By William Gullotti
Buffalo, N.Y., Oct. 19 – Zhuji Development Ltd. priced $520 million of 3.2% three-year guaranteed bonds, according to an offering circular on Tuesday.
The bonds are guaranteed by Zhuji State-owned Assets Management Co., Ltd. and can only be redeemed early for taxation reasons at par plus interest.
China International Capital Corp., Guotai Junan International, China Citic Bank International, OCBC Bank and China Zheshang 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 China Securities International, CNCB Capital and Industrial Bank Co., Ltd., Hong Kong Branch.
Proceeds from the offering will be used for refinancing offshore debts.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Oct. 19.
The investment management services provider is based in China.
| Issuer: | Zhuji Development Ltd.
|
| Guarantor: | Zhuji State-owned Assets Management Co., Ltd.
|
| Issue: | Guaranteed bonds
|
| Amount: | $520 million
|
| Maturity: | Oct. 18, 2024
|
| Bookrunners: | China International Capital Corp., Guotai Junan International, China Citic Bank International, OCBC Bank, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Securities International, CNCB Capital and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | King & Wood Mallesons (English), Zhejiang Zhuosong Law Firm (China)
|
| Counsel to lead managers: | Latham & Watkins LLP (English), JunHe LLP (China)
|
| Coupon: | 3.2%
|
| Price: | Par
|
| Yield: | 3.2%
|
| Call features: | For taxation purposes at par plus interest
|
| Change of control: | At 101
|
| Registration event: | At par
|
| Pricing date: | Oct. 12
|
| Issue date: | Oct. 18
|
| Listing date: | Oct. 19
|
| Distribution: | Regulation S
|
| ISIN: | XS2385309203
|
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