Published on 3/23/2022 in the Prospect News Emerging Markets Daily.
New Issue: Central China Securities unit sells $100 million 4% three-year bonds at par
By William Gullotti
Buffalo, N.Y., March 23 –Wending Zhongyuan Co., Ltd., a wholly owned indirect subsidiary of Central China Securities Co., Ltd., priced $100 million of 4% guaranteed bonds due 2025, according to a listing notice with an appended offering circular on Wednesday.
The bonds will be guaranteed by the parent company and are only callable for taxation reasons at 101 plus interest.
Bondholders will be able to exercise put options at par plus interest for a change of control or at par plus interest if a registration event occurs.
Central China International, CMB International, CCB International, CNCB Capital, CMB Wing Lung Bank Ltd., China Galaxy International 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), China Industrial Securities International, China International Capital Corp., Shenwan Hongyuan (H.K.), Soochow Securities International, ICBC International, Donghai International, Changjiang Securities (HK), Guoyuan Capital, Haitong International, Sheng Yuan Securities, CMBC Capital and ABC International.
Proceeds will be used to refinance offshore debt, replenish operating capital and fund business development.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 23.
The issuer is incorporated in the British Virgin Islands for the purposes of issuing debt securities. Central China is a securities company based in Zhengzhou, Henan Province.
| Issuer: | Wending Zhongyuan Co., Ltd.
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| Guarantor: | Central China Securities Co., Ltd.
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| Issue: | Guaranteed bonds
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| Amount: | $100 million
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| Maturity: | March 22, 2025
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| Bookrunners: | Central China International, CMB International, CCB International, CNCB Capital, CMB Wing Lung Bank Ltd., China Galaxy International, TF International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Industrial Securities International, China International Capital Corp., Shenwan Hongyuan (H.K.), Soochow Securities International, ICBC International, Donghai International, Changjiang Securities (HK), Guoyuan Capital, Haitong International, Sheng Yuan Securities, CMBC Capital and ABC International
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| Trustee: | CMB Wing Lung Bank Ltd.
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| Counsel to issuer: | Jingtian & Gongcheng LLP (English), Jingtian & Gongcheng (China), Ogier (BVI)
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| Counsel to bookrunners: | King & Wood Mallesons (English), Beijing Junzhi Law Firm (China)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Call: | In whole, but not in part, at any time for taxation reasons only at par plus interest
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| Change of control: | At par plus interest
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| Registration event: | At 101 plus interest
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| Pricing date: | March 16
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| Issue date: | March 22
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| Listing date: | March 23
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| Distribution: | Regulation S
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| ISIN: | XS2420031523
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