By William Gullotti
Buffalo, N.Y., June 8 – China’s San Shui International Development Co., Ltd., an indirectly wholly owned subsidiary of Jiangsu Jiangyan Economic Development Group Co., Ltd., priced a $165 million three-part offering of 3.9% credit enhanced guaranteed notes due 2025 at par, according to three listing notices with appended offering circulars on Wednesday.
The notes are guaranteed by the parent company, but each series will have the benefit of an irrevocable standby letter of credit issued by a different bank.
The series backed by Bank of Nanjing, Taizhou Branch is for an aggregate total of $48 million.
The series backed by China Zheshang Bank Co., Ltd., Nanjing Branch totals $27 million.
The series backed by Bank of Jiangsu Co., Ltd., Taizhou Branch is for $90 million.
The notes may be redeemed early for taxation reasons at par plus interest. Noteholders will be able to exercise put rights at par plus interest if a change of control or registration event occurs.
Silk Road International and Shun Heng Securities Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for each series of Regulation S notes.
China Securities International, CEB International and Shanghai Pudong Development Bank Hong Kong Branch are also serving as joint lead managers and joint bookrunners for the notes backed by Bank of Nanjing and Bank of Jiangsu.
Also serving as joint lead managers and joint bookrunners for the series backed by China Zheshang Bank are China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Securities International and Shanghai Pudong Development Bank Hong Kong Branch.
Proceeds will be used for project construction and general working capital.
Listings for each series of notes are expected on the Hong Kong Exchange effective June 8.
San Shui was incorporated in June 2021. 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: | $165 million
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| Issue: | Credit enhanced guaranteed notes
|
| Maturity: | June 7, 2025
|
| Global coordinators: | Silk Road International and Shun Heng Securities Ltd.
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Chungs Lawyers in Association with DeHeng Law Offices (England), Jiangsu FD&DH Law Firm (China), Conyers Dill & Pearman (BVI)
|
| Counsel to underwriters: | Clifford Chance (England), Grandall Law Firm (Shanghai) (China)
|
| Coupon: | 3.9%
|
| Price: | Par
|
| Yield: | 3.9%
|
| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
|
| Registration event: | At par plus interest
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| Pricing date: | May 27
|
| Issue date: | June 7
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| Listing date: | June 8
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| Distribution: | Regulation S
|
|
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| $48 million tranche
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| Amount: | $48 million
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| LoC issuer: | Bank of Nanjing, Taizhou Branch
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| Bookrunners: | China Securities International, CEB International and Shanghai Pudong Development Bank Hong Kong Branch
|
| ISIN: | XS2482012403
|
|
|
| $27 million tranche
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| Amount: | $27 million
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| LoC issuer: | China Zheshang Bank Co., Ltd., Nanjing Branch
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| Bookrunners: | China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Securities International and Shanghai Pudong Development Bank Hong Kong Branch
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| ISIN: | XS2482012312
|
|
|
| $90 million tranche
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| Amount: | $90 million
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| LoC issuer: | Bank of Jiangsu Co., Ltd., Taizhou Branch
|
| Bookrunners: | China Securities International, CEB International and Shanghai Pudong Development Bank Hong Kong Branch
|
| ISIN: | XS2476751164
|
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