By William Gullotti
Buffalo, N.Y., Aug. 9 – China’s Mianyang Investment Holding (Group) Co., Ltd. priced $300 million of 6.7% bonds due 2025 (//BB) at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds may be redeemed early in whole, but not in part, for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no registration event occurs.
Guotai Junan International and China Citic Bank International are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Also working as joint lead managers and joint bookrunners are BOSC International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CNCB Capital, Haitong Bank, Industrial Bank Co., Ltd., Hong Kong Branch and TF International.
Proceeds will be used to repay the company’s offshore bonds.
Listing for the bonds is expected on the Hong Kong Exchange effective Aug. 9.
The Mianyang, China-based company invests in project and urban public infrastructure construction, energy, transportation, communications, hotels, tourism and other sectors.
| Issuer: | Mianyang Investment Holding (Group) Co., Ltd.
|
| Amount: | $300 million
|
| Issue: | Bonds
|
| Maturity: | Aug. 8, 2025
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| Bookrunners: | Guotai Junan International, China Citic Bank International, BOSC International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMBC Capital, CNCB Capital, Haitong Bank, Industrial Bank Co., Ltd., Hong Kong Branch and TF International
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Herbert Smith Freehills (England), Shanghai City Development Law Firm (China)
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| Counsel to underwriters: | Freshfields Bruckhaus Deringer (England), JunHe LLP (China)
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| Coupon: | 6.7%
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| Price: | Par
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| Yield: | 6.7%
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| Call: | In whole, but not in part, for taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| No registration event: | At par plus interest
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| Pricing date: | Aug. 1
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| Issue date: | Aug. 8
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| Listing date: | Aug. 9
|
| Rating: | Fitch: BB
|
| Distribution: | Regulation S
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| ISIN: | XS2478257202
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