New Issue: Binzhou Caijin prices RMB 385 million 4.7% credit-enhanced guaranteed bonds due 2026

By William Gullotti

Buffalo, N.Y., Nov. 20 – China’s Binzhou Caijin International Co., Ltd. priced RMB 385 million 4.7% credit-enhanced guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Monday.

The bonds will be unconditionally guaranteed by parent company Binzhou Caijin Investment Group Co., Ltd. and feature the benefit of an irrevocable standby letter of credit issued by Qilu Bank Co., Ltd.

Guotai Junan International, China Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Galaxy International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners, with Guotai Junan and China Securities also acting as joint global coordinators.

Proceeds from the Regulation S offering will be used to replenish cash flows and for project financing.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Nov. 20.

The issuer is a wholly owned indirect subsidiary of the guarantor, incorporated in the British Virgin Islands on Sept. 26. The guarantor is a state-owned holding company involved in infrastructure construction, engineering construction, trading, textiles and real estate.

Issuer:	Binzhou Caijin International Co., Ltd.
Guarantor:	Binzhou Caijin Investment Group Co., Ltd.
LoC issuer:	Qilu Bank Co., Ltd.
Amount:	RMB 385 million
Issue:	Credit-enhanced guaranteed bonds
Maturity:	Nov. 17, 2026
Bookrunners:	Guotai Junan International, China Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Galaxy International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Shenwan Hongyuan (H.K.)
Trustee:	Bank of New York Mellon, Hong Kong Branch
Counsel to issuer:	Deheng Law Offices (Hong Kong) LLP (England), Shan Dong Kangqiao Law Firm (China), Harney Westwood & Riegels (BVI)
Counsel to underwriters:	Linklaters (England), JunHe LLP (China)
Coupon:	4.7%
Price:	Par
Yield:	4.7%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest upon change of control or no registration event
Pricing date:	Nov. 10
Issue date:	Nov. 17
Listing date:	Nov. 20
Distribution:	Regulation S
ISIN:	HK0000963022

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.