By William Gullotti
Buffalo, N.Y., June 8 – Wuhan Jiangxia Agriculture Group Co. Ltd. priced €93 million of 2.3% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds have the benefit of an irrevocable standby letter of credit issued by Hua Xia Bank Wuhan Branch.
The bonds will be redeemable in whole, but not in part, for taxation reasons at par plus interest. Bondholders will also be able to exercise put rights at par plus interest if a change of control or registration event occurs.
Fosun Hani, China International Capital Corp. and Wilson Securities are the placing agents for the Regulation S offering.
Proceeds will be used to refinance existing debt.
Listing for the bonds is expected on the Hong Kong Exchange effective June 8.
The issuer is an investment, financing and operating platform for agricultural and urban infrastructure construction.
| Issuer: | Wuhan Jiangxia Agriculture Group Co. Ltd.
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| LoC issuer: | Hua Xia Bank Wuhan Branch
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| Amount: | €93 million
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| Issue: | Credit enhanced bonds
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| Maturity: | May 7, 2025
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| Placing agents: | Fosun Hani, China International Capital Corp. and Wilson Securities
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (Hong Kong), Tahota (Wuhan) Law Firm (China)
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| Coupon: | 2.3%
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| Price: | Par
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| Yield: | 2.3%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | May 31
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| Issue date: | June 7
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| Listing date: | June 8
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| Distribution: | Regulation S
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| ISIN: | XS2475928813
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