By William Gullotti
Buffalo, N.Y., Feb. 28 – Danyang Investment Group Co., Ltd. subsidiary Phoenix Charm International Investment Ltd. sold $50 million 2½% guaranteed credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.
The bonds are guaranteed by the parent company and come with the benefit of an irrevocable standby letter of credit provided by Bank of Jiangsu Co., Ltd., Zhenjiang Branch.
The bonds may be redeemed early in whole, but not in part, at par plus interest for taxation reasons or pre-funding failure. Similarly, bondholders will only be able to put the bonds in the case of a change of control or a no registration event at par plus interest.
China Securities International, China Industrial Securities International and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint global coordinators, joint lead managers and joint bookrunners.
Proceeds will be used to refinance existing debt.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Feb. 28.
Based in Beijing, Danyang invests in lands development, urban infrastructures, demolition projects and other fields.
| Issuer: | Phoenix Charm International Investment Ltd.
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| Guarantor: | Danyang Investment Group Co., Ltd.
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| LoC issuer: | Bank of Jiangsu Co., Ltd., Zhenjiang Branch
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| Amount: | $50 million
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| Issue: | Guaranteed credit enhanced bonds
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| Maturity: | Feb. 25, 2025
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| Bookrunners: | China Securities International, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch)
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| Counsel to issuer: | Freshfields Bruckhaus Deringer (English), Dentons (China)
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| Counsel to bookrunners: | Linklaters (English), Allbright Law Offices (China)
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| Coupon: | 2½%
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| Price: | Par
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| Yield: | 2½%
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| Calls: | At par plus interest in the case of a pre-funding failure or for taxation reasons
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Feb. 18
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| Issue date: | Feb. 25
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| Listing date: | Feb. 28
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| Distribution: | Regulation S
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| ISIN: | XS2448367982
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