By William Gullotti
Buffalo, N.Y., Aug. 3 – Heng Yuan International Co., Ltd., an indirectly but wholly owned subsidiary of Ningbo Haishu Development and Construction Investment (Group) Co., Ltd., priced €90 million of 3.1% guaranteed bonds due 2025 (Baa3//BBB) at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds will be guaranteed by the parent company and may be redeemed early for taxation reasons at par plus interest.
Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a registration event occurs.
Silk Road International and China International Capital Corp. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Haitong International.
Proceeds will be used for project construction and general working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Aug. 3.
Established in 2014, Ningbo Haishu is involved with municipal development activities and providing public services.
| Issuer: | Heng Yuan International Co., Ltd.
|
| Guarantor: | Ningbo Haishu Development and Construction Investment (Group) Co., Ltd.
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| Amount: | €90 million
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| Issue: | Guaranteed bonds
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| Maturity: | Aug. 2, 2025
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| Bookrunners: | Silk Road International (lead), China International Capital Corp., Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital and Haitong International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Chungs Lawyers (in association with Deheng Law Offices) (England), Zhejiang Dos Law Firm (China), Ogier (BVI)
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| Counsel to underwriters: | Fangda Partners (England), Grandall Law Firm (Shanghai) (China)
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| Coupon: | 3.1%
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| Price: | Par
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| Yield: | 3.1%
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| Call option: | For taxation reasons in whole, but not in part, at par plus interest
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | July 26
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| Issue date: | Aug. 2
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| Listing date: | Aug. 3
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB
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| Distribution: | Regulation S
|
| ISIN: | XS2492385898
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