By William Gullotti
Buffalo, N.Y., March 26 – Zhoukou Urban Investment and Economic Development Industrial Co., Ltd. priced an additional RMB 100 million of 7½% bonds due 2025, according to a listing notice with an appended offering circular on Tuesday.
The additional par-priced bonds will be consolidated with the initial RMB 400 million listed on Monday, which also sold at par.
Golden Rich Securities and Haitong International reprised their roles as joint global coordinators, joint lead managers and joint bookrunners for the tap offering.
Proceeds will be used for refinancing existing debt and to replenish working capital.
The additional Regulation S bonds will be added to the original listing on the Hong Kong Exchange effective March 26.
The issuer is the only governmental investment and financing platform in Zhoukou Lingang Development Zone, located in Zhoukou City of China’s Henan Province.
| Issuer: | Zhoukou Urban Investment and Economic Development Industrial Co., Ltd.
|
| Amount: | RMB 100 million, add-on
|
| Issue: | Bonds
|
| Maturity: | March 21, 2025
|
| Bookrunners: | Golden Rich Securities, Haitong International
|
| Trustee: | China Citic Bank International Ltd.
|
| Counsel to underwriters: | Morgan, Lewis & Bockius (England), Yinghe LLP Beijing (China)
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Call option: | For taxation reasons at par plus interest
|
| Change of control: | At 101 plus interest
|
| Pricing date: | March 20
|
| Issue date: | March 25
|
| Listing date: | March 26
|
| Distribution: | Regulation S
|
| ISIN: | XS2775725323
|
| Total issue: | RMB 500 million, including RMB 400 million issued March 22
|
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