New Issue: China’s Yangzhou Urban Construction prices $300 million 5.48% notes due 2026 at 99.945

By William Gullotti

Buffalo, N.Y., July 21 – Yangzhou Urban Construction State-Owned Assets Holding (Group) Co., Ltd. (//BBB) priced $300 million of 5.48% notes due 2026 at 99.945, according to a listing notice and an offering circular on Friday.

China International Capital Corp., Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, Bank of China, Bank of Communications, Citic Securities, CMBC Capital, CNCB Capital, China Securities International, Huatai International, ICBC (Macau), Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch and SPDB International are the joint lead managers and joint bookrunners, with China International, Orient, Industrial Bank and Bank of China also acting as joint global coordinators.

Proceeds will be used to refinance the principal for the issuer’s existing offshore notes due in August 2023. According to Prospect News archives, the issuer is refinancing $300 million of 3.02% three-year notes that were issued in August 2020.

Listing for the Regulation S notes is expected on the Chongwa (Macao) Exchange effective July 21.

The developer of affordable housing projects is based in Yangzhou, China.

Issuer:	Yangzhou Urban Construction State-Owned Assets Holding (Group) Co., Ltd.
Amount:	$300 million
Issue:	Notes
Maturity:	July 20, 2026
Bookrunners:	China International Capital Corp., Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, Bank of China, Bank of Communications, Citic Securities, CMBC Capital, CNCB Capital, China Securities International, Huatai International, ICBC (Macau), Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch and SPDB International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	King & Wood Mallesons (England, Hong Kong), Grandall Law Firm (Nanjing) (China)
Counsel to underwriters:	Linklaters (England, Hong Kong), Beijing Long An (Yangzhou) Law Firm (China)
Coupon:	5.48%
Price:	99.945
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest if a change of control or non-registration event occur
Pricing date:	July 13
Issue date:	July 20
Listing date:	July 21
Distribution:	Regulation S
Issuer rating:	Fitch: BBB
ISIN:	XS2648383714

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