By William Gullotti
Buffalo, N.Y., July 22 – China’s Dujiangyan Minjiang Water Group Co., Ltd. priced $60 million of 5% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Friday.
The bonds are supported by an irrevocable standby letter of credit issued by Huishang Bank Corp., Ltd., Chengdu Branch.
The bonds may be redeemed early for taxation reasons at par plus interest.
Bondholders will be able to exercise a change-of-control put at par plus interest.
CNCB Capital and Fosun Hani 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), Cofco Capital, Industrial Bank Co., Ltd., Hong Kong Branch, I Win Securities Ltd., Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), Soochow Securities (Hong Kong), SPDB International, Tensant Securities and Zhongtai International.
Proceeds will be used to replenish working capital and for general corporate purposes.
Listing for the bonds is expected on the Hong Kong Exchange effective July 22.
The issuer is the sole water supply and sewage treatment entity in Dujiangyan, China.
| Issuer: | Dujiangyan Minjiang Water Group Co., Ltd
|
| LoC issuer: | Huishang Bank Corp., Ltd., Chengdu Branch
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| Issue: | Credit enhanced bonds
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| Amount: | $60 million
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| Maturity: | July 21, 2025
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| Bookrunners: | CNCB Capital, Fosun Hani, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Cofco Capital, Industrial Bank Co., Ltd., Hong Kong Branch, I Win Securities Ltd., Orient Securities (Hong Kong), Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.), Soochow Securities (Hong Kong), SPDB International, Tensant Securities and Zhongtai International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to underwriters: | Fangda Partners (England), Jingtian & Gongcheng (China)
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call option: | For taxation reasons at par plus interest
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| Change-of-control put: | At par plus interest
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| Pricing date: | July 18
|
| Issue date: | July 21
|
| Listing date: | July 22
|
| Distribution: | Regulation S
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| ISIN: | XS2489585021
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