By William Gullotti
Buffalo, N.Y., May 20 – China’s Chengdu Tianfu Dagang Group Co., Ltd. announced it priced $100 million 4½% 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 registration event occurs.
Fosun Hani, Pulsar Capital Ltd., GF Securities, BOSC International and Soochow Securities (Hong Kong) are the placing agents for the offering.
Proceeds from the offering will be used for project construction and supplementing working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective May 20.
Located in Chengdu City, China, the issuer is involved in investing and financing urban construction projects as well as operating state-owned assets.
| Issuer: | Chengdu Tianfu Dagang Group Co., Ltd.
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| LoC issuer: | Huishang Bank Corp., Ltd.
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| Amount: | $100 million
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| Issue: | Credit enhanced bonds
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| Maturity: | May 19, 2025
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| Placing agents: | Fosun Hani, Pulsar Capital Ltd., GF Securities, BOSC International and Soochow Securities (Hong Kong)
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to agents: | Fangda Partners (Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4½%
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| Price: | Par
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| Yield: | 4½%
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| Call: | For taxation reasons only 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 13
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| Issue date: | May 19
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| Listing date: | May 20
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| Distribution: | Regulation S
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| ISIN: | XS2449522833
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