By William Gullotti
Buffalo, N.Y., Jan. 8 – China’s Shandong Qihe International (Singapore) Pte., Ltd. priced RMB 343 million of 7.8% guaranteed bonds due 2026 in two parts at par, according to listing notices and offering circulars on Monday.
The bonds will be guaranteed by the issuer’s indirect parent, Qihe Urban Investment Construction Group Co., Ltd.
The overall issue occurred in two parts, RMB 223 million priced Dec. 29 and a RMB 120 million tap priced Jan. 3. They will be consolidated prior to listing on Monday.
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 and Shanggu Asset Management (Asia) Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for the overall issue, with Tung Yat Securities Ltd. joining them in the same roles for the tap issue.
The latest two-part issue of 7.8% guaranteed bonds, overall, marks nine par-priced guaranteed offerings by this issuer and guarantor with identical coupons since Sept. 27, including two tap offerings.
As with the majority of 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. 8.
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 343 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., Tung Yat Securities Ltd. (tap issue only)
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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: | 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 dates: | Dec. 29 for initial RMB 223 million; Jan. 3 for additional RMB 120 million
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| Issue date: | Jan. 5
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| Listing date: | Jan. 8
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| Distribution: | Regulation S
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| ISIN: | XS2742998359
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