Chicago, Sept. 21 – Jinan Urban Construction International Investment Co., Ltd. sold $305 million of 2.4% guaranteed bonds due 2026 (Baa2//BBB+), according to an offering circular.
The notes are guaranteed by Jinan City Construction Group Ltd. Co.
The bonds priced at par.
The bonds can be redeemed for relevant events or taxation reasons.
The joint global coordinators, joint lead managers and joint bookrunners are Guotai Junan International, Huatai International, CLSA and Zhongtai International.
Joining as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd. Hong Kong Branch, China Everbright Bank Hong Kong Bank, CEB International, Bocom International, Shanghai Pudong Development Bank Hong Kong Branch, CMBC Capital, CNCB Capital and Bank of China.
Proceeds will be used to repay the existing offshore medium- to long term bonds due within one year and issued by a subsidiary of the guarantor, Jinan West City Investment Development Group Co., Ltd.
Jinan Urban, based in Jinan, China, operates construction businesses.
| Issuer: | Jinan Urban Construction International Investment Co., Ltd.
|
| Guarantor: | Jinan City Construction Group Ltd. Co.
|
| Issue: | Bonds
|
| Amount: | $305 million
|
| Maturity: | Sept. 23, 2026
|
| Bookrunners: | Guotai Junan International, Huatai International, CLSA, Zhongtai International, Industrial Bank Co., Ltd. Hong Kong Branch, China Everbright Bank Hong Kong Bank, CEB International, Bocom International, Shanghai Pudong Development Bank Hong Kong Branch, CMBC Capital, CNCB Capital and Bank of China
|
| Trustee: | HSBC Ltd.
|
| Coupon: | 2.4%
|
| Price: | Par
|
| Yield: | 2.4%
|
| Call features: | For relevant events or taxation reasons
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB+
|
| Distribution: | Regulation S
|
| ISIN: | XS2384202292
|
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