By Marisa Wong
Los Angeles, Nov. 17 – Rowen International Co., Ltd. priced $85 million of 6˝% bonds due 2022 (Ba2) guaranteed by Weihai Wendeng District Bluesea Investment & Development Co., Ltd. at par, according to a notice.
Silk Road International, Orient Securities (Hong Kong), Zhonghui International Securities Ltd. and Haitong International are the joint bookrunners and joint lead managers for the Regulation S offering. Silk Road and Orient Securities are also global coordinators.
Proceeds will be used to repay Rowen’s existing $80 million 6.8% guaranteed bonds due Nov. 24, 2021.
Hong Kong-based Rowen operates discount retail stores.
| Issuer: | Rowen International Co., Ltd.
|
| Guarantor: | Weihai Wendeng District Bluesea Investment & Development Co., Ltd.
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| Issue: | Bonds
|
| Amount: | $85 million
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| Maturity: | Nov. 15, 2022
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| Bookrunners: | Silk Road International and Orient Securities (Hong Kong) (global coordinators; Zhonghui International Securities Ltd. and Haitong International
|
| Coupon: | 6˝%
|
| Price: | Par
|
| Yield: | 6˝%
|
| Call option: | At par for tax reasons
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| Put option: | At 101 upon change of control; at par upon no registration event
|
| Pricing date: | Nov. 10
|
| Issue date: | Nov. 16
|
| Listing: | Hong Kong
|
| Ratings: | Moody’s: Ba2
|
| ISIN: | XS2399785174
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