New Issue: Gaoyou Construction unit prices RMB 300 million 6% guaranteed bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., March 8 – China’s Gaoyou Construction Investment Development (BVI) Co., Ltd. sold RMB 300 million 6% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.

The bonds are guaranteed by parent company Gaoyou City Construction Investment Development Group Co., Ltd.

China Industrial Securities International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Guotai Junan International, CMBC Capital, SunRiver International Securities and Zhongtai International.

Proceeds will be used for project construction and working capital replenishment.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 8.

The issuer is a wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on May 16, 2022. The guarantor is primarily engaged in the construction of municipal infrastructure, water facilities, roads, environmental governance-related facilities and shantytown redevelopment projects in China’s Gaoyou City and Suzhou City.

Issuer:	Gaoyou Construction Investment Development (BVI) Co., Ltd.
Guarantor:	Gaoyou City Construction Investment Development Group Co., Ltd.
Amount:	RMB 300 million
Issue:	Guaranteed bonds
Maturity:	March 7, 2026
Bookrunners:	China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Guotai Junan International, CMBC Capital, SunRiver International Securities and Zhongtai International
Trustee:	China Central Depository & Clearing Co., Ltd. (as principal paying agent and registrar)
Counsel to issuer:	Dentons Hong Kong LLP (England), Beijing Dentons Law Offices, LLP (Qingdao) (China), Ogier (BVI)
Counsel to underwriters:	Fangda Partners (England), Hansheng Law Offices (China)
Coupon:	6%
Price:	Par
Yield:	6%
Call:	For taxation reasons at par
Change of control:	At 101
Pricing date:	March 3
Issue date:	March 7
Listing date:	March 8
Distribution:	Regulation S

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