By William Gullotti
Buffalo, N.Y., Jan. 20 – China Water Affairs Group Ltd. priced a $150 million add-on to its 4.85% green notes due May 18, 2026 (Ba1/BB+), according to a listing notice on Thursday.
The issuer originally issued $200 million of the notes on May 18, 2021.
The notes will be consolidated with the original issue to form a single series and are priced at 97 plus interest from, and including, May 18, 2021 to Jan. 26.
Morgan Stanley & Co. International plc, Barclays Bank plc, Bocom International Securities Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, China Citic Bank International Ltd., Standard Chartered Bank, Huatai Financial Holdings (Hong Kong) Ltd., Nomura International (Hong Kong) Ltd., Mizuho Securities Asia Ltd., UBS AG Hong Kong Branch, ANZ Banking Group Ltd. and HSBC Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for the add-on.
Also serving as joint lead managers and joint global coordinators are Bank of East Asia, Ltd. and CTBC Bank Co., Ltd.
As with the initial issue, the notes have a make-whole call until 2024 and are then callable at 102.425 until 2025 when the call price drops to 101.2125.
The add-on also includes an equity clawback of 35% at 104.85 and a change-of-control put at 101%.
An approval in-principle was sent to the Singapore Exchange for listing of the notes. The notes will not be listed in Hong Kong.
Proceeds from the add-on will be used to finance or refinance, in whole or in part, eligible green projects, particularly water supply projects, in accordance with its green finance framework.
China Water Affairs, based in Hong Kong, is one of the largest publicly listed water supply companies in China.
| Issuer: | China Water Affairs Group Ltd.
|
| Amount: | $150 million
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| Issue: | Senior notes, add-on
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| Maturity: | May 18, 2026
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| Bookrunners: | Morgan Stanley & Co. International plc, Barclays Bank plc, Bocom International Securities Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, China Citic Bank International Ltd., Standard Chartered Bank, Huatai Financial Holdings (Hong Kong) Ltd., Nomura International (Hong Kong) Ltd., Mizuho Securities Asia Ltd., UBS AG Hong Kong Branch, ANZ Banking Group Ltd., HSBC Ltd., Bank of East Asia, Ltd. and CTBC Bank Co., Ltd.
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| Coupon: | 4.85%
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| Price: | 97 plus interest from, and including, May 18, 2021 to Jan. 26
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| Call options: | Make-whole call until May 18, 2024, then at 102.425, declining to 101.2125 in 2025
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| Equity clawback: | For up to 35% at 104.85
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| Change-of-control put: | At 101%
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| Trade date: | Jan. 19
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| Issue date: | Jan. 26
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| Ratings: | Moody’s: Ba1
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| S&P: BB+
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| Distribution: | Regulation S
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| Total issuance: | $350 million, including $200 million issued May 18, 2021
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