By William Gullotti
Buffalo, N.Y., Aug. 11 – Danyang Investment Group Co., Ltd. subsidiary Phoenix Charm International Investment Ltd. sold $205 million 6.4% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The bonds are guaranteed by the parent company and may be redeemed early 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 registration event occurs.
China Securities International, Haitong International and China International Capital Corp. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also working as joint lead managers and joint bookrunners are CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch and CLSA.
Proceeds will be used to refinance offshore debt.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Aug. 11.
Based in Beijing, Danyang invests in lands development, urban infrastructures, demolition projects and other fields.
| Issuer: | Phoenix Charm International Investment Ltd.
|
| Guarantor: | Danyang Investment Group Co., Ltd.
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| Amount: | $205 million
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| Issue: | Guaranteed bonds
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| Maturity: | Aug. 10, 2025
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| Bookrunners: | China Securities International, Haitong International, China International Capital Corp., CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch and CLSA
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Freshfields Bruckhaus Deringer (England), Dentons (China)
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| Counsel to underwriters: | Linklaters (England), Allbright Law Offices (China)
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| Coupon: | 6.4%
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| Price: | Par
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| Yield: | 6.4%
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| Call: | At par plus interest for taxation reasons
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Aug. 3
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| Issue date: | Aug. 10
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| Listing date: | Aug. 11
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| Distribution: | Regulation S
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| ISIN: | XS2488073938
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