By William Gullotti
Buffalo, N.Y., Sept. 29 – Oriental Capital Co. Ltd. priced $230 million of 7% guaranteed bonds due 2025 (Chengxin: BBBg) at par, according to a listing notice with an appended offering circular on Thursday.
The bonds are guaranteed by Yancheng Oriental Investment & Development Group Co., Ltd. and may be redeemed early for taxation reasons at par plus interest.
Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no-registration event occurs.
Guotai Junan International, China International Capital Corp., Caitong International, China Industrial Securities International are the joint global coordinators, joint lead managers and joint bookrunners for the offering with CMBC Capital and JQ Securities also serving as joint lead managers and joint bookrunners.
Proceeds will be used for refinancing offshore debt.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Sept. 29.
The company is based in Yancheng, China.
| Issuer: | Oriental Capital Co. Ltd.
|
| Guarantor: | Yancheng Oriental Investment & Development Group Co., Ltd.
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| Issue: | Guaranteed bonds
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| Amount: | $230 million
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| Maturity: | Sept. 28, 2025
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| Bookrunners: | Guotai Junan International, China International Capital Corp., Caitong International, China Industrial Securities International, CMBC Capital and JQ Securities
|
| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Freshfields Bruckhaus Deringer (England), Jincheng Tongda & Neal (China), Ogier (BVI)
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| Counsel to underwriters: | Linklaters (England), Jingtian & Gongcheng (China)
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Call option: | For taxation reasons at par plus interest
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| Put option: | At 101 plus interest upon change of control; at par plus interest upon no-registration event
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| Pricing date: | Sept. 23
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| Issue date: | Sept. 28
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| Listing date: | Sept. 29
|
| Rating: | Chengxin: BBBg
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| Distribution: | Regulation S
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| ISIN: | XS2529909926
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