Published on 10/25/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Shandong Qihe prices RMB 270 million 7.8% guaranteed bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Oct. 25 – Shandong Qihe International (Singapore) Pte., Ltd. priced RMB 270 million of 7.8% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.
The bonds will be guaranteed by the issuer’s indirect parent, Qihe Urban Investment Construction Group Co., Ltd.
Shenwan Hongyuan (H.K.), Golden Rich Securities, China Galaxy International, Glory Profit Capital Ltd., China Enterprise, Haitong International, Weshine Securities and Zhonghui International are the joint lead managers and joint bookrunners for the offering, with Shenwan and Golden Rich also acting as joint global coordinators.
Proceeds will be used to finance the Qihe County Intelligent Industrial Park Construction Project and for replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Oct. 25.
The issuer is an indirect and wholly owned subsidiary of the guarantor. The guarantor is an infrastructure construction entity based in Qihe County of China’s Shandong Province.
| Issuer: | Shandong Qihe International (Singapore) Pte., Ltd.
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| Guarantor: | Qihe Urban Investment Construction Group Co., Ltd.
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| Amount: | RMB 270 million
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| Issue: | Guaranteed bonds
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| Maturity: | Oct. 24, 2026
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| Bookrunners: | Shenwan Hongyuan (H.K.), Golden Rich Securities, China Galaxy International, Glory Profit Capital Ltd., China Enterprise, Haitong International, Weshine Securities and Zhonghui International
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Mayer Brown (England, Hong Kong), Tahota Law Firm (China), Mayer Brown PK Wong & Nair Pte. Ltd. (Singapore)
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Yingke Law Firm (China)
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| Coupon: | 7.8%
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| Price: | Par
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| Yield: | 7.8%
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| Call option: | At par for tax reasons
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| Put options: | At 101 upon change of control; at par for non-registration event
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| Pricing date: | Oct. 16
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| Issue date: | Oct. 24
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| Listing date: | Oct. 25
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| Distribution: | Regulation S
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| ISIN: | XS2707150012
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