By William Gullotti
Buffalo, N.Y., Oct. 4 – Huaibei City Construction Investment Holding Group Co., Ltd. announced an application to list $300 million of 2¾% credit enhanced bonds due 2024, according to a notice Monday.
The bonds feature an irrevocable standby letter of credit issued by Huishang Bank Corp., Ltd.
The notes may be redeemed early for taxation or pre-funding failure reasons at par plus interest.
TF International is the global coordinator for the Regulation S offering.
Serving as joint bookrunners and joint lead managers are TF International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, CMB International, SPDB International and Golden Rich.
Proceeds from the offering will be used to repay existing debt.
Listing for the bonds is expected on the Hong Kong Exchange effective Oct. 4.
The issuer provides urban infrastructure construction services and is involved in land consolidation, transport operation and other businesses.
| Issuer: | Huaibei City Construction Investment Holding Group Co., Ltd.
|
| Issue: | Credit enhanced bonds
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| Amount: | $300 million
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| Maturity: | Sept. 30, 2024
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| Bookrunners: | TF International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, CMB International, SPDB International and Golden Rich
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Fangda Partners (English)
|
| Counsel to lead managers: | Mayer Brown (English) and Jingtian & Gongcheng (China)
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| Coupon: | 2¾%
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| Price: | Par
|
| Yield: | 2¾%
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| Call features: | For taxation reasons or for pre-funding failure at par plus accrued interest
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| Change of control: | At par
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| Registration event: | At par
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| Pricing date: | Sept. 23
|
| Issue date: | Sept. 30
|
| Listing date: | Oct. 4
|
| Distribution: | Regulation S
|
| ISIN: | XS2368827130
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