By William Gullotti
Buffalo, N.Y., Aug. 22 – Tianjin Lingang Investment Holding Co., Ltd. sold $41 million 5˝% credit enhanced notes due 2025 at par, according to a listing notice with an appended offering circular on Monday.
The notes are supported by an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Tianjin Binhai New Area Branch.
The issuer may redeem the notes early for taxation reasons at par plus interest. The notes are also subject to mandatory redemption at par if a pre-funding failure occurs.
Noteholders will be able to exercise put rights at par plus interest if a change of control or a non-registration event occurs.
Central Wealth Securities Investment Ltd., Silk Road International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital and SunRiver International Securities Group Ltd. are the joint lead managers and joint bookrunners for the Regulation S offering with Central Wealth Securities Investment Ltd. and Silk Road International also acting as joint global coordinators.
Proceeds will be used to refinance the group’s existing medium- to long-term offshore notes due to mature in August 2022.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Aug. 22.
Tianjin Lingang is a Tianjin, China-based provider of municipal engineering construction and other services.
| Issuer: | Tianjin Lingang Investment Holding Co., Ltd.
|
| LoC issuer: | China Bohai Bank Co., Ltd., Tianjin Binhai New Area Branch
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| Amount: | $41 million
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| Issue: | Credit enhanced notes
|
| Maturity: | Aug. 19, 2025
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| Bookrunners: | Central Wealth Securities Investment Ltd., Silk Road International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CNCB Capital and SunRiver International Securities Group Ltd.
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Herbert Smith Freehills (England), Winners Law Firm (China)
|
| Counsel to underwriters: | Jun He Law Offices (England), Beijing Yingke (Nanjing) Law Firm (China)
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| Coupon: | 5˝%
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| Price: | Par
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| Yield: | 5˝%
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| Call: | Optionally at par plus interest for taxation reasons; mandatory for pre-funding failure at par
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| Puts: | At par plus interest for a change of control or non-registration event
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| Pricing date: | Aug. 16
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| Issue date: | Aug. 19
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| Listing date: | Aug. 22
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| Distribution: | Regulation S
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| ISIN: | XS2509141052
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