By William Gullotti
Buffalo, N.Y., July 25 – Huan Zhi Co. Ltd. priced €50 million of 2% one-year credit enhanced bonds at par, according to a listing notice with an appended offering circular on Monday.
The bonds are guaranteed by Taixing Zhiguang Environmental Protection Technology Co. Ltd. with a standby letter of credit issued by China Zheshang Bank Co., Ltd. Nanjing Branch.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders may also exercise a change-of-control put at par plus interest.
Shun Heng Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Shanghai Pudong Development Bank Hong Kong Branch and China Everbright Bank Hong Kong Branch are the joint lead managers and joint bookrunners.
Shun Heng and China Zheshang are also joint global coordinators for the Regulation S offering.
Proceeds from the offering will be used to repay existing debt, to replenish working capital, to provide equity capital for associated companies and for general corporate purposes.
Listing for the bonds is expected on the Hong Kong Exchange effective July 25.
The China-based company makes measuring equipment for the marine and medical sectors, among others.
| Issuer: | Huan Zhi Co. Ltd.
|
| Guarantor: | Taixing Zhiguang Environmental Protection Technology Co. Ltd.
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| LoC bank: | China Zheshang Bank Co., Ltd. Nanjing Branch
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| Amount: | €50 million
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| Issue: | Credit enhanced bonds
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| Maturity: | July 21, 2023
|
| Bookrunners: | Shun Heng Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Shanghai Pudong Development Bank Hong Kong Branch and China Everbright Bank Hong Kong Branch
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Ogier (BVI)
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| Counsel to underwriters: | Mayer Brown (English), Jingtian & Gongcheng (China)
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| Coupon: | 2%
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| Price: | Par
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| Yield: | 2%
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| Call option: | For taxation reasons at par plus interest
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| Change-of-control put: | At par plus interest
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| Pricing date: | July 19
|
| Issue date: | July 22
|
| Listing date: | July 25
|
| Distribution: | Regulation S
|
| ISIN: | XS2504351185
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