By William Gullotti
Buffalo, N.Y., Dec. 22 – China’s Wuxi Guangyi Construction Development Group Co., Ltd. announced an application to list $150 million of 1.95% credit enhanced bonds due 2024, according to a listing notice with an appended offering circular on Wednesday.
The bonds feature an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Wuxi Branch.
The bonds are priced at par and may only be redeemed early for taxation purposes at par plus interest.
Central Wealth Securities Investment Ltd. is the global coordinator as well as serving as a joint lead manager and joint bookrunner with China Industrial Securities International and SunRiver International Securities Group Ltd.
Proceeds will be used for project construction and replenishment of working capital.
The Regulation S bonds are expected to be listed on the Stock Exchange of Hong Kong Ltd. effective Dec. 22.
Based in China’s Liangxi District, the issuer is involved with infrastructure construction, investment and financing.
| Issuer: | Wuxi Guangyi Construction Development Group Co., Ltd.
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| Amount: | $150 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Dec. 21, 2024
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| Bookrunners: | Central Wealth Securities Investment Ltd., China Industrial Securities International and SunRiver International Securities Group Ltd.
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| Counsel to managers: | Fangda Partners (HK), Jiangsu Shenque Law Firm (China)
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| Coupon: | 1.95%
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| Price: | Par
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| Yield: | 1.95%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Dec. 16
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| Issue date: | Dec. 21
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| Listing date: | Dec. 22
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| Distribution: | Regulation S
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| ISIN: | XS2421424115
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