New Issue: Yunnan Provincial’s Bi Hai prices $200 million 6˝% notes due 2025

By Marisa Wong

Los Angeles, March 3 – Bi Hai Co., Ltd. priced $200 million of 6˝% bonds due 2025 guaranteed by parent company Yunnan Provincial Investment Holdings Group Co., Ltd. at par, according to an offering circular.

China International Capital Corp., CEB International, Orient Securities (Hong Kong), CMBC Capital, Guotai Junan International, Southwest Securities (HK) Brokerage, Ltd. and Bank of East Asia Ltd. are the joint bookrunners and joint lead managers for the Regulation S offering, with China International Capital, CEB International and Orient Securities as joint global coordinators.

Proceeds will be used for refinancing existing offshore debt.

Yunnan Provincial is an investment holding company based in Kunming, Yunnan, China.

Issuer:	Bi Hai Co., Ltd.
Guarantor:	Yunnan Provincial Investment Holdings Group Co., Ltd.
Issue:	Notes
Amount:	$200 million
Maturity date:	March 2, 2025
Bookrunners:	China International Capital Corp., CEB International, Orient Securities (Hong Kong), CMBC Capital, Guotai Junan International, Southwest Securities (HK) Brokerage, Ltd. and Bank of East Asia Ltd.
Coupon:	6˝%
Price:	Par
Yield:	6˝%
Call option:	At par for tax reasons
Change-of-control put:	At 101
No registration event put:	At par
Pricing date:	Feb. 25
Settlement date:	March 2
Distribution:	Regulation S
ISIN:	XS243768420

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