Published on 12/17/2021 in the Prospect News Emerging Markets Daily.
New Issue: China’s Pingdu State-owned Assets Management sells $200 million 5% bonds due 2024
By William Gullotti
Buffalo, N.Y., Dec. 17 – Pingdu State-owned Assets Management Co. Ltd. priced $200 million 5% guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular on Friday.
The bonds are guaranteed by Pingdu Construction Investment Development Co., Ltd. and can only be redeemed early for taxation reasons at par plus interest.
Orient Securities (Hong Kong) and Hua Xia Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Donghai International, Shenwan Hongyuan (H.K.), TF International, Guoyuan Capital, GLAM Capital Ltd., China International Capital Corp. and Zhongtai International.
Proceeds will be used for project construction and supplemental working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Dec. 17.
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: | $200 million
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| Issue: | Guaranteed bonds
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| Maturity: | Dec. 16, 2024
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| Bookrunners: | Orient Securities (Hong Kong), Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Donghai International, Shenwan Hongyuan (H.K.), TF International, Guoyuan Capital, GLAM Capital Ltd., China International Capital Corp. and Zhongtai International
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| Counsel to issuer: | Fangda Partners (English), Grandall Law Firm (China)
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| Counsel to bookrunners: | Linklaters (English), 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: | Dec. 9
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| Issue date: | Dec. 16
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| Listing date: | Dec. 17
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| Distribution: | Regulation S
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| ISIN: | XS2416972581
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