By William Gullotti
Buffalo, N.Y., Feb. 7 – WeiFang Finance Development Ltd. sold RMB 440 million of 8% guaranteed bonds due 2025 at par, according to a listing notice and an offering circular on Wednesday.
The bonds are guaranteed by parent company Weifang City West Investment Development Group Co., Ltd.
Shenwan Hongyuan (H.K.), Haitong International, Golden Rich Securities, Tung Yat Securities Ltd. and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners, and each bookrunner is also acting as a joint global coordinator except Shanghai Pudong.
Proceeds are intended to be used for trading, supplementing working capital and general corporate purposes.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Feb. 7.
The issuer is a wholly owned subsidiary of the guarantor, incorporated in Hong Kong on Jan. 12. The guarantor is an investment and financing platform for infrastructure construction in Weicheng District of Weifang City in China’s Shandong Province.
| Issuer: | WeiFang Finance Development Ltd.
|
| Guarantor: | Weifang City West Investment Development Group Co., Ltd.
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| Amount: | RMB 440 million
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| Issue: | Guaranteed bonds
|
| Maturity: | Feb. 4, 2025
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| Bookrunners: | Shenwan Hongyuan (H.K.), Haitong International, Golden Rich Securities, Tung Yat Securities Ltd. and Shanghai Pudong Development Bank Hong Kong Branch
|
| Trustee: | China Citic Bank International Ltd.
|
| Counsel to underwriters: | Mayer Brown (England, Hong Kong), Beijing Dacheng Law Offices, LLP (Chongqing) (China)
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Call: | For taxation reasons at par
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| Change of control: | At 101
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| Pricing date: | Feb. 1
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| Issue date: | Feb. 6
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| Listing date: | Feb. 7
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| Distribution: | Regulation S
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| ISIN: | XS2741759588
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