By William Gullotti
Buffalo, N.Y., Dec. 21 – Chengda International Co., Ltd., a wholly owned subsidiary of Jiangyin State-owned Assets Holding (Group) Co., Ltd., issued €100 million of 4.95% guaranteed bonds due 2025 (//BBB) at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds are guaranteed by the parent company and may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no registration event occurs.
China Securities International, Tensant Securities, CEB International, Citic Securities, CMBC Capital, CNCB Capital, Haitong International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners, with China Securities and Tensant also acting as joint global coordinators.
Minsheng Securities Co., Ltd. is the onshore coordinator for the offering.
Proceeds will be used to fund the guarantor’s projects and to replenish the guarantor’s working capital.
The listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Dec. 21.
The issuer is a wholly owned subsidiary of the guarantor, incorporated in Hong Kong on Nov. 21. The guarantor is an infrastructure investment and financing entity and utility operator in China’s Jiangyin City.
Issuer: | Chengda International Co., Ltd.
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Guarantor: | Jiangyin State-owned Assets Holding (Group) Co., Ltd.
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Amount: | €100 million
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Issue: | Guaranteed bonds
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Maturity: | Dec. 20, 2025
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Bookrunners: | China Securities International, Tensant Securities, CEB International, Citic Securities, CMBC Capital, CNCB Capital, Haitong International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
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Onshore coordinator: | Minsheng Securities Co., Ltd.
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Trustee: | China Construction Bank (Asia) Corp., Ltd.
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Counsel to issuer: | Jun He Law Offices (England), Jingtian & Gongcheng (China)
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Counsel to underwriters: | Linklaters (England), Beijing DeHeng Law Offices (China)
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Coupon: | 4.95%
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Price: | Par
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Yield: | 4.95%
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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; at par plus interest for a no registration event
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Pricing date: | Dec. 14
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Issue date: | Dec. 20
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Listing date: | Dec. 21
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Rating: | Fitch: BBB
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Distribution: | Regulation S
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ISIN: | XS2564799588
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