New Issue: Changsha Lanyuegu Intelligent sells RMB 400 million 4.4% bonds due 2027

By William Gullotti

Buffalo, N.Y., Feb. 22 – China’s Changsha Lanyuegu Intelligent Manufacturing Industry Investment Co., Ltd. sold RMB 400 million of 4.4% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Thursday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Changsha Branch.

Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Zheshang International, ABC International, Bocom International, China Industrial Securities International and Dingxin Securities are the joint lead managers and joint bookrunners for the offering, with Guotai also acting as global coordinator.

Proceeds will be used for project construction and replenishing working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Feb. 22.

Established in May 2019, the issuer is a key entity responsible for property management and project construction in China’s Ningxiang Development Zone in Changsha, Hunan Province.

Issuer:	Changsha Lanyuegu Intelligent Manufacturing Industry Investment Co., Ltd.
LoC issuer:	China Bohai Bank Co., Ltd., Changsha Branch
Amount:	RMB 400 million
Issue:	Credit enhanced bonds
Maturity:	Jan. 21, 2027
Bookrunners:	Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Zheshang International, ABC International, Bocom International, China Industrial Securities International and Dingxin Securities
Trustee:	China Citic Bank International Ltd.
Counsel to issuer:	King & Wood Mallesons (England, Hong Kong), Hunan Senli Law Firm (China)
Counsel to underwriters:	Linklaters (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	4.4%
Price:	Par
Yield:	4.4%
Call:	At par for taxation reasons
Puts:	At par upon change of control or no-registration event
Pricing date:	Feb. 7
Issue date:	Feb. 21
Listing date:	Feb. 22
Distribution:	Regulation S
ISIN:	HK0000988045

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