By William Gullotti
Buffalo, N.Y., Aug. 29 – China’s Puyang Investment Group Co., Ltd. sold $28.5 million of 7.2% credit enhanced bonds due 2026 at par, according to a listing notice with an appended offering circular on Tuesday.
The Regulation S bonds have the benefit of an irrevocable standby letter of credit issued by Zhongyuan Bank Co., Ltd.
Huatai International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong Bank and Haitong International are the joint lead managers and joint bookrunners for the offering, with Huatai also acting as sole global coordinator.
Proceeds will be used to refinance existing offshore debt.
Listing for the bonds is expected on the Hong Kong Exchange effective Aug. 29.
The issuer carries out municipal development activities, providing public services in Puyang of China’s Henan Province, which includes grain purchase and sale, heating, water supply, gas supply, chemical product sale and real estate development.
| Issuer: | Puyang Investment Group Co., Ltd.
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| LoC issuer: | Zhongyuan Bank Co., Ltd.
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| Amount: | $28.5 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Aug. 28, 2026
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| Bookrunners: | Huatai International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Haitong Bank and Haitong International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Beijing Dentons Law Offices LLP (Nanjing) (China)
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| Coupon: | 7.2%
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| Price: | Par
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| Yield: | 7.2%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest for a change of control or a no registration event
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| Pricing date: | Aug. 24
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| Issue date: | Aug. 28
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| Listing date: | Aug. 29
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| Distribution: | Regulation S
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| ISIN: | XS2666816587
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