By William Gullotti
Buffalo, N.Y., Nov. 5 – Zhoushan City Investment Group Corp. Ltd. priced $100 million of 2.1% bonds (Baa3//BBB) due 2024, according to an offering circular on Friday.
The bonds can only be redeemed early for taxation reasons at par plus interest.
Guosen Securities (HK) is the global coordinator, lead manager, and bookrunner for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are China Industrial Securities International, BOSC International, Goldbridge Securities, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, ABC International and CLSA.
Proceeds will be used for refinancing offshore debt.
Listing for the bonds is expected on the Hong Kong Exchange effective Nov. 5.
The issuer provides highway construction, bridge construction, municipal public engineering construction, gas pipeline construction and other related services.
| Issuer: | Zhoushan City Investment Group Corp. Ltd.
|
| Issue: | Bonds
|
| Amount: | $100 million
|
| Maturity: | Nov. 4, 2024
|
| Bookrunners: | Guosen Securities (HK), China Industrial Securities International, BOSC International, Goldbridge Securities, Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, ABC International and CLSA
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Fangda Partners (English), Dentons Beijing Law Offices (China)
|
| Counsel to bookrunners: | King & Wood Mallesons (English), Zhejiang T&C Law Firm (China)
|
| Coupon: | 2.1%
|
| Price: | Par
|
| Yield: | 2.1%
|
| Call option: | For taxation reasons in whole, but not in part, at par plus interest
|
| Change of control: | At 101
|
| Registration event: | At par
|
| Pricing date: | Oct. 28
|
| Issue date: | Nov. 4
|
| Listing date: | Nov. 5
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| ISIN: | XS2403514800
|
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