By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – Pioneer Reward Ltd. gave additional details of its RMB 5 billion of 2.85% three-year guaranteed bonds (Baa1) that were issued at par, according to a listing notice with an appended offering circular on Thursday.
The bonds are guaranteed by Huatai Securities Co., Ltd.
The bonds may be redeemed early at any time for taxation reasons at par plus interest and also feature an optional make-whole call at the greater of par and the sum of all remaining scheduled interest payments discounted at Treasuries plus 50 basis points.
Bondholders will be able to put the notes at par plus interest if a change-of-control or a registration event occurs.
Huatai International, Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China, Bank of Communications, China Minsheng Banking Corp., Ltd., Hong Kong Branch and ICBC (Asia) are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are Chiyu Banking Corp., Ltd., CMBC Capital, China Citic Bank International, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., HSBC, ICBC (Macau) and ICBC SIngapore.
Proceeds from the offering will be used for supporting Huatai’s overseas business development.
Listing for the bonds is expected on the Hong Kong Exchange effective Sept. 15.
Pioneer Reward is a special-purpose entity, indirectly and wholly owned by Huatai, for issuances. The guarantor is a financial services company based in Nanjing, China.
| Issuer: | Pioneer Reward Ltd.
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| Guarantor: | Huatai Securities Co., Ltd.
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| Amount: | RMB 5 billion
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 14, 2025
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| Bookrunners: | Huatai International, Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China, Bank of Communications, China Minsheng Banking Corp., Ltd., Hong Kong Branch, ICBC (Asia), Chiyu Banking Corp., Ltd., CMBC Capital, China Citic Bank International, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., HSBC, ICBC (Macau) and ICBC Singapore
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| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Clifford Chance (England), DeHeng Law Offices (China), Ogier (British Virgin Islands)
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| Counsel to underwriters: | Herbert Smith Freehills (England), JunHe LLP (China)
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| Coupon: | 2.85%
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| Price: | Par
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| Calls: | For taxation reasons at par plus interest; optional make-whole call at the greater of par and the sum of all remaining scheduled interest payments discounted at Treasuries plus 50 bps
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Sept. 6
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| Issue date: | Sept. 14
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| Listing date: | Sept. 15
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| Rating: | Moody’s: Baa1
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| Distribution: | Regulation S
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| ISIN: | HK0000874583
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