By William Gullotti
Buffalo, N.Y., Dec. 7 – Pingdingshan Tianan Coal Mining Co., Ltd. priced $100 million of 2.8% credit enhanced bonds due 2022 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are supported by two irrevocable standby letters of credit issued by Nanyang Commercial Bank (China) Ltd., Qingdao Branch.
The Regulation S bonds can only be redeemed early for taxation reasons at par plus interest.
Guolian Securities International, CEB International and Central China International served as joint global coordinators, joint lead managers and joint bookrunners for the offering.
Haitong International also served as a joint lead manager and joint bookrunner. Hua Ying Securities Co. Ltd. acted as PRC coordinator.
Proceeds will be used to replenish working capital or repay bank borrowings.
Listing for the bonds is expected on the Hong Kong Exchange effective Dec. 7.
The coal mining company is based in Pingdingshan, China.
| Issuer: | Pingdingshan Tianan Coal Mining Co., Ltd.
|
| Amount: | $100 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | Dec. 5, 2022
|
| Bookrunners: | Guolian Securities International, CEB International, Central China International and Haitong International
|
| Counsel to issuer: | Tian Yuan Law Firm LLP (English)
|
| Counsel to bookrunners: | Jun He Law Offices (English) and Grandall Law Firm (China)
|
| Coupon: | 2.8%
|
| Price: | Par
|
| Yield: | 2.8%
|
| Call option: | For taxation reasons at par plus interest
|
| Change of control: | At par plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | Nov. 30
|
| Issue date: | Dec. 6
|
| Listing date: | Dec. 7
|
| Distribution: | Regulation S
|
| ISIN: | XS2417413627
|
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