By William Gullotti
Buffalo, N.Y., Dec. 21 – Qingtian County State-owned Assets Holding Group Co., Ltd. announced it issued RMB 600 million 4% credit enhanced bonds due 2025 at par, according to an offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd., Lishui 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 occurs.
Caitong International, ABC International, Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, Zhongtai International, China Merchants Securities (HK) and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners for the offering.
Caitong, ABC, and Guotai are also the joint global coordinators, with Guotai also acting as PRC coordinator.
Proceeds from the offering will be used for project funding and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 21.
Based in China’s Qingtian County, the issuer is involved in land development and consolidation, urban infrastructure construction and public utility operation.
| Issuer: | Qingtian County State-owned Assets Holding Group Co., Ltd.
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| LoC issuer: | Bank of Hangzhou Co., Ltd., Lishui Branch
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| Amount: | RMB 600 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Dec. 19, 2025
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| Bookrunners: | Caitong International, ABC International, Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, Zhongtai International, China Merchants Securities (HK) and Shenwan Hongyuan (H.K.)
|
| PRC coordinator: | Guotai Junan
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Jun He Law Offices (England), Zhong Lun Law Firm (China)
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| Counsel to underwriters: | Chungs Lawyers (in Association with DeHeng Law Offices) (England), Beijing DeHeng Law Offices (China)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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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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| Pricing date: | Dec. 12
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| Issue date: | Dec. 19
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| Listing date: | Dec. 21
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| Distribution: | Regulation S
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