By Mary-Katherine Stinson
Lexington, Ky., Sept. 6 – China’s Shandong Marine Group Ltd.’s indirect subsidiary, SDOE Development I Co. Ltd., issued $200 million of 7¼% bonds due 2026 at par, according to a final terms sheet.
The bonds will bear interest at the rate of 7¼%, payable semiannually in arrears.
The bonds are non-callable, but are redeemable for taxation reasons. They are also callable at par due to a no registration event, or at 101 due to a change of control.
China International Capital Corp. is the sole global coordinator, joint bookrunner and joint lead manager.
China International Capital Corp. Hong Kong Securities Ltd., China Citic Bank International Ltd., China Industrial Securities International Brokerage Ltd., CNCB (Hong Kong) Capital Ltd., Hua Xia Bank Co., Ltd. Hong Kong Branch, Huatai Financial Holdings (Hong Kong) Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch are the joint bookrunners and joint lead managers.
The issuer intends to use the proceeds for refinancing long-term offshore debt due within one year.
The guarantor is a state-owned enterprise that is engaged in maritime transportation, which is complemented by its trading, shipping-related services, inland waterway transportation businesses and offshore oil and gas field services and supported by its financial services business. The group is based in Shandong, China.
| Issuer: | SDOE Development I Co. Ltd.
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| Guarantor: | Shandong Marine Group Ltd.
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| Amount: | $200 million
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 5, 2026
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| Bookrunners: | China International Capital Corp. Hong Kong Securities Ltd., China Citic Bank International Ltd., China Industrial Securities International Brokerage Ltd., CNCB (Hong Kong) Capital Ltd., Hua Xia Bank Co., Ltd. Hong Kong Branch, Huatai Financial Holdings (Hong Kong) Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | King & Wood Mallesons (English and Chinese law) and Ogier (British Virgin Islands law)
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| Counsel to underwriters: | Linklaters (English and Hong Kong law) and JunHe LLP (Chinese law)
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| Coupon: | 7¼%
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| Price: | Par
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| Yield: | 7¼%
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| Call features: | Non-callable
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| Change of control: | At 101
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 5
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| ISIN: | XS2665469636
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