By Mary-Katherine Stinson
Lexington, Ky., April 30 – Guangzhou Finance Holdings Group Co. Ltd.'s wholly owned subsidiary Guang Ying Investment Ltd. priced $150 million of 5.45% guaranteed bonds due 2026 (A-) at par, according to an offering circular.
The bonds are putable at 101 because of a change of control or at par because of a no registration event or for tax reasons.
Huatai Financial Holdings (Hong Kong Ltd., China International Capital Corp. Hong Kong Securities Ltd., Guotai Junan Securities (Hong Kong) Ltd., ICBC International Securities Ltd. and Bank of Communications Co., Ltd. Hong Kong Branch are the joint global coordinators.
The bond issue was authorized by a resolution of the board of directors of Guangzhou Finance on July 19, 2023 and by the board of directors of Guang Ying Investment on April 8.
The proceeds will be used for refinancing the company’s existing medium- and long-term offshore debt due within one year.
The investment company is based in Guangzhou, China.
| Issuer: | Guang Ying Investment Ltd.
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| Guarantor: | Guangzhou Finance Holdings Group Co. Ltd.
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| Amount: | $150 million
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| Issue: | Bonds
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| Maturity: | April 24, 2026
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| Global coordinators: | Huatai Financial Holdings (Hong Kong) Ltd., China International Capital Corp. Hong Kong Securities Ltd., Guotai Junan Securities (Hong Kong) Ltd., ICBC International Securities Ltd. and Bank of Communications Co., Ltd. Hong Kong Branch
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| Lead managers and bookrunners: | China Securities (International) Corporate Finance Co. Ltd., CLSA Ltd., CMBC Securities Co. Ltd., CNCB (Hong Kong) Capital Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Luso International Banking Ltd. and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
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| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | King & Wood Mallesons (English law), JunHe LLP (Chinese law) and Ogier (British Virgin Islands law)
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| Counsel to underwriters: | Linklaters (English law) and Jingtian & Gongcheng (Chinese law)
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| Coupon: | 5.45%
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| Price: | Par
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| Yield: | 5.45%
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| Change of control: | At 101
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| Trade date: | April 17
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| Settlement date: | April 24
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| Listing date: | April 30
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| Ratings: | Fitch: A-
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| Distribution: | Regulation S
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| ISIN: | XS2800992286
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