By William Gullotti
Buffalo, N.Y., Aug. 14 – Panzhihua City Construction and Transportation (Group) Co., Ltd. priced RMB 256.88 million 4.65% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Monday.
The Regulation S bonds feature the benefit of an irrevocable standby letter of credit issued by Bank of Tianjin Co., Ltd.
Wilson Securities, Essence International, Bocom International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong International, CNCB Capital and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with Wilson, Essence and Bocom also acting as joint global coordinators.
Proceeds will be used for the construction of the Panzhihua Jinjiang Township Cloud Wisdom Supporting Services Industrial Park Construction Project and the Panzhihua Production Service National Logistics Hub Construction Phase I Project, as well as for supplementing working capital.
Listing for the bonds is expected on the Hong Kong Exchange on Aug. 14.
The issuer is a prominent infrastructure construction business based in China’s Sichuan Province.
| Issuer: | Panzhihua City Construction and Transportation (Group) Co., Ltd.
|
| LoC issuer: | Bank of Tianjin Co., Ltd.
|
| Amount: | RMB 256.88 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | Aug. 11, 2026
|
| Bookrunners: | Wilson Securities, Essence International, Bocom International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong International, CNCB Capital and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Tian Yuan Law Firm LLP (England), Tahota Law Firm (China)
|
| Counsel to underwriters: | Jun He Law Offices (England), Gaopeng & Partners Nanjing Office (China)
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| Coupon: | 4.65%
|
| Price: | Par
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| Yield: | 4.65%
|
| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest for a change of control or no registration event
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| Pricing date: | Aug. 9
|
| Issue date: | Aug. 11
|
| Listing date: | Aug. 14
|
| Distribution: | Regulation S
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| ISIN: | XS2665495391
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