By William Gullotti
Buffalo, N.Y., Dec. 29 – Hubei Huanchuan State Owned Capital Investment and Operation Group Co., Ltd. announced it priced RMB 970 million 4.7% credit enhanced bonds due 2025 at par, according to a listing notice and an offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Evergrowing Bank Co., Ltd., Wuhan 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.
China International Capital Corp., TF International, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners, with China International and TF also acting as joint global coordinators.
Proceeds from the offering will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 28.
Based in Xiaogan City, China, the issuer is involved in project construction, sand and gravel material supply and labor subcontracting, passenger transport service, armed escort security service and water supply.
| Issuer: | Hubei Huanchuan State Owned Capital Investment and Operation Group Co., Ltd.
|
| LoC issuer: | Evergrowing Bank Co., Ltd., Wuhan Branch
|
| Issue: | Credit enhanced bonds
|
| Amount: | RMB 970 million
|
| Maturity: | Dec. 23, 2025
|
| Bookrunners: | China International Capital Corp., TF International, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
|
| Counsel to issuer: | Fangda Partners (England), DeHeng Law Offices (China)
|
| Counsel to underwriters: | Linklaters (England), Jingtian & Gongcheng (China)
|
| Coupon: | 4.7%
|
| Price: | Par
|
| Yield: | 4.7%
|
| Call: | For taxation reasons at par plus interest
|
| Change of control: | At par plus interest
|
| Pricing date: | Dec. 20
|
| Issue date: | Dec. 23
|
| Listing date: | Dec. 28
|
| Distribution: | Regulation S
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
