By William Gullotti
Buffalo, N.Y., Dec. 23 – Lunan (Zaozhuang) Economic Development Investment Co., Ltd. issued RMB 350 million of 4.4% credit enhanced bonds due 2025 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Nanjing Co., Ltd.
Initial Capital Securities, Fosun Hani, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Guoyuan Securities (Hong Kong) are the joint lead managers and joint bookrunners for the offering, with Initial Capital and Fosun Hani also acting as joint global coordinators.
Proceeds are intended to replenish working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 23.
Located and operating in Zaozhuang City of China’s Shandong Province, the issuer is the primary entity for investment, construction, operation and management of state-owned assets.
| Issuer: | Lunan (Zaozhuang) Economic Development Investment Co., Ltd.
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| LoC issuer: | Bank of Nanjing Co., Ltd.
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| Amount: | RMB 350 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Dec. 22, 2025
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| Bookrunners: | Initial Capital Securities, Fosun Hani, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Guoyuan Securities (Hong Kong)
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.4%
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| Price: | Par
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| Yield: | 4.4%
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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. 15
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| Issue date: | Dec. 22
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| Listing date: | Dec. 23
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| Distribution: | Regulation S
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