New Issue: China’s Weifang Urban issues $400 million 2.6% three-year bonds

By William Gullotti

Buffalo, N.Y., Sept. 28 – Weifang Urban Construction and Development Investment Group Co., Ltd. priced $400 million of 2.6% bonds (Baa3//BBB-) due 2024, according to an offering circular on Tuesday.

The bonds can be redeemed early for taxation reasons at par plus interest.

CEB International, China International Capital Corp., Zhongtai International and Hua Xia Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering.

Also serving as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd., Hong Kong Branch, Bank of China, Bocom International, CCB International, CCIS, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CLSA, CNCB Capital, Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.) and SPDB International.

Proceeds will be used for project investment, replenishment of working capital and repayment of offshore debt.

Listing for the Regulation S bonds will be on the Stock Exchange of Hong Kong Ltd. effective Sept. 28.

The issuer is a state-owned company that undertakes development and construction of urban infrastructure in Weifang City.

Issuer:	Weifang Urban Construction and Development Investment Group Co., Ltd.
Issue:	Bonds
Amount:	$400 million
Maturity:	Sept. 27, 2024
Bookrunners:	CEB International, China International Capital Corp., Zhongtai International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of China, Bocom International, CCB International, CCIS, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CLSA, CNCB Capital, Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, Shenwan Hongyuan (H.K.) and SPDB International
Counsel to issuer:	Deacons (English), Shandong Yuanduyinghe Law Firm (China)
Counsel to bookrunners:	Clifford Chance (English), Beijing Deheng Law Offices LLP (China)
Trustee:	Citicorp International Ltd.
Coupon:	2.6%
Price:	Par
Yield:	2.6%
Call features:	For taxation reasons
Change of control:	At 101 plus interest
Registration event:	At par plus interest
Pricing date:	Sept. 17
Issue date:	Sept. 27
Listing date:	Sept. 28
Ratings:	Moody’s: Baa3
	Fitch: BBB-
Distribution:	Regulation S
ISIN:	XS2361211191

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