By William Gullotti
Buffalo, N.Y., June 29 – Changde Economic Construction Investment Group Co., Ltd. priced $300 million of 6.3% bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds may be redeemed early in whole, but not in part, for taxation reasons at par plus interest.
Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a registration event occurs.
Zhongtai International, Industrial Bank Co., Ltd., Hong Kong Branch, CMBC Capital and Sinolink Securities (HK) are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are Hua Xia Bank Co., Ltd., Hong Kong Branch, Haitong Bank, CNCB Capital, China International Capital Corp., Guotai Junan International, Essence International, Shanghai Securities (H.K.) and Haitong International.
Proceeds will be used to refinance medium- to long-term offshore debt coming due in August.
Listing for the bonds is expected on the Hong Kong Exchange effective June 29.
The issuer is a state-owned company engaged in construction and development for the Changde municipal government.
| Issuer: | Changde Economic Construction Investment Group Co., Ltd.
|
| Amount: | $300 million
|
| Issue: | Bonds
|
| Maturity: | June 28, 2025
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| Bookrunners: | Zhongtai International, Industrial Bank Co., Ltd., Hong Kong Branch, CMBC Capital, Sinolink Securities (HK), Hua Xia Bank Co., Ltd., Hong Kong Branch, Haitong Bank, CNCB Capital, China International Capital Corp., Guotai Junan International, Essence International, Shanghai Securities (H.K.) and Haitong International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | King & Wood Mallesons (England), JunZeJun Law Offices (China)
|
| Counsel to underwriters: | Linklaters (England), Beijing Deheng Law Offices (China)
|
| Coupon: | 6.3%
|
| Price: | Par
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| Yield: | 6.3%
|
| Call: | For taxation reasons at par plus interest
|
| Change-of-control: | At 101 plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | June 23
|
| Issue date: | June 28
|
| Listing date: | June 29
|
| Distribution: | Regulation S
|
| ISIN: | XS2486428407
|
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