Published on 1/19/2023 in the Prospect News Emerging Markets Daily.
New Issue: Danyang Investment unit prices $19.2 million tap of 6.4% guaranteed bonds due 2025
By William Gullotti
Buffalo, N.Y., Jan. 19 – Danyang Investment Group Co., Ltd. subsidiary Phoenix Charm International Investment Ltd. sold an additional $19.2 million of its 6.4% guaranteed bonds due 2025 at 98.031, according to a listing notice with an appended offering circular on Thursday.
The additional Regulation S bonds will be consolidated to form a single series with the initial $205 million issued Aug. 10, 2022.
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, Guotai Junan International, JQ Securities and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the additional offering, with China Securities, Guotai Junan and JQ also acting as joint global coordinators.
Proceeds will be used to refinance offshore debt.
Listing for the additional bonds is expected on the Hong Kong Exchange effective Jan. 19.
Based in Beijing, Danyang invests in lands development, urban infrastructure, demolition projects and other fields.
| Issuer: | Phoenix Charm International Investment Ltd.
|
| Guarantor: | Danyang Investment Group Co., Ltd.
|
| Amount: | $19.2 million add-on
|
| Issue: | Guaranteed bonds
|
| Maturity: | Aug. 10, 2025
|
| Bookrunners: | China Securities International, Guotai Junan International, JQ Securities and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Freshfields Bruckhaus Deringer (England), Dentons (China)
|
| Counsel to underwriters: | Linklaters (England), Allbright Law Offices (China)
|
| Coupon: | 6.4%
|
| Price: | 98.031 plus accrued interest from, and including, Aug. 10, 2022 to, and excluding, Nov. 15, 2022
|
| Yield: | 6.4%
|
| Call: | At par plus interest for taxation reasons
|
| Change of control: | At 101 plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | Nov. 10, 2022
|
| Issue date: | Nov. 15, 2022
|
| Listing date: | Jan. 19
|
| Distribution: | Regulation S
|
| ISIN: | XS2554610019 (temporary), XS2488073938
|
| Total issue: | $224.2 million, including $205 million issued Aug. 10, 2022
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
