By William Gullotti
Buffalo, N.Y., May 18 – Changsha Jinxia New District City Development Co., Ltd. announced it priced $145 million 4.1% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Changsha 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.
Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International are the joint global coordinators, joint lead managers and joint bookrunners with China Industrial Securities International as lead global coordinator.
Also serving as joint lead managers and joint bookrunners are Guoyuan Securities (Hong Kong), CNCB Capital, Shenwan Hongyuan (H.K.), Huatai International, Central Wealth Securities Investment Ltd., Sinolink Securities (HK), CEB International, Guotai Junan International, Guosen Securities (HK), Central China International and Fosun Hani.
Proceeds from the offering will be used for project investment, refinancing and replenishing working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective May 18.
The issuer is an investment and financing platform engaged in infrastructure construction and land development projects.
| Issuer: | Changsha Jinxia New District City Development Co., Ltd.
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| LoC issuer: | Bank of Changsha Co., Ltd.
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| Amount: | $145 million
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| Issue: | Credit enhanced bonds
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| Maturity: | May 17, 2025
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| Bookrunners: | China Industrial Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, Zhongtai International, Guoyuan Securities (Hong Kong), CNCB Capital, Shenwan Hongyuan (H.K.), Huatai International, Central Wealth Securities Investment Ltd., Sinolink Securities (HK), CEB International, Guotai Junan International, Guosen Securities (HK), Central China International and Fosun Hani
|
| Counsel to issuer: | Hunan Tiandiren Law Firm (China)
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| Counsel to underwriters: | Mayer Brown (England), Hunan Furong Law Firm (China)
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| Coupon: | 4.1%
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| Price: | Par
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| Yield: | 4.1%
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| 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: | May 10
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| Issue date: | May 17
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| Listing date: | May 18
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| Distribution: | Regulation S
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| ISIN: | XS2475862533
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