By William Gullotti
Buffalo, N.Y., Dec. 21 – San Shui International Development Co., Ltd., an indirectly wholly owned subsidiary of Jiangsu Jiangyan Economic Development Group Co., Ltd., issued $30 million of 5.17% guaranteed notes due 2024 at par, according to a listing notice with an appended offering circular on Tuesday.
The notes are guaranteed by the parent company and can only be redeemed early for taxation reasons at par plus interest.
The joint global coordinators, joint lead managers and joint bookrunners are Silk Road International and Shun Heng Securities Ltd.
China Zheshang Bank Co., Ltd. (Hong Kong Branch) also served as a joint lead manager and joint bookrunner for the offering.
Proceeds will be used for project construction and general working capital.
The listing for the Regulation S notes became effective on the Hong Kong Exchange on Tuesday.
San Shui was incorporated in June. Jiangsu Jiangyan Economic Development Group is involved in infrastructure development and based in China’s Taizhou City.
| Issuer: | San Shui International Development Co., Ltd.
|
| Guarantor: | Jiangsu Jiangyan Economic Development Group Co., Ltd.
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| Amount: | $30 million
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| Issue: | Guaranteed notes
|
| Maturity: | Dec. 20, 2024
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| Bookrunners: | Silk Road International, Shun Heng Securities Ltd. and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Counsel to issuer: | Chungs Lawyers in Association with DeHeng Law Offices (English), Jiangsu FD&DH Law Firm (China), Conyers Dill & Pearman (BVI)
|
| Counsel to bookrunners: | Clifford Chance (English), Grandall Law Firm (Shanghai) (China)
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| Coupon: | 5.17%
|
| Price: | Par
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| Yield: | 5.17%
|
| Call: | For taxation reasons 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: | Dec. 16
|
| Issue date: | Dec. 20
|
| Listing date: | Dec. 21
|
| Distribution: | Regulation S
|
| ISIN: | XS2423461909
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