Published on 4/20/2023 in the Prospect News Emerging Markets Daily.
New Issue: Qingdao West Coast prices RMB 300 million 5.35% three-year notes at par
By William Gullotti
Buffalo, N.Y., April 20 – Qingdao West Coast New Area Ronghe Holding Group Co., Ltd. priced RMB 300 million of 5.35% three-year notes (//Chengxin: Ag-) at par, according to an offering circular on Thursday.
Silk Road International, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, TF International, Wan Lung Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, SPDB International, Guotai Junan International and China Galaxy International are the joint lead managers and joint bookrunners for the Regulation S offering.
Silk Road, Industrial Bank, Bocom, TF and Wan Lung are acting as joint global coordinators, with Silk Road as lead.
Proceeds will be used for project construction and supplementing working capital.
Listing for the notes is expected on the Chongwa (Macao) Exchange effective April 21.
Located in the West Coast New Area in Qingdao, China, the company is a municipally owned entity carrying out development activities for commodity trading, construction, development and manufacturing.
| Issuer: | Qingdao West Coast New Area Ronghe Holding Group Co., Ltd.
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| Amount: | RMB 300 million
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| Issue: | Notes
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| Maturity: | April 20, 2026
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| Bookrunners: | Silk Road International, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, TF International, Wan Lung Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, SPDB International, Guotai Junan International and China Galaxy International
|
| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England), Shandong Jointide (Jinan) Law Firm (China)
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| Coupon: | 5.35%
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| Price: | Par
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| Yield: | 5.35%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Pricing date: | April 17
|
| Issue date: | April 20
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| Listing date: | April 21
|
| Rating: | Chengxin: Ag-
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| Distribution: | Regulation S
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