By William Gullotti
Buffalo, N.Y., Jan. 20 – China’s Changxing Cultural Tourism Development Group Co., Ltd. priced RMB 230 million of 4.2% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are backed by an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd., Huzhou Branch.
Caitong International, China International Capital Corp., Zhongtai International and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners for the offering, with Caitong also acting as global coordinator.
Proceeds will be used for project construction and supplemental working capital.
The listing is expected on the Chongwa (Macao) Exchange effective Jan. 20.
Primarily conducting business in China’s Changxing County and Huzhou City, the issuer’s businesses include infrastructure construction, cultural tourism, merchandising, entertainment, event management, cinemas, hotels and trading.
| Issuer: | Changxing Cultural Tourism Development Group Co., Ltd.
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| LoC issuer: | Bank of Hangzhou Co., Ltd., Huzhou Branch
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| Amount: | RMB 230 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Jan. 19, 2026
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| Bookrunners: | Caitong International, China International Capital Corp., Zhongtai International and Dingxin (Securities) Ltd.
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| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | Chungs Lawyers in Association with DeHeng Law Offices (England), Capital Equity Legal Group Huzhou Firm (China)
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| Counsel to underwriters: | Jun He Law Offices (England), Beijing Dacheng Law Offices, LLP (China)
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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| Call: | For taxation reasons at par plus interest
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| Put: | At par plus interest for a change of control
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| Pricing date: | Jan. 12
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| Issue date: | Jan. 19
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| Listing date: | Jan. 20
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| Distribution: | Regulation S
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