Chicago, Dec. 1 – Hangzhou Gongshu International Development (Hong Kong) Ltd. issued RMB 2.1 billion of 4.2% bonds due 2026, according to an offering document.
The issue price was par.
The non-rated bonds come with the benefit of a keepwell deed and a deed of equity interest purchase undertaking by Hangzhou Gongshu Construction and Development Holding Group Co. Ltd.
The sole global coordinator, joint lead manager and joint bookrunner was China Securities International.
The global coordinator was joined by Bank of China Ltd., Singapore Branch, China Citic International Ltd., China Galaxy International Securities (Hong Kong) Co., Ltd. and CNBC (Hong Kong) Capital Ltd. as joint lead managers and joint bookrunners.
Proceeds will be used for project construction and to replenish working capital.
The group conducts seven major businesses, including property leasing, security services, sales of resettlement housing, sales of materials, land development, public services and other businesses, and serves the dual purposes of supporting social and economic development of Gongshu District and Hangzhou City and achieving business growth.
| Issuer: | Hangzhou Gongshu International Development (Hong Kong) Ltd.
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| Keepwell deed: | Hangzhou Gongshu Construction and Development Holding Group Co. Ltd.
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| Amount: | RMB 2.1 billion
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| Issue: | Bonds
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| Maturity: | Nov. 30, 2026
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| Bookrunners: | China Securities International, Bank of China Ltd., Singapore Branch, China Citic International Ltd., China Galaxy International Securities (Hong Kong) Co., Ltd. and CNBC (Hong Kong) Capital Ltd.
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | Jingtian & Gongcheng
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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| Change of control: | At 101
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| Trade date: | Nov. 30
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| Settlement date: | Nov. 30
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| Ratings: | Non-rated
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| Distribution: | Regulation S
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| ISIN: | HK0000968146
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