By William Gullotti
Buffalo, N.Y., Aug. 25 – China’s Longnan Tourism Development and Investment Group Co., Ltd. announced it issued $96 million 6% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Jiujiang Co., Ltd.
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 no-registration event occurs.
Guotai Junan International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with China Zheshang Bank Co., Ltd., (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Tensant Securities, Valuable Capital Ltd. and Zhongtai International.
Proceeds from the offering will be used for project construction and general working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective Aug. 25.
Located in Longnan City of China’s Jiangxi province, the issuer is a developer centered on construction, engineering and operation of urban infrastructure projects.
| Issuer: | Longnan Tourism Development and Investment Group Co., Ltd.
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| LoC issuer: | Bank of Jiujiang Co., Ltd.
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| Amount: | $96 million
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| Issue: | Credit enhanced bonds
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| Maturity: | July 24, 2025
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| Bookrunners: | Guotai Junan International, China Zheshang Bank Co., Ltd., (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Tensant Securities, Valuable Capital Ltd. and Zhongtai International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Latham & Watkins LLP (England), Beijing Deheng Law offices (Hangzhou) (China)
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| Counsel to underwriters: | Mayer Brown (England), Jingtian & Gongcheng (China)
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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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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| No-registration event: | At par plus interest
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| Pricing date: | Aug. 17
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| Issue date: | Aug. 24
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| Listing date: | Aug. 25
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| Distribution: | Regulation S
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| ISIN: | XS2499263882
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