New Issue: China’s Shandong Guohui unit sells $500 million 4.7% guaranteed bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., June 16 – Guohui International (BVI) Co., Ltd. issued $500 million of 4.7% guaranteed bonds due 2025 (Baa2//BBB+) at par, according to listing notice with an appended offering circular on Thursday.

The Regulation S bonds are guaranteed by the issuer’s parent, Shandong Guohui Investment Co., Ltd.

Th bonds may be redeemed early in whole, but not in part, 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 if a registration event occurs.

Huatai International, Bank of China, Central Wealth Securities Investment Ltd., Zhongtai International, ICBC International, Shenwan Hongyuan (H.K.) and China International Capital Corp. 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 Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., China Citic Bank International, China Galaxy International, CEB International, CLSA, China Securities International, Shanghai Pudong Development Bank Hong Kong Branch and Haitong International.

Proceeds will be used to repay offshore debt.

Listing for the bonds is expected on the Hong Kong Exchange effective June 16.

The issuer is an indirect wholly owned subsidiary of the guarantor incorporated in the British Virgin Islands. Shandong Guohui Investment provides asset management, investment operations and other financial services. The company is based in Jinan, China.

Issuer:	Guohui International (BVI) Co., Ltd.
Guarantor:	Shandong Guohui Investment Co., Ltd.
Amount:	$500 million
Issue:	Guaranteed bonds
Maturity:	June 15, 2025
Bookrunners:	Huatai International, Bank of China, Central Wealth Securities Investment Ltd., Zhongtai International, ICBC International, Shenwan Hongyuan (H.K.), China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., China Citic Bank International, China Galaxy International, CEB International, CLSA, China Securities International, Shanghai Pudong Development Bank Hong Kong Branch and Haitong International
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Deacons (England), Jointide Law Firm (China), Walkers (Hong Kong) (BVI)
Counsel to underwriters:	Herbert Smith Freehills (England), Hiways Law Offices (China)
Coupon:	4.7%
Price:	Par
Yield:	4.7%
Call:	For taxation reasons at par plus interest
Change of control:	At 101 plus interest
Registration event:	At par plus interest
Pricing date:	June 8
Issue date:	June 15
Listing date:	June 16
Ratings:	Moody’s: Baa2
	Fitch: BBB+
Distribution:	Regulation S
ISIN:	XS2484991844

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