By William Gullotti
Buffalo, N.Y., Feb. 24 – Huaibei City Construction Investment Holding Group Co., Ltd. announced an application to list $150 million of 2.9% credit enhanced bonds due 2025, according to a listing notice with an appended offering circular on Thursday.
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 and Golden Rich.
Proceeds from the offering will be used to repay existing offshore debt.
Listing for the bonds is expected on the Hong Kong Exchange effective Feb. 24.
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.
|
| LoC issuer: | Huishang Bank Corp., Ltd.
|
| Amount: | $150 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | Feb. 23, 2025
|
| Bookrunners: | TF International and Golden Rich
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Fangda Partners (English)
|
| Counsel to lead managers: | Mayer Brown (English), Jingtian & Gongcheng (China)
|
| Coupon: | 2.9%
|
| Price: | Par
|
| Yield: | 2.9%
|
| Call features: | For taxation reasons or for pre-funding failure at par plus accrued interest
|
| Change of control: | At par
|
| Registration event: | At par
|
| Pricing date: | Feb. 16
|
| Issue date: | Feb. 23
|
| Listing date: | Feb. 24
|
| Distribution: | Regulation S
|
| ISIN: | XS2418729559
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
