By William Gullotti
Buffalo, N.Y., Dec. 6 – Weihai Huantong Industrial Investment Group Co., Ltd. priced RMB 353 million of 7˝% notes due 2024 at par, according to three listing documents on Wednesday.
The initial RMB 249 million offering, priced Nov. 30, was upsized by an additional RMB 104 million on Dec. 1.
CEB International, Golden Rich Securities, China Credit International Securities, China Galaxy International, CNCB Capital, CNI Securities Group Ltd., Dongxing Securities (Hong Kong), Haitong International and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners, with CEB and Golden Rich also acting as joint global coordinators.
Proceeds will be used for working capital, to fund short-term project construction and for loans to intra-group companies.
Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective Dec. 6.
The issuer is an investment and financing platform in Weihai City’s Huancui District, located in China’s Shandong Province.
| Issuer: | Weihai Huantong Industrial Investment Group Co., Ltd.
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| Amount: | RMB 353 million
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| Issue: | Notes
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| Maturity: | Dec. 3, 2024
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| Bookrunners: | CEB International, Golden Rich Securities, China Credit International Securities, China Galaxy International, CNCB Capital, CNI Securities Group Ltd., Dongxing Securities (Hong Kong), Haitong International and Shenwan Hongyuan (H.K.)
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to underwriters: | Clifford Chance (England, Hong Kong), Beijing DeHeng Law Offices (China)
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| Coupon: | 7˝%
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| Price: | Par
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| Yield: | 7˝%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At 101 plus interest for a change of control; at par plus interest for a no registration event
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| Pricing dates: | Nov. 30 for initial RMB 249 million; Dec. 1 for additional RMB 104 million
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| Issue date: | Dec. 5
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| Listing date: | Dec. 6
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| Distribution: | Regulation S
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| ISIN: | XS2728232948
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