New Issue: Shangrao Innovation sells $57.4 million 5.7% credit enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 11 – China’s Shangrao Innovation Development Industry Investment Group Co., Ltd. sold $57.4 million of 5.7% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Thursday.

The bonds are supported by an irrevocable standby letter of credit issued by Industrial and Commercial Bank of China Ltd., Jiangxi Provincial Branch.

China Industrial Securities International, China Credit International Securities Co., Ltd., ICBC International, ICBC (Asia), CNCB Capital, ABC International, Industrial Bank Co., Ltd., Hong Kong Branch, Zhong Sheng Securities, Fortune Origin Securities Ltd., CMBC Capital, SunRiver International Securities Group Ltd., Sinolink Securities (HK), China International Capital Corp., Donghai International, Golden Rich Securities, Zhongtai International and Neutral Financial Holding are the joint lead managers and joint bookrunners for the offering, with China Industrial, China Credit and ICBC International also acting as joint global coordinators.

Proceeds will be used to refinance existing offshore debt.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 11.

The issuer is one of the largest state-owned investment and financing platforms in Shangrao City, China.

Issuer:	Shangrao Innovation Development Industry Investment Group Co., Ltd.
LoC issuer:	Industrial and Commercial Bank of China Ltd., Jiangxi Provincial Branch
Amount:	$57.4 million
Issue:	Credit enhanced bonds
Maturity:	April 10, 2027
Bookrunners:	China Industrial Securities International, China Credit International Securities Co., Ltd., ICBC International, ICBC (Asia), CNCB Capital, ABC International, Industrial Bank Co., Ltd., Hong Kong Branch, Zhong Sheng Securities, Fortune Origin Securities Ltd., CMBC Capital, SunRiver International Securities Group Ltd., Sinolink Securities (HK), China International Capital Corp., Donghai International, Golden Rich Securities, Zhongtai International and Neutral Financial Holding
Trustee:	Industrial and Commercial Bank of China (Asia) Ltd.
Counsel to issuer:	Zhong Lun Law Firm LLP (England), Beijing DeHeng Law Offices (China)
Counsel to underwriters:	Fangda Partners (England), Jiangxi Huabang Law Firm (China)
Coupon:	5.7%
Price:	Par
Yield:	5.7%
Call:	For taxation reasons at par
Puts:	At par upon change of control or no registration event
Pricing date:	April 3
Issue date:	April 10
Listing date:	April 11
Distribution:	Regulation S
ISIN:	XS2795325898

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