Wilson Securities are the placing agents for the offering.
Proceeds will be used for domestic project development and replenishing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective May 3.
The issuer is an urban construction, investment and financing entity located and operating in Pengzhou, China.
| Issuer: | Chengdu Jianjiang Investment Group Co., Ltd.
|
| LoC issuer: | Chengdu Rural Commercial Bank Co., Ltd.
|
| Amount: | $70 million
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| Issue: | Credit enhanced bonds
|
| Maturity: | April 29, 2025
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| Placing agents: | Fosun Hani, Dongxing Securities (Hong Kong), Wilson Securities
|
| Counsel to placing agents: | Herbert Smith Freehills (England), Jingtian & Gongcheng (China)
|
| Coupon: | 4.2%
|
| Price: | Par
|
| Yield: | 4.2%
|
| Call: | For taxation reasons 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: | April 25
|
| Issue date: | April 29
|
| Listing date: | May 3
|
| Distribution: | Regulation S
|
| ISIN: | XS2462218988
|
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