By William Gullotti
Buffalo, N.Y., Dec. 5 – China’s Jiangsu Jintan Guofa International Investment Development Co., Ltd. subsidiary Jingfa Overseas Investment Co., Ltd. priced $82 million of 7½% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.
The Regulation S bonds will be guaranteed by the parent company.
Citic Securities, Guotai Junan International, Shenwan Hongyuan (H.K.) and Donghai International are the joint lead managers and joint bookrunners for the offering, with Citic, Guotai and Shenwa also acting as joint global coordinators.
Proceeds will be used to repay existing medium- to long-term debt maturing by the end of 2022.
Listing for the bonds is expected on the Hong Kong Exchange effective Dec. 5.
The issuer is an indirect, wholly owned subsidiary of the guarantor that was incorporated in the British Virgin Islands on June 13. Jintan, China-based Jiangsu Jintan Guofa provides project investment, infrastructure investment, asset management, housing demolition, construction engineering contracting and textile distribution services.
| Issuer: | Jingfa Overseas Investment Co., Ltd.
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| Guarantor: | Jiangsu Jintan Guofa International Investment Development Co., Ltd.
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| Amount: | $82 million
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| Issue: | Guaranteed bonds
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| Maturity: | Dec. 2, 2025
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| Bookrunners: | Citic Securities, Guotai Junan International, Shenwan Hongyuan (H.K.) and Donghai International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Jun He Law Offices (England), Zhonglun W&D Law Firm (China), Maples and Calder (Hong Kong) LLP (BVI)
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| Counsel to underwriters: | King & Wood Mallesons (England), Jingtian & Gongcheng (China)
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At 101 plus interest for a change of control
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| Pricing date: | Nov. 28
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| Issue date: | Dec. 2
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| Listing date: | Dec. 5
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| Distribution: | Regulation S
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| ISIN: | XS2551133486
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