New Issue: Zhongyuan AMC unit prices $110 million 7½% guaranteed notes due 2024 at par

By William Gullotti

Buffalo, N.Y., Nov. 28 – Zhongyuan Dayu International (BVI) Co., Ltd., a wholly owned subsidiary of the Zhongyuan Asset Management Co., Ltd., priced $110 million of 7½% guaranteed notes due 2024 (//BB+/Lianhe: A-/Ccxap: Ag-) at par, according to a listing notice with an appended offering circular.

The Regulation S notes may be redeemed early for taxation reasons at par plus interest. Noteholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a non-registration event occurs.

China International Capital Corp., China Citic Bank International, Huatai International, BG Securities (HK) Co., Ltd., Caitong International, CCB International, Central China International, China Galaxy International, China Industrial Securities International, China Securities International, Citic Securities, CNCB Capital, Dongxing Securities (Hong Kong), Guotai Junan International, Haitong International, Industrial Bank Co., Ltd., Hong Kong Branch, Orient Securities (Hong Kong), Shanxi Securities International, Shenwan Hongyuan (H.K.) and Zhongtai International are the joint lead managers and joint bookrunners for the offering.

China International, China Citic and Huatai are also the joint global coordinators.

Proceeds will be used for refinancing offshore debt and replenishing working capital.

Listing for the notes is expected on the Hong Kong Exchange effective Nov. 28. Application has also been made to the Luxembourg Exchange and will be made to the Chongwa (Macao) Exchange for additional listings.

The issuer is a wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on Jan. 5, 2022. The guarantor is focused on distressed asset management and located in Henan Province of China.

Issuer:	Zhongyuan Dayu International (BVI) Co., Ltd.
Guarantor:	Zhongyuan Asset Management Co., Ltd.
Amount:	$110 million
Issue:	Guaranteed notes
Maturity:	Nov. 25, 2024
Bookrunners:	China International Capital Corp., China Citic Bank International, Huatai International, BG Securities (HK) Co., Ltd., Caitong International, CCB International, Central China International, China Galaxy International, China Industrial Securities International, China Securities International, Citic Securities, CNCB Capital, Dongxing Securities (Hong Kong), Guotai Junan International, Haitong International, Industrial Bank Co., Ltd., Hong Kong Branch, Orient Securities (Hong Kong), Shanxi Securities International, Shenwan Hongyuan (H.K.) and Zhongtai International
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Fangda Partners (England), AllBright Law Offices (China), Ogier (BVI)
Counsel to underwriters:	King & Wood Mallesons (England), Henan Luda Law Firm (China)
Coupon:	7½%
Price:	Par
Yield:	7½%
Call:	For taxation reasons at par plus interest
Put options:	At 101 plus interest for a change of control; at par plus interest for a non-registration event
Pricing date:	Nov. 22
Issue date:	Nov. 25
Listing date:	Nov. 28
Ratings:	Fitch: BB+
	Lianhe: A-
	Ccxap: Ag-
Distribution:	Regulation S
ISIN:	XS2560121464

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