By William Gullotti
Buffalo, N.Y., Nov. 2 – Dongtai Huimin Urbanization Construction Group Co., Ltd. announced it priced €46 million of 4.7% credit enhanced bonds due 2025 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 Hangzhou Co., Ltd., Nanjing Branch.
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.
Sinolink Securities (HK), Central Wealth Securities Investment Ltd., Citic Securities, SunRiver International Securities Group Ltd., China Galaxy International, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.) and VMI Securities are the joint lead managers and joint bookrunners for the offering. Sinolink, Central Wealth, Citic and SunRiver are also the joint global coordinators.
Proceeds from the offering will be used to supplement operational capital.
Listings for the bonds is expected on the Hong Kong Exchange effective Nov. 2.
The issuer is a major state-owned infrastructure construction and urban development platform in Dongtai City of China’s Jiangsu Province.
| Issuer: | Dongtai Huimin Urbanization Construction Group Co., Ltd.
|
| LoC issuer: | Bank of Hangzhou Co., Ltd., Nanjing Branch
|
| Amount: | €46 million
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| Issue: | Credit enhanced bonds
|
| Maturity: | Nov. 1, 2025
|
| Bookrunners: | Sinolink Securities (HK), Central Wealth Securities Investment Ltd., Citic Securities, SunRiver International Securities Group Ltd., China Galaxy International, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.) and VMI Securities
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
|
| Counsel to issuer: | Jiangsu Fenglu Law Firm (China)
|
| Counsel to underwriters: | Jun He Law Offices (England), Shandong Ehen Law Firm (China)
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| Coupon: | 4.7%
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| Price: | Par
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| Yield: | 4.7%
|
| 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: | Oct. 25
|
| Issue date: | Nov. 1
|
| Listing date: | Nov. 2
|
| Distribution: | Regulation S
|
| ISIN: | XS2546982294
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