By William Gullotti
Buffalo, N.Y., Dec. 14 – China’s Neijiang Road and Bridge Group Co., Ltd. sold RMB 380 million of 4.7% credit-enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.
The bonds come with the benefit of an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Chengdu Branch.
Yuan Tong Global Securities Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bocom International, Founder Securities (Hong Kong), Excellent Tide Securities Ltd. and Gee Hi International Securities (Hong Kong) Ltd. are the joint lead managers and joint bookrunners for the offering, with Yuan Tong also serving as sole global coordinator.
Proceeds will be used for project construction and replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 14.
Based and operating in China’s Neinjiang City, the group is involved in investments, financing, construction, infrastructure operation and managing state-owned assets.
| Issuer: | Neijiang Road and Bridge Group Co., Ltd.
|
| LoC issuer: | China Bohai Bank Co., Ltd., Chengdu Branch
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| Amount: | RMB 380 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Dec. 13, 2026
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| Bookrunners: | Yuan Tong Global Securities Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bocom International, Founder Securities (Hong Kong), Excellent Tide Securities Ltd. and Gee Hi International Securities (Hong Kong) Ltd.
|
| Trustee: | China Citic Bank International Ltd.
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| Counsel to issuer: | Morgan Lewis & Bockius (England), W&H Law Firm (Chengdu Office) (China)
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| Counsel to underwriters: | Tian Yuan Law Firm LLP (England), Grandway Law Offices (China)
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| Coupon: | 4.7%
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| Price: | Par
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| Yield: | 4.7%
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| Call: | Non-callable
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| Change of control: | At par
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| Pricing date: | Dec. 6
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| Issue date: | Dec. 13
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| Listing date: | Dec. 14
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| Distribution: | Regulation S
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| ISIN: | XS2730171357
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