Published on 4/28/2022 in the Prospect News Emerging Markets Daily.
New Issue: Haitong Unitrust unit prices $200 million 4.2% guaranteed notes due 2025 at par
By William Gullotti
Buffalo, N.Y., April 28 – Haitong UT Brilliant Ltd. priced $200 million of 4.2% notes due 2025 under its new $1 billion guaranteed medium-term note program, according to a listing notice with an appended pricing supplement and an appended offering circular on Thursday.
The notes are guaranteed by Haitong Unitrust International Financial Leasing Co. Ltd.
The notes may be called early in whole, but not in part, at par plus interest for taxation reasons or if a default event occurs. Noteholders will be able to exercise put options at par plus interest if a change of control or a registration event occurs.
Haitong International Securities Co., Ltd., Haitong Bank, SA, Bank of Communications Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Oversea-Chinese Banking Corp., Ltd., China International Capital Corp. Hong Kong Securities Ltd. and Shenwan Hongyuan Securities (H.K.) Ltd. are the managers for the offering.
Proceeds will be used to refinance offshore debt and payment of interest.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective April 28.
Haitong UT Brilliant Ltd. is a wholly owned subsidiary of Haitong Unitrust International Financial Leasing Co. Ltd., a commercial and industrial equipment leasing company based in China.
| Issuer: | Haitong UT Brilliant Ltd.
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| Guarantor: | Haitong Unitrust International Financial Leasing Co. Ltd.
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| Amount: | $200 million
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| Issue: | Notes
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| Maturity: | April 27, 2025
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| Managers: | Haitong International Securities Co., Ltd., Haitong Bank, SA, Bank of Communications Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Oversea-Chinese Banking Corp., Ltd., China International Capital Corp. Hong Kong Securities Ltd. and Shenwan Hongyuan Securities (H.K.) Ltd.
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Clifford Chance (England), Jia Yuan Law Offices (China)
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| Counsel to underwriters: | Davis Polk & Wardwell (England), DeHeng Law Office (China)
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| Counsel to trustee: | Allen & Overy LLP (England)
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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 options: | In whole, but not in part, at par plus interest for taxation reasons or an event of default
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | April 22
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| Issue date: | April 27
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| Listing date: | April 28
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| Distribution: | Regulation S
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| ISIN: | XS2461426459
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