Published on 12/20/2023 in the Prospect News Emerging Markets Daily.
New Issue: Chongqing Wansheng Industrial Park prices RMB 365.5 million 7½% bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Dec. 20 – China’s Chongqing Wansheng Industrial Park Development and Construction Co., Ltd. sold RMB 365.5 million of 7½% bonds due 2026 at par, according to a listing notice with an appended offering circular on Wednesday.
China Industrial Securities International, Golden Continent Securities Co., Ltd., CMBC Capital, Guotai Junan International, Zhonghui International, Excellent Tide, Haitong International, Zhongtai International, China Galaxy International and JQ Securities are the joint lead managers and joint bookrunners for the offering, with China Industrial, Golden Continent, CMBC and Guotai Junan also serving as joint global coordinators.
Proceeds will be used for project financing and replenishing working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Dec. 20.
The issuer is a state-owned enterprise responsible for industrial park development and operation, land development and consolidation within the Chongqing Wansheng Development Zone.
| Issuer: | Chongqing Wansheng Industrial Park Development and Construction Co., Ltd.
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| Amount: | RMB 365.5 million
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| Issue: | Bonds
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| Maturity: | Dec. 19, 2026
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| Bookrunners: | China Industrial Securities International, Golden Continent Securities Co., Ltd., CMBC Capital, Guotai Junan International, Zhonghui International, Excellent Tide, Haitong International, Zhongtai International, China Galaxy International and JQ Securities
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Herbert Smith Freehills (England), Chengdu Office of Zhong Lun Law Firm (China)
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| Counsel to underwriters: | King & Wood Mallesons (England), GrandAll Law Firm (Chongqing) (China)
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
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| Call: | Non-callable
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| Change of control: | At par
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| Pricing date: | Dec. 15
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| Issue date: | Dec. 19
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| Listing date: | Dec. 20
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| Distribution: | Regulation S
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| ISIN: | XS2735854940
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