By William Gullotti
Buffalo, N.Y., June 21 – Jinghe New City Development and Construction (Group) Co., Ltd. of Xixian New Area, Shaanxi Province issued $100 million of 7.2% bonds due 2025, according to a listing notice with an appended an offering circular on Tuesday.
The bonds may be redeemed early in whole for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a registration event occurs.
Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, CLSA and Alpha International Securities are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong Bank and Shenwan Hongyuan (H.K.).
Proceeds will be used for refinancing offshore debt.
Listing for the bonds became effective on the Hong Kong Exchange on June 20.
The issuer is focused on land consolidation and development, social housing construction and infrastructure construction/management in the Jinghe New City of the Xixian New Area in the Shaanxi Province of China.
Issuer: | Jinghe New City Development and Construction (Group) Co., Ltd. of Xixian New Area, Shaanxi Province
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Amount: | $100 million
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Issue: | Credit-enhanced bonds
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Maturity: | June 17, 2025
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Bookrunners: | Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, CLSA, Alpha International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong Bank and Shenwan Hongyuan (H.K.)
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Trustee: | Bank of New York Mellon, London Bank
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Counsel to issuer: | Deacons (England), Shaanxi Jiaxuan Law Firm (China)
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Counsel to underwriters: | King & Wood Mallesons (England), King & Wood Mallesons (China)
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Coupon: | 7.2%
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Price: | Par
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Yield: | 7.2%
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Call option: | For taxation reasons, in whole at par plus interest
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Change of control: | At 101
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Registration event: | At par
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Pricing date: | June 14
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Issue date: | June 17
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Listing date: | June 20
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Distribution: | Regulation S
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ISIN: | XS2419657759
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