By William Gullotti
Buffalo, N.Y., Sept. 6 – Chengdu Xisheng Investment Group Co., Ltd. announced it priced $92.5 million 4.8% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Chengdu 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.
Orient Securities (Hong Kong), BOSC International, Shanghai Pudong Development Bank Hong Kong Branch, China International Capital Corp., JQ Securities, CNCB Capital, Fosun Hani, CLSA and Haitong International are the joint lead managers and joint bookrunners for the deal with Orient and BOSC also acting as joint global coordinators.
Proceeds from the offering will be used for general corporate purposes and replenishing working capital.
Application will be made to list the Regulation S bonds on the Hong Kong Exchange.
Located in the Pidu District of Chengdu, China, the issuer is involved in engineering construction, real estate sales, building material sales, rentals and agricultural product sales.
| Issuer: | Chengdu Xisheng Investment Group Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Chengdu Branch
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| Amount: | $92.5 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Sept. 2, 2025
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| Bookrunners: | Orient Securities (Hong Kong), BOSC International, Shanghai Pudong Development Bank Hong Kong Branch, China International Capital Corp., JQ Securities, CNCB Capital, Fosun Hani, CLSA and Haitong International
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Herbert Smith Freehills (England), Tahota Law Firm Chongqing Office (China)
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| Counsel to underwriters: | Linklaters (England), Beijing Dacheng Law Offices, LLP (China)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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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. 26
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| Issue date: | Sept. 2
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| Distribution: | Regulation S
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| ISIN: | XS2516965352
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