New Issue: Jinan Zhangqiu’s Golden Dragon prices $118.78 million 5.9% credit enhanced notes

By William Gullotti

Buffalo, N.Y., Jan. 11 – China’s Golden Dragon Mountain Trading (BVI) Co., Ltd. sold $118,783,000 of 5.9% credit enhanced guaranteed notes with an 11-month tenor at par, according to a listing notice with an appended offering circular on Thursday.

The notes will be guaranteed by parent company Jinan Zhangqiu Holding Group Co., Ltd. and further supported by an irrevocable standby letter of credit issued by Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch.

China Credit International Securities, Bocom International, Shanghai Pudong Development Bank Hong Kong Branch, Guotai Junan International, Citic Securities, CCB International, Orient Securities (Hong Kong), Haitong International, China Galaxy International, CNCB Capital, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bowlea Securities, Harmonia Capital Ltd., TF International, Shenwan Hongyuan (H.K.), Zhongtai International, Huafu International, Guosen Securities (HK) and Pulun Intl are the joint lead managers and joint global coordinators, with China Credit, Bocom, Shanghai Pudong, Guotai Junan, Citic and CCB also acting as joint global coordinators.

Proceeds will be used to refinance existing offshore debt.

Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Jan. 11.

Golden Dragon is an indirect wholly owned subsidiary of Jinan Zhangqiu, the core investment, financing and operating entity for municipal development in Zhangqiu District, Jinan City, China.

Issuer:	Golden Dragon Mountain Trading (BVI) Co., Ltd.
Guarantor:	Jinan Zhangqiu Holding Group Co., Ltd.
LoC issuer:	Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
Amount:	$118,783,000
Issue:	Credit enhanced guaranteed notes
Maturity:	Dec. 5, 2024
Bookrunners:	China Credit International Securities, Bocom International, Shanghai Pudong Development Bank Hong Kong Branch, Guotai Junan International, Citic Securities, CCB International, Orient Securities (Hong Kong), Haitong International, China Galaxy International, CNCB Capital, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bowlea Securities, Harmonia Capital Ltd., TF International, Shenwan Hongyuan (H.K.), Zhongtai International, Huafu International, Guosen Securities (HK) and Pulun Intl
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Morrison & Foerster (England, Hong Kong), Jingtian & Gongcheng (China), Appleby (BVI)
Counsel to underwriters:	Zhong Lun Law Firm LLP (England, Hong Kong), Guantao Law Firm (China)
Coupon:	5.9%
Price:	Par
Yield:	5.9%
Call option:	For taxation reasons at par
Put options:	At par upon change-of-control or no registration event
Pricing date:	Jan. 4
Issue date:	Jan. 10
Listing date:	Jan. 11
Distribution:	Regulation S
ISIN:	XS2730874786

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