By William Gullotti
Buffalo, N.Y., March 16 – China’s Pingdu State-owned Assets Management Co. Ltd. priced $100 million 5% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds are guaranteed by Pingdu Construction Investment Development Co., Ltd. and can only be redeemed by the issuer early for taxation reasons at par plus interest.
Bondholders will also be able to put the bonds at 101 plus interest for a change of control and at par plus interest if a registration event occurs.
Orient Securities (Hong Kong) is the joint global coordinator for the offering, also serving as joint lead manager and joint bookrunner with Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) GLAM Capital Ltd. and Donghai International.
Proceeds will be used for supplemental working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 16.
The engineering and construction services company is based in China.
| Issuer: | Pingdu State-owned Assets Management Co. Ltd.
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| Guarantor: | Pingdu Construction Investment Development Co., Ltd.
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| Amount: | $100 million
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| Issue: | Guaranteed bonds
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| Maturity: | March 15, 2025
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| Bookrunners: | Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) GLAM Capital Ltd. and Donghai International
|
| Counsel to issuer: | Fangda Partners (England), Grandall Law Firm (China)
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| Counsel to bookrunners: | Linklaters (England), Jin Mao Partners (China)
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call: | For taxation reasons at par plus interest
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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: | March 8
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| Issue date: | March 15
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| Listing date: | March 16
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| Distribution: | Regulation S
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| ISIN: | XS2453368701
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