By William Gullotti
Buffalo, N.Y., March 29 – China’s Longnan Tourism Development and Investment Group Co., Ltd. announced it issued $60 million 6.7% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Jiujiang Co., Ltd.
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) 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 March 29.
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: | $60 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Feb. 28, 2026
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| Bookrunners: | Guotai Junan International, China Zheshang Bank Co., Ltd., (Hong Kong Branch) and Zhongtai International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Latham & Watkins LLP (England), Beijing Deheng Law offices (China)
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| Counsel to underwriters: | Mayer Brown (England), Jingtian & Gongcheng (China)
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| Coupon: | 6.7%
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| Price: | Par
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| Yield: | 6.7%
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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: | March 24
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| Issue date: | March 28
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| Listing date: | March 29
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| Distribution: | Regulation S
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| ISIN: | XS2602172244
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