By William Gullotti
Buffalo, N.Y., Dec. 30 – China-based Haining Yangshan Industrial Group Co., Ltd.’s indirect wholly owned subsidiary Yangshan Overseas Development Co., Ltd. sold $150 million of 1.95% credit enhanced guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds are guaranteed by Haining Yangshan and feature an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
The bonds can only be redeemed early for taxation reasons at par plus interest.
Guotai Junan International and BOSC International are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are CMB Wing Lung Bank Ltd. and Industrial Bank Co., Ltd., Hong Kong Branch.
Proceeds will be used for funding relevant industrial park projects and upgrade projects as well as replenishing working capital.
Listing is expected to take effect on the Stock Exchange of Hong Kong Ltd. on Dec. 30.
The issuer was incorporated Dec. 9 in the British Virgin Islands. Haining Yangshan is a subsidiary of Zhejiang Hanghai Xincheng Holding Group Co., Ltd. and is engaged in infrastructure construction, land consolidation and real estate development.
| Issuer: | Yangshan Overseas Development Co., Ltd.
|
| Guarantor: | Haining Yangshan Industrial Group Co., Ltd.
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| LoC bank: | Bank of Shanghai Co., Ltd., Hangzhou Branch
|
| Issue: | Credit enhanced guaranteed bonds
|
| Amount: | $150 million
|
| Maturity: | Dec. 29, 2024
|
| Bookrunners: | Guotai Junan International, BOSC International, CMB Wing Lung Bank Ltd. and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Counsel to issuer: | Jingtian & Gongcheng LLP (English), Jingtian & Gongcheng (China), Ogier (BVI)
|
| Counsel to bookrunners: | Linklaters (English), Junhe LLP (China)
|
| Coupon: | 1.95%
|
| Price: | Par
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| Yield: | 1.95%
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| Call option: | For taxation reasons at par plus interest
|
| Change-of-control put: | At par plus interest
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| Pricing date: | Dec. 23
|
| Issue date: | Dec. 29
|
| Listing date: | Dec. 30
|
| Distribution: | Regulation S
|
| ISIN: | XS2426042292
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