New Issue: China’s Huainan Construction prices $96 million 5½% credit enhanced bonds due 2027

By William Gullotti

Buffalo, N.Y., April 23 – Huainan Construction Development Holdings (Group) Co., Ltd. sold $96 million of 5½% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Tuesday.

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

China Industrial Securities International, ICBC International, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Guoyuan Securities (Hong Kong), CEB International, ABC International, Shanghai Pudong Development Bank Hong Kong Branch, Tai Fung Bank, CMBC Capital, China Securities International, China International Capital Corp., Citic Securities, Soochow Securities (Hong Kong), Golden Rich Securities and Haitong International are the joint lead managers and joint bookrunners for the offering, with China Industrial Securities, ICBC International and ICBC (Asia) also acting as joint global coordinators.

Proceeds will be used to repay existing medium- to long-term offshore debt.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 23.

The issuer is the largest infrastructure construction entity in Huainan Municipality of China’s Anhui Province.

Issuer:	Huainan Construction Development Holdings (Group) Co., Ltd.
LoC issuer:	Industrial and Commercial Bank of China Ltd., Anhui Provincial Branch
Amount:	$96 million
Issue:	Credit enhanced bonds
Maturity:	April 22, 2027
Bookrunners:	China Industrial Securities International, ICBC International, ICBC (Asia), Industrial Bank Co., Ltd., Hong Kong Branch, Guoyuan Securities (Hong Kong), CEB International, ABC International, Shanghai Pudong Development Bank Hong Kong Branch, Tai Fung Bank, CMBC Capital, China Securities International, China International Capital Corp., Citic Securities, Soochow Securities (Hong Kong), Golden Rich Securities and Haitong International
Trustee:	Industrial and Commercial Bank of China (Asia) Ltd.
Counsel to issuer:	Jun He Law Offices (England), Jingtian & Gongcheng (China)
Counsel to underwriters:	Fangda Partners (England), Zhong Lun Law Firm, Shenzhen Office (China)
Coupon:	5½%
Price:	Par
Yield:	5½%
Call:	For taxation reasons at par
Puts:	At par upon change of control or no registration event
Pricing date:	April 17
Issue date:	April 22
Listing date:	April 23
Distribution:	Regulation S
ISIN:	XS2790853530

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