By Mary-Katherine Stinson
Lexington, Ky., Nov. 7 – Zhejiang Kunpeng (BVI) Co. Ltd., a wholly owned subsidiary of Hangzhou Shangcheng State-owned Capital Operation Group Co., Ltd., issued $208 million 6˝% bonds due 2023 (Baa3), according to a listing notice.
The bonds benefit from a keepwell and liquidity support deed and a deed of equity interest purchase undertaking by the parent.
The joint global coordinators, joint lead managers and joint bookrunners for the issuer are Caitong International, Guotai Junan International, Citic Securities and China International Capital Corp.
They are joined as joint lead managers and joint bookrunners by China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, China Securities International, China Industrial Securities International, CMB International and Bocom International.
Proceeds will be used for project development and general corporate purposes.
The issuer is a state-owned investment and financial platform and urban operation enterprise in Shangcheng District, Hangzhou, Zheijiang Province.
| Issuer: | Zhejiang Kunpeng (BVI) Co. Ltd.
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| Amount: | $208 million
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| Issue: | Bonds
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| Maturity: | Nov. 3, 2023
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| Bookrunners: | Caitong International, Guotai Junan International, Citic Securities, China International Capital Corp., China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital, China Securities International, China Industrial Securities International, CMB International and Bocom International
|
| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | King & Wood Mallesons, Zhejiang T&C Law Firm, Ogier
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| Counsel to underwriters: | Linklaters, Tianyuan Law Firm
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| Coupon: | 6˝%
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| Price: | Par
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| Yield: | 6˝%
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| Change of control: | At 101
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| Pricing date: | Nov. 1
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| Issue date: | Nov. 4
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| Listing date: | Nov. 7
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| Rating: | Moody’s: Baa3
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| ISIN: | XS2549299480
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