New Issue: Qingdao Haifa’s Xi Hai RMB 2.21 billion of bonds over two offerings

Chicago, Nov. 11 – Xi Hai An 2019 Ltd. sold RMB 2.21 billion of bonds in two offerings, pricing a first part on Nov. 4 and a second part on Nov. 7, according to term sheets.

Both credit-enhanced bonds have the benefit of a keepwell deed from Qingdao Haifa State-Owned Capital Investment and Operation Group Co., Ltd.

Evergrowing Bank Co. Ltd. Qingdao Branch provided a letter of credit.

The first offer was for RMB 1.33 billion of 4˝% bonds due 2025.

The second offer priced as RMB 880 million of 6% bonds due 2025.

Both bonds priced at par.

The joint global coordinators were China Galaxy International, BOC International, Haitong Bank and China Minsheng Banking Corp., Ltd., Hong Kong Branch.

The joint bookrunners and joint lead managers for the first offer were Hua Xia Bank Co., Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan International, China International Capital Corp. and CGS-CIMB Securities (Singapore) Pte. Ltd.

China Zheshang Bank Co., Ltd. (Hong Kong Branch) was the joint bookrunners for the second offer.

Proceeds will be used to refinancing the existing medium to long-term offshore debt due in November.

The issuer is a state-owned enterprise approved by the Qingdao Municipal Government, mainly responsible for capital investment and operation.

Issuer:	Xi Hai An 2019 Ltd.
Keepwell:	Qingdao Haifa State-Owned Capital Investment and Operation Group Co., Ltd.
Amount:	RMB 2.21 billion
Issue:	Bonds
Trustee:	China Construction Bank (Asia) Corp. Ltd.
Counsel to issuer:	King & Wood Mallesons, Jingtian & Gongcheng, Ogier
Counsel to underwriters:	Linklaters, Global Law Office
First offer
Amount:	RMB 1.33 billion
Bookrunners:	China Galaxy International, BOC International, Haitong Bank, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd. Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan International, China International Capital Corp. and CGS-CIMB Securities (Singapore) Pte. Ltd.
Maturity:	Nov. 10, 2025
Coupon:	4˝%
Price:	Par
Yield:	4˝%
Change of control:	At par
Trade date:	Nov. 4
Settlement date:	Nov. 10
Second offer
Amount:	RMB 880 million
Bookrunners:	China Galaxy International, BOC International, Haitong Bank, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch)
Maturity:	Nov. 10, 2025
Coupon:	6%
Price:	Par
Yield:	6%
Change of control:	At 101
Trade date:	Nov. 7
Price talk:	Nov. 10

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