By William Gullotti
Buffalo, N.Y., April 25 – China’s Minmetals Land Ltd. priced an additional RMB 400 million of 4.6% credit enhanced bonds due 2025 at 99.996, according to a listing notice with an appended offering circular on Thursday.
The additional Regulation S bonds will be consolidated with the initial RMB 600 million issued March 18 to form a single series under the same indenture.
The bonds are supported by an irrevocable letter of credit issued by China Bohai Bank Co., Ltd., Tianjin Branch.
Haitong International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Citic Bank International are the joint lead managers and joint bookrunners for the tap offering, with Haitong also serving as global coordinator and sustainable structuring adviser.
Proceeds will be used to refinance existing debt under the company’s sustainable finance framework.
The original issue was listed on the Hong Kong Exchange effective March 19, with the tap issue expected to be listed April 25.
Minmetals Land is a real estate development company based in Hong Kong. Its ultimate controlling shareholder is China Minmetals Corp., a state-owned enterprise.
| Issuer: | Minmetals Land Ltd.
|
| LoC issuer: | China Bohai Bank Co., Ltd., Tianjin Branch
|
| Amount: | RMB 400 million add-on
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| Issue: | Credit enhanced bonds
|
| Maturity: | March 19, 2025
|
| Bookrunners: | Haitong International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Citic Bank International
|
| Structuring adviser: | Haitong International
|
| Trustee: | Bank of New York Mellon, Hong Kong Branch
|
| Counsel to issuer: | Conyers Dill & Pearman (Bermuda)
|
| Counsel to underwriters: | Linklaters (England, Hong Kong), DeHeng Law Offices (China)
|
| Coupon: | 4.6%
|
| Price: | 99.996 plus accrued interest from March 18
|
| Yield: | 4.6%
|
| Call: | For taxation reasons at par
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| Change of control: | At par
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| Pricing date: | April 18
|
| Issue date: | April 24
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| Listing date: | April 25
|
| Distribution: | Regulation S
|
| ISIN: | HK0000985033
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| Total issue: | RMB 1 billion, including initial RMB 600 million issued March 18, 2024
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