By William Gullotti
Buffalo, N.Y., June 15 – Zhoushan Islands New Area Penglai State Asset Investment Group Co., Ltd. priced $150 million 3.9% 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 Hangzhou Co., Ltd., Zhoushan Branch.
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.
Guotai Junan International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with Huatai International.
Proceeds from the offering will be used for project financing and supplementing working capital.
Application will be made to list the bonds on the Hong Kong Exchange.
The issuer is the core operating entity responsible for sales of resettlement and affordable housing, as well as land development and consolidation, in Daishan County, Zhoushan City, China.
Issuer: | Zhoushan Islands New Area Penglai State Asset Investment Group Co., Ltd.
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LoC issuer: | Bank of Hangzhou Co., Ltd., Zhoushan Branch
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Amount: | $150 million
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Issue: | Credit enhanced bonds
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Maturity: | June 14, 2025
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Bookrunners: | Guotai Junan International, Huatai International
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Trustee: | Bank of New York Mellon, London Branch
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Counsel to issuer: | Chungs Lawyers in association with DeHeng Law Offices (England), Zhejiang Jizhou Law Firm (China)
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Counsel to underwriters: | Linklaters (England), Beijing DeHeng Law Offices (China)
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Coupon: | 3.9%
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Price: | Par
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Yield: | 3.9%
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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: | June 7
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Issue date: | June 14
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Distribution: | Regulation S
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ISIN: | XS2475950155
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