By William Gullotti
Buffalo, N.Y., Sept. 25 – Zhengjin Financial International (BVI) Co., Ltd., an indirectly wholly owned subsidiary of Jinan Shizhong Finance Investment Group Co., Ltd., sold $60 million of 7½% one-year guaranteed bonds at par, according to a listing notice and an offering circular on Monday.
The bonds are guaranteed by the parent company and may be redeemed early 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 no registration event occurs.
Zhongtai International, Shenwan Hongyuan (H.K.), CNCB Capital, China Securities International, Huatai International and Dongxing Securities (Hong Kong) are the joint lead managers and joint bookrunners, with Zhongtai, Shenwan, and CNCB also acting as joint global coordinators.
Proceeds will be used for general corporate purposes.
The listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Sept. 25.
The issuer is an indirect wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on Jan. 19, 2022. Located in China’s Jinan City, the guarantor is a state-owned entity involved in investment, consultation, management and capital operation.
| Issuer: | Zhengjin Financial International (BVI) Co., Ltd.
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| Guarantor: | Jinan Shizhong Finance Investment Group Co., Ltd.
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| Amount: | $60 million
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| Issue: | Bonds
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| Maturity: | Sept. 20, 2024
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| Bookrunners: | Zhongtai International, Shenwan Hongyuan (H.K.), CNCB Capital, China Securities International, Huatai International and Dongxing Securities (Hong Kong)
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Patrick Mak & Tse Solicitors (Hong Kong), Grandall Law Firm (Jinan) (China), Ogier (BVI)
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| Counsel to underwriters: | Mayer Brown (England, Hong Kong), Commerce & Finance Law Offices (China)
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
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| Call option: | For taxation reasons at par plus interest
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| Put option: | At 101 plus interest upon change of control; at par plus interest if no registration event occurs
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| Pricing date: | Sept. 19
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| Issue date: | Sept. 22
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| Listing date: | Sept. 25
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| Distribution: | Regulation S
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| ISIN: | XS2673791815
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