By William Gullotti
Buffalo, N.Y., March 24 – China’s Changxing Cultural Tourism Development Group Co., Ltd. priced RMB 1.17 billion of 3.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are backed by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
Caitong International, BOSC International, China International Capital Corp., Dingxin (Securities) Ltd. and CMBC Capital are the joint lead managers and joint bookrunners for the offering, with Caitong and BOSC also acting as joint global coordinators.
Proceeds will be used for project construction and supplemental working capital.
The listing is expected on the Chongwa (Macao) Exchange effective March 24.
Primarily conducting business in China’s Changxing County and Huzhou City, the issuer’s businesses include infrastructure construction, cultural tourism, merchandising, entertainment, event management, cinemas, hotels and trading.
| Issuer: | Changxing Cultural Tourism Development Group Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Hangzhou Branch
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| Amount: | RMB 1.17 billion
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| Issue: | Credit enhanced bonds
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| Maturity: | March 23, 2026
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| Bookrunners: | Caitong International, BOSC International, China International Capital Corp., Dingxin (Securities) Ltd. and CMBC Capital
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| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England), Capital Equity Legal Group Huzhou Firm (China)
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| Counsel to underwriters: | Jun He Law Offices (England), Beijing Dacheng Law Offices, LLP (China)
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| Coupon: | 3.8%
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| Price: | Par
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| Yield: | 3.8%
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| Call: | For taxation reasons at par plus interest
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| Put: | At par plus interest for a change of control
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| Pricing date: | March 16
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| Issue date: | March 23
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| Listing date: | March 24
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| Distribution: | Regulation S
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