By William Gullotti
Buffalo, N.Y., June 13 – China’s Chongqing Wanzhou Economic and Technological Development (Group) Co., Ltd. priced $29.5 million 7.2% bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Initial Capital Securities are the joint lead managers and joint bookrunners for the Regulation S issue, with Fosun acting as global coordinator.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective June 13.
Located in China’s Wanzhou ETDZ, the issuer is primarily engaged in copper product manufacturing and sale, land development and pharmaceutical trading businesses.
| Issuer: | Chongqing Wanzhou Economic and Technological Development (Group) Co., Ltd.
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| Amount: | $29.5 million
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| Issue: | Bonds
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| Maturity: | June 12, 2026
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| Bookrunners: | Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Initial Capital Securities
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (Hong Kong), SGLA Law Firm (China)
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| Coupon: | 7.2%
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| Price: | Par
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| Yield: | 7.2%
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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: | June 7
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| Issue date: | June 12
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| Listing date: | June 13
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| Distribution: | Regulation S
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| ISIN: | XS2631204182
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