By William Gullotti
Buffalo, N.Y., Aug. 26 – China’s Chengdu Jianjiang Investment Group Co., Ltd. announced it priced $93 million of 5.3% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Friday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Huishang Bank Corp., 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 no-registration event occurs.
Fosun Hani, Wilson Securities, CEB International, Shanghai Pudong Development Bank Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering with Fosun Hani also serving as the global coordinator.
Proceeds will be used for domestic project development and replenishing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective Aug. 26.
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: | Huishang Bank Corp., Ltd.
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| Amount: | $93 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Aug. 25, 2025
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| Bookrunners: | Fosun Hani, Wilson Securities, CEB International, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Herbert Smith Freehills (England), Jingtian & Gongcheng (China)
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| Coupon: | 5.3%
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| Price: | Par
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| Yield: | 5.3%
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| Call option: | For taxation reasons at par plus interest
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| Put option: | At par plus interest upon change of control or no-registration event
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| Pricing date: | Aug. 22
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| Issue date: | Aug. 25
|
| Listing date: | Aug. 26
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| Distribution: | Regulation S
|
| ISIN: | XS2525189838
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