By Wendy Van Sickle
Columbus, Ohio, Jan. 13 – Jingjiang Port (Group) Co., Ltd. sold $100 million of 2% credit-enhanced bonds due 2025, according to an offering circular on Thursday.
The bonds have the benefit of a standby letter of credit issued by Bank of Jiangsu Co., Ltd., Taizhou Branch.
The bonds may only be redeemed early for taxation reasons at par plus interest.
Haitong International is the global coordinator as well as a joint lead manager and joint bookrunner with CMB International, Shanghai Pudong Development Bank Hong Kong Branch and China Industrial Securities International.
Proceeds from the offering will be used to finance construction projects, to replenish working capital and for general corporate purposes.
The company wholesales and distributes cement, coal, steel and grain and is based in Jingjiang, China.
| Issuer: | Jingjiang Port (Group) Co., Ltd.
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| Letter-of-credit issuer: | Bank of Jiangsu Co., Ltd., Taizhou Branch
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| Amount: | $100 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Jan. 12, 2025
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| Bookrunners: | Haitong International, CMB International, Shanghai Pudong Development Bank Hong Kong Branch and China Industrial Securities International
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| Coupon: | 2%
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| Price: | Par
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| Yield: | 2%
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| Call option: | For taxation reasons only at par plus interest
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| Change-of-control put: | At par plus interest
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| Registration event: | At par plus interest
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| Issue date: | Jan. 12
|
| Distribution: | Regulation S
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| ISIN: | XS2428707272
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