Published on 3/22/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Shengzhou Investment prices $250 million 6½% bonds due 2026
By William Gullotti
Buffalo, N.Y., March 22 – Shengzhou Investment Holdings Co., Ltd. priced $250 million 6½% bonds due 2026 at par, according to a listing notice with an appended offering circular on Wednesday.
China International Capital Corp., Bank of China, BOSC International, Central Wealth Securities Investment Ltd., Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the Regulation S offering, with China International also acting as sole global coordinator.
Proceeds will be used to refinance offshore bonds maturing in 2023.
Listing for the bonds is expected on the Hong Kong Exchange effective March 22.
Based in Shengzhou, China, the company provides project investment, state property investment and other services.
| Issuer: | Shengzhou Investment Holdings Co., Ltd.
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| Amount: | $250 million
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| Issue: | Bonds
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| Maturity: | March 21, 2026
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| Bookrunners: | China International Capital Corp., Bank of China, BOSC International, Central Wealth Securities Investment Ltd., Haitong International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England), Dafeng Law Firm (China)
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| Counsel to underwriters: | Allen & Overy (England), Beijing DeHeng Law Offices (China)
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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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 event
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| Pricing date: | March 16
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| Issue date: | March 21
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| Listing date: | March 22
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| Distribution: | Regulation S
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| ISIN: | XS2593085181
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