Published on 10/14/2022 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Shanhai prices $60 million more 5% guaranteed green bonds due 2025
By William Gullotti
Buffalo, N.Y., Oct. 14 – China’s Shanhai (Hong Kong) International Investments Ltd. priced $60 million more of its 5% guaranteed green bonds due 2025 (//BBB) at 97.487667, according to a listing notice with an appended offering circular on Friday.
The additional bonds, which will be consolidated with the initial $250 million issued June 16 to form a single series, are guaranteed by parent company Lianyungang Port Group Co., Ltd.
As with the initial series, the bonds may be redeemed early 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 for a no registration/no filing event.
China International Capital Corp., CMBC Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank, Hong Kong Branch, CEB International, China Industrial Securities International, CNCB Capital, Dongxing Securities (Hong Kong), China Vered Financial, Central Wealth Securities Investment Ltd. and Guotai Junan International are the joint lead managers and joint bookrunners for the additional bonds with China International and CMBC also acting as joint global coordinators.
China International Capital Corp. has remained the green structuring adviser.
Proceeds from the offering will be used to refinance existing offshore debt.
Listing for the additional Regulation S bonds is expected on the Hong Kong Exchange effective Oct. 14 under a temporary ISIN prior to consolidation.
The issuer is an indirect wholly owned subsidiary of the guarantor. Lianyungang Port Group is based in Lianyungang, China, and provides port operation services.
| Issuer: | Shanhai (Hong Kong) International Investments Ltd.
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| Guarantor: | Lianyungang Port Group Co., Ltd.
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| Amount: | $60 million
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| Issue: | Guaranteed green bonds add-on
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| Maturity: | June 16, 2025
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| Bookrunners: | China International Capital Corp., CMBC Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank, Hong Kong Branch, CEB International, China Industrial Securities International, CNCB Capital, Dongxing Securities (Hong Kong), China Vered Financial, Central Wealth Securities Investment Ltd. and Guotai Junan International
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| Green structuring adviser: | China International Capital Corp.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Clifford Chance (England), JunHe LLP (China)
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| Counsel to underwriters: | Linklaters (England), Jingtian & Gongcheng (China)
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| Coupon: | 5%
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| Price: | 97.487667 plus accrued interest from June 16
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| Call: | For taxation reasons at par plus interest
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| Puts: | At 101 plus interest for a change of control; at par plus interest for a no registration or no filing event
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| Pricing date: | Sept. 9
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| Issue date: | Sept. 15
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| Listing date: | Oct. 14
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| Rating: | Fitch: BBB
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| Distribution: | Regulation S
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| ISINs: | XS2520367843 (pre-consolidation), XS2480444970
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| Total issuance: | $310 million, including $250 million issued June 16
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