New Issue: Zhuhai Huafa unit prices RMB 500 million 4½% guaranteed bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., April 28 – China-based Zhuhai Huafa Group Co., Ltd.’s subsidiary Huafa Investment Holding 2022 I Co., Ltd. priced RMB 500 million of 4½% guaranteed bonds due 2026 (//BBB-) at par, according to multiple offering documents on Friday.

The subsidiary will issue the bonds, which will be guaranteed by the parent.

Bank of China Ltd., Macau Branch, Luso International Banking Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, CEB International Capital Corp., Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan Securities (H.K.) Ltd., Guotai Junan Securities (Hong Kong) Ltd., China Industrial Securities International Brokerage Ltd., Haitong International Securities Co., Ltd., Huajin Securities (International) Ltd., CLSA Ltd., CNCB (Hong Kong) Capital Ltd. and CMBC Securities Co., Ltd. are the joint lead managers and joint bookrunners, with Bank of China, Luso, Shanghai Pudong, China Everbright, Industrial Bank, Shenwan, Guotai, China Industrial, Haitong and Huajin also acting as joint global coordinators.

Proceeds will be used for offshore business development.

Listings for the Regulation S bonds are expected on the Chongwa (Macao) Exchange and the Luxembourg Exchange effective April 28.

The company is a conglomerate based in Zhuhai, China.

Issuer:	Huafa Investment Holding 2022 I Co., Ltd.
Guarantor:	Zhuhai Huafa Group Co., Ltd.
Amount:	RMB 500 million
Issue:	Guaranteed bonds
Maturity:	April 27, 2026
Bookrunners:	Bank of China Ltd., Macau Branch, Luso International Banking Ltd., Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, CEB International Capital Corp., Ltd., China Everbright Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan Securities (H.K.) Ltd., Guotai Junan Securities (Hong Kong) Ltd., China Industrial Securities International Brokerage Ltd., Haitong International Securities Co., Ltd., Huajin Securities (International) Ltd., CLSA Ltd., CNCB (Hong Kong) Capital Ltd. and CMBC Securities Co., Ltd.
Trustee:	Luso International Banking Ltd.
Counsel to issuer:	King & Wood Mallesons (Hong Kong), Beijing Deheng Law Offices (China), Campbells (BVI), Rato, Ling, Lei & Cortes — Advogados (Macao)
Counsel to underwriters:	Ashurst Hong Kong (England), Beijing Dentons (Zhuhai) (China), STA-Lawyers (Macao)
Coupon:	4½%
Price:	Par
Yield:	4½%
Call:	At par plus interest for taxation reasons
Puts:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	April 20
Issue date:	April 27
Listing date:	April 28
Expected rating:	Fitch: BBB-
Distribution:	Regulation S
ISIN:	MO0000000246

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