By William Gullotti
Buffalo, N.Y., Dec. 21 – China’s Zoucheng City Shengcheng Culture and Tourism Group Co., Ltd. sold RMB 125 million of 7.9% one-year guaranteed bonds at par, according to a listing notice and an offering circular on Thursday.
Sister subsidiary Zoucheng Urban Assets Holding Group Co., Ltd. is the guarantor.
Dongxing Securities (Hong Kong), Shenwan Hongyuan (H.K.), China Galaxy International and Cinda International are the joint lead managers and joint bookrunners for the offering, with Dongxing and Shenwan Hongyuan also serving as joint global coordinators.
As with Zoucheng City Investment Holdings International Co., Ltd.’s Dec. 11 sale of RMB 420 million 7.8% one-year guaranteed bonds and the Dec. 14 sale of RMB 440 million of 8% bonds due 2025 by Zoucheng Urban, proceeds will be used for replenishing the group’s working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 21.
Based and operating in Zoucheng City of China’s Shandong Province, the issuer is a developer and operator in the cultural tourism and education industries.
| Issuer: | Zoucheng City Shengcheng Culture and Tourism Group Co., Ltd.
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| Guarantor: | Zoucheng Urban Assets Holding Group Co., Ltd.
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| Amount: | RMB 125 million
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| Issue: | Guaranteed bonds
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| Maturity: | Dec. 18, 2024
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| Bookrunners: | Dongxing Securities (Hong Kong), Shenwan Hongyuan (H.K.), China Galaxy International and Cinda International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Mayer Brown (England, Hong Kong), Zhong Yin Law Offices (China)
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| Coupon: | 7.9%
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| Price: | Par
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| Yield: | 7.9%
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| Call option: | For taxation reasons at par
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| Puts: | At 101 for a change of control; at par for a no registration event
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| Pricing date: | Dec. 15
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| Issue date: | Dec. 20
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| Listing date: | Dec. 21
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| Distribution: | Regulation S
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| ISIN: | XS2732959767
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