By William Gullotti
Buffalo, N.Y., June 17 – China’s Shanhai (Hong Kong) International Investments Ltd. priced $250 million of 5% guaranteed green bonds due 2025 (//BBB) at par, according to a notice of listing on the Stock Exchange of Hong Kong Ltd.
The bonds are guaranteed by parent company Lianyungang Port Group Co., Ltd.
The bonds may be redeemed early at par plus interest for taxation reasons. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest for a no registration/no filing event.
China International Capital Corp., Bank of China, SPDB International and CNCB Capital are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, DBS Bank Ltd., CMB International, OCBC Bank and Guoyuan Securities (Hong Kong).
China International Capital Corp. is also the green structuring adviser.
Proceeds will be used to finance and/or refinance eligible green projects.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective June 17.
The issuer is an indirect wholly owned subsidiary of the guarantor. Lianyungang Port Group is based in Lianyungang, China, and provides port operation services.
| Issuer: | Shanhai (Hong Kong) International Investments Ltd.
|
| Guarantor: | Lianyungang Port Group Co., Ltd.
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| Amount: | $250 million
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| Issue: | Guaranteed green bonds
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| Maturity: | June 16, 2025
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| Bookrunners: | China International Capital Corp., Bank of China, SPDB International, CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, DBS Bank Ltd., CMB International, OCBC Bank and Guoyuan Securities (Hong Kong)
|
| Green structuring adviser: | China International Capital Corp.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Clifford Chance (England), JunHe LLP (China)
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| Counsel to underwriters: | Linklaters (England), Jingtian & Gongcheng (China)
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At 101 plus interest for a change of control; at par plus interest for a no registration or no filing event
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| Pricing date: | June 9
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| Issue date: | June 16
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| Listing date: | June 17
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| Rating: | Fitch: BBB
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| Distribution: | Regulation S
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| ISIN: | XS2480444970
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