By William Gullotti
Buffalo, N.Y., Aug. 24 – China’s Nanshan Capital Holdings Ltd. sold $45 million of 7% guaranteed bonds due 2023 at 100.5, according to a notice with an appended offering circular on Wednesday.
The bonds, issued and settled on June 24, are guaranteed by parent company Nanshan Group Co., Ltd.
True Well Ltd., a unit of Aceso Life Science Group Ltd. and Hao Tian International Construction Investment Group Ltd., executed an order with Shanghai Commercial Bank on June 22 to purchase the entire issue for a total of $45.2 million.
The bonds may be redeemed early at par plus interest for taxation reasons, also putable at 101 plus interest for a change of control or par plus interest if a no-registration event occurs.
According to the notice, the issuer will use proceeds to partially repurchase some of its 2021-issued 7% bonds due 2022.
The bonds will not be listed on any exchange.
China-based Nanshan manufactures aluminum products.
| Issuer: | Nanshan Capital Holdings Ltd.
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| Guarantor: | Nanshan Group Co., Ltd.
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| Issue: | Guaranteed bonds
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| Amount: | $45 million
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| Maturity: | June 23, 2023
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| Placing agent: | Shanghai Commercial Bank
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Coupon: | 7%
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| Price: | 100.5
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| Call option: | At par plus interest for taxation reasons
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| Put option: | At 101 plus interest for a change of control; at par plus interest for a no-registration event
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| Investor: | True Well Ltd.
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| Announcement date: | Aug. 24
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| Pricing date: | June 22
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| Issue date: | June 24
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| Settlement date: | June 24
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| ISIN: | XS2491054818
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