Published on 9/29/2020 in the Prospect News Emerging Markets Daily.
New Issue: China’s Hangzhou Jianggan unit sells $200 million 2.8% notes due 2023
By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Hangzhou Jianggan District Urban Construction & Comprehensive Development Co. Ltd. subsidiary Zhejiang Baron (BVI) Co., Ltd. sold $200 million of 2.8% guaranteed notes due 2023 (BBB-), according to a notice of listing on the Stock Exchange of Hong Kong Ltd.
The notes will be guaranteed by Hangzhou Jianggan District Urban Construction & Comprehensive Development.
Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications, Zhongtai International, BOSC International, ICBC International, CCB International, Bank of China, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMBC Capital, Haitong International, CNCB Capital and Industrial Bank Co., Ltd. Hong Kong Branch are the joint bookrunners and joint lead managers, with Guotai Junan the global coordinator.
Proceeds will be used for general corporate purposes and refinancing.
Listing is expected for Wednesday.
The provider of urban construction, land development, and municipal project construction services is based in Hangzhou, China.
| Issuer: | Zhejiang Baron (BVI) Co., Ltd.
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| Guarantor: | Hangzhou Jianggan District Urban Construction & Comprehensive Development Co. Ltd.
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| Issue: | Guaranteed notes
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| Amount: | $200 million
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| Maturity: | 2023
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| Bookrunners: | Guotai Junan International (global coordinator), Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications, Zhongtai International, BOSC International, ICBC International, CCB International, Bank of China, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMBC Capital, Haitong International, CNCB Capital and Industrial Bank Co., Ltd. Hong Kong Branch are the joint bookrunners and joint lead managers, with Guotai Junan the global coordinator. Hua Xia Bank and China Zheshang Bank
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| Coupon: | 2.8%
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| Listing date: | Sept. 30
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
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