By William Gullotti
Buffalo, N.Y., Sept. 9 – China’s Zhenjiang Cultural Tourism Industry Group Co., Ltd. priced $57.5 million of 5.2% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Friday.
The Regulation S bonds come with the benefit of an irrevocable standby letter of credit issued by Bank of Nanjing, Zhenjiang Branch.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will also be able to exercise put rights at par plus interest if a change of control or no registration event occurs.
Sinolink HK, China Industrial Securities International, China International Capital Corp., Guotai Junan International and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners for the offering with Sinolink also serving as global coordinator.
Proceeds will be used to refinance medium- to long-term offshore bonds maturing November 2022.
Listing for the bonds is expected on the Hong Kong Exchange effective Sept. 9.
The travel services company is based in Zhenjiang, China.
| Issuer: | Zhenjiang Cultural Tourism Industry Group Co., Ltd.
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| LoC issuer: | Bank of Nanjing, Zhenjiang Branch
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| Amount: | $57.5 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Sept. 8, 2025
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| Bookrunners: | Sinolink HK, China Industrial Securities International, China International Capital Corp., Guotai Junan International and Shenwan Hongyuan (H.K.)
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Jingtian & Gongcheng LLP (England), JiangSu Zhong Jianhui Law Firm (China)
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| Counsel to underwriters: | Chungs Lawyers in Association with DeHeng Law Offices (England), Hylands Law Firm (China)
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| Coupon: | 5.2%
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| Price: | Par
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| Yield: | 5.2%
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| Call option: | At par plus interest for taxation reasons
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| Put options: | At par plus interest if a change of control or no registration event occurs
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| Pricing date: | Aug. 31
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| Issue date: | Sept. 8
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| Listing date: | Sept. 9
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| Distribution: | Regulation S
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| ISIN: | XS2519722818
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