By William Gullotti
Buffalo, N.Y., Jan. 3 – Shandong Qihe International (Singapore) Pte., Ltd. priced RMB 207 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.
The indenture includes a limitation for redemptions of later maturing bonds that applies to the issuer, the guarantor and their subsidiaries. The limitation prohibits voluntary and/or optional prepayment, redemption repurchase, defeasance and/or other acquisition/retirement for value unless otherwise approved via extraordinary resolution by bondholders.
Interarch Asset Management Ltd., Haitong International, Shanggu Asset Management (Asia) Ltd., Yuan Tong Global Securities Ltd. and Yunrui Sec are the joint lead managers and joint bookrunners for the offering, with all but Yunrui also working as joint global coordinators.
The latest series of 7.8% guaranteed bonds due 2026 is separate from the company’s:
• RMB 244 million series maturing the same date (ISIN: HK0000954708) issued Sept. 27, 2023;
• RMB 270 million series maturing Oct. 24, 2026 (ISIN: XS2707150012) issued Oct. 24, 2023; and
• RMB 657.1 million series maturing Nov. 23, 2026 (ISIN: XS2721299597) issued Nov. 23, 2023, Dec. 28, 2023 and Dec. 29, 2023.
As with the prior offerings, 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 Jan. 3.
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.
|
| Guarantor: | Qihe Urban Investment Construction Group Co., Ltd.
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| Amount: | RMB 207 million
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 27, 2026
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| Bookrunners: | Interarch Asset Management Ltd., Haitong International, Shanggu Asset Management (Asia) Ltd., Yuan Tong Global Securities Ltd. and Yunrui Sec
|
| 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: | For taxation reasons at par
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| Put options: | At 101 upon change of control; at par if non-registration event occurs
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| Pricing date: | Dec. 27
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| Issue date: | Jan. 2
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| Listing date: | Jan. 3
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| Distribution: | Regulation S
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| ISIN: | XS2741759075
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