By William Gullotti
Buffalo, N.Y., Dec. 29 – Shandong Commercial Group Co., Ltd.’s Fuyuan Worldwide Ltd. unit priced $120 million 3˝% guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular.
The Regulation S bonds will be guaranteed by the parent company and feature the benefit of an irrevocable standby letter of credit issued by Bank Tianjin Co., Ltd.
The bonds can only be redeemed early for taxation reasons, upon a change of control or upon a registration event at par plus interest.
Zhongtai International, Shenwan Hongyuan (H.K.) and TF International are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are China Zheshang Bank Co., Ltd. (Hong Kong Branch), ICBC International, Central Wealth Securities Investment Ltd.
Proceeds will be used for retail business development, offshore business development and refinancing certain offshore debt.
Listing for the bonds on the Hong Kong Exchange took effect Dec. 24.
The company provides foreign investment and investment management and operates commercial tourism development, real estate development, financing and other businesses. It is based in Shandong, China.
| Issuer: | Fuyuan Worldwide Ltd.
|
| Guarantor: | Shandong Commercial Group Co., Ltd.
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| Amount: | $120 million
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| Issue: | Guaranteed bonds
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| Maturity: | Nov. 16, 2024
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| Bookrunners: | Zhongtai International, Shenwan Hongyuan (H.K.), TF International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), ICBC International and Central Wealth Securities Investment Ltd.
|
| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | Fangda Partners (English), Tahota Law Firm (China), Ogier (BVI)
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| Counsel to bookrunners: | Linklaters (English), Dentons (China)
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| Coupon: | 3˝%
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| Price: | Par
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| Yield: | 3˝%
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| Call option: | For taxation reasons
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| Change of control: | At par
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| Registration event: | At par
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| Pricing date: | Dec. 20
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| Issue date: | Dec. 23
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| Listing date: | Dec. 24
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| Distribution: | Regulation S
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| ISIN: | XS2417619918
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