New Issue: China’s Huzhou Moganshan prices $210 million 5.48% guaranteed bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 16 – Huzhou Moganshan High-tech Group Co., Ltd. priced $210 million of 5.48% guaranteed bonds due 2027 at par, according to a listing notice and an offering circular on Tuesday.

The bonds are unconditionally and irrevocably guaranteed by parent company Huzhou Moganshan State-owned Capital Holding Group Co., Ltd.

China International Capital Corp., Huatai International, BOSC International, China Securities International, Citic Securities, CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Maxwealth Global, SPDB International and TF International are the joint lead managers and bookrunners for the offering, with China International, Huatai and BOSC further serving as joint global coordinators.

Proceeds will be used to repay existing medium- to long-term offshore debt due in July 2024.

Listing for the Regulation S bonds is expected on the Singapore Exchange effective April 17.

Founded in 2018 and operating in the public services sector, the company is primarily involved in real estate and urban infrastructure construction and asset management in the MHTZ. The company is wholly owned by the MHTZ Management Committee, an organ of the Huzhou Municipal People’s Government.

Issuer:	Huzhou Moganshan High-tech Group Co., Ltd.
Guarantor:	Huzhou Moganshan State-owned Capital Holding Group Co., Ltd.
Amount:	$210 million
Issue:	Guaranteed bonds
Maturity:	April 16, 2027
Bookrunners:	China International Capital Corp., Huatai International, BOSC International, China Securities International, Citic Securities, CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Maxwealth Global, SPDB International and TF International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Jincheng Tongda & Neal (China)
Counsel to underwriters:	King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	5.48%
Price:	Par
Yield:	5.48%
Call:	For taxation reasons at par
Puts:	At 101 upon change of control; at par for a no registration event
Pricing date:	April 11
Issue date:	April 16
Listing date:	April 17
Distribution:	Regulation S
ISIN:	XS2798076696

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