New Issue: China’s Shangrao Investment sells $120 million 7.9% guaranteed bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., Nov. 30 – Shangrao Investment Holdings International Co., Ltd. priced $120 million of 7.9% guaranteed bonds due 2025 (//BBB-) at par, according to a listing notice with an appended offering circular on Wednesday.

The Regulation S bonds are guaranteed by Shangrao Investment Holding Group Co., Ltd.

China Citic Bank International, GF Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CMBC Capital, CNCB Capital, BG Securities (HK), Victoria Harbour International, Zhongtai International, China Industrial Securities International, Dongxing Securities (Hong Kong), Huatai International, Guotai Junan International, Citic Securities and China International Capital Corp. are the joint lead managers and joint bookrunners for the offering.

China Citic is the sustainability structuring adviser as well acting as a joint global coordinator with GF and Industrial Bank.

Proceeds will be used to refinance existing debt and to finance or refinance eligible projects in accordance with the sustainability finance framework.

Listing for the bonds is expected on the Hong Kong exchange effective Nov. 30.

Based in Shangrao, China, the company invests in urban construction, transportation, tourism, finance, automotives, new energy, agriculture and other industries.

Issuer:	Shangrao Investment Holdings International Co., Ltd.
Guarantor:	Shangrao Investment Holding Group Co., Ltd.
Amount:	$120 million
Issue:	Guaranteed bonds
Maturity:	Nov. 29, 2025
Bookrunners:	China Citic Bank International, GF Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CMBC Capital, CNCB Capital, BG Securities (HK), Victoria Harbour International, Zhongtai International, China Industrial Securities International, Dongxing Securities (Hong Kong), Huatai International, Guotai Junan International, Citic Securities and China International Capital Corp.
Sustainability structuring adviser:	China Citic Bank International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Mayer Brown (England), Jiangxi Shengyi Law Firm (China)
Counsel to underwriters:	Latham & Watkins LLP (England), AllBright Law Offices (China)
Coupon:	7.9%
Price:	Par
Yield:	7.9%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a non-registration event
Pricing date:	Nov. 22
Issue date:	Nov. 29
Listing date:	Nov. 30
Rating:	Fitch: BBB-
Distribution:	Regulation S
ISIN:	XS2518971234

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.