New Issue: China’s Yichun investing arm prices $210 million 7% bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., Nov. 4 – Yichun Development Investment Group Co. Ltd., a subsidiary of Yichun Development Investment Haitong Co. Ltd., priced $210 million of 7% bonds due 2025 (//BBB-) at par, according a document covering the deal.

The Regulation S bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will also 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.

China Securities International, CCB International, China International Capital Corp., Citic Securities, Haitong International, CMBC Capital, CNCB Capital, Guolian Securities International, Guotai Junan International, Haitong Bank, Huatai International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Shenwan Hongyuan (H.K.) are the joint lead managers and joint bookrunners, with China Securities, CCB, China International Capital, Citic and Haitong also acting as joint global coordinators.

Proceeds will be used to refinance medium- to long-term offshore bonds maturing in December.

Listing for the bonds is expected on the Hong Kong Exchange effective Nov. 4.

The group is the investing arm of the city of Yichun in Jiangxi Province.

Issuer:	Yichun Development Investment Group Co. Ltd.
Issue:	Bonds
Amount:	$210 million
Maturity:	Nov. 3, 2025
Bookrunners:	China Securities International, CCB International, China International Capital Corp., Citic Securities, Haitong International (joint global coordinators), CMBC Capital, CNCB Capital, Guolian Securities International, Guotai Junan International, Haitong Bank, Huatai International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Shenwan Hongyuan (H.K.)
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Jingtian & Gongcheng LLP (England), Jiangxi Huabang Law Firm (China)
Counsel to underwriters:	Latham & Watkins LLP (England), Beijing DeHeng Law Offices (China)
Coupon:	7%
Price:	Par
Yield:	7%
Call:	Non-callable
Change of control:	At 101
Pricing date:	Oct. 27
Issue date:	Nov. 3
Listing date:	Nov. 4
Rating:	Fitch: BBB-
Distribution:	Regulation S
ISIN:	XS2523185424

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