New Issue: China’s Jiangsu Zhongnan unit sells $350 million 10 7/8% notes due 2022

By Angela McDaniels

Tacoma, Wash., June 18 – Jiangsu Zhongnan Construction Group Co., Ltd. issued $350 million of 10 7/8% guaranteed senior notes (B3/B-) due 2022 through subsidiary Haimen Zhongnan Investment Development (International) Co., Ltd., according to a notice of listing on the Stock Exchange of Hong Kong Ltd.

The joint global coordinators were Guotai Junan International, Bank of China and China Citic Bank International. Joining them as joint bookrunners and joint lead managers were Haitong International, CMBC Capital, Orient Securities (Hong Kong) and HK Monkey Securities Ltd.

The proceeds will be used to refinance debt, according to Moody’s Investors Service.

Jiangsu Zhongnan is a real estate development business based in Haimen, China.

Issuer:	Haimen Zhongnan Investment Development (International) Co., Ltd.
Guarantor:	Jiangsu Zhongnan Construction Group Co., Ltd.
Issue:	Guaranteed senior notes
Amount:	$350 million
Maturity:	2022
Bookrunners:	Guotai Junan International, Bank of China, China Citic Bank International, Haitong International, CMBC Capital, Orient Securities (Hong Kong) and HK Monkey Securities Ltd.
Coupon:	10 7/8%
Pricing date:	June 11
Listing date:	June 19
Ratings:	Moody’s: B3
	S&P: B-

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