By Marisa Wong
Los Angeles, Dec. 30 – China’s Hangzhou Bay Overseas Development Co., Ltd. issued $60 million of 1.95% bonds due 2024 guaranteed by parent company Haiyan Hangzhou Bay Investment Development Group Co. Ltd. at par, according to a notice.
The bonds will have the benefit of an irrevocable standby letter-of-credit provided by China Zheshang Bank Hangzhou Branch.
Guotai Junan Securities (Hong Kong) Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and SPDB International Capital Ltd. are the joint lead mangers for the Regulation S offering. Guotai Junan and China Zheshang Bank are also joint global coordinators.
Proceeds will be used for project construction and replenishing working capital.
The company is the municipal infrastructure construction and comprehensive state-owned assets operating entity of the Haiyan County government and the sole infrastructure construction investment and financing entity in Haiyan Economic Development Zone in China.
Issuer: | Hangzhou Bay Overseas Development Co., Ltd.
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Guarantor: | Haiyan Hangzhou Bay Investment Development Group Co. Ltd.
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LoC bank: | China Zheshang Bank Hangzhou Branch
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Amount: | $60 million
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Issue: | Credit enhanced guaranteed bonds
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Maturity: | Dec. 24, 2024
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Joint lead managers: | Guotai Junan Securities (Hong Kong) Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and SPDB International Capital Ltd.
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Counsel to issuer: | Jun He Law Offices (English), Beijing Yinghe Law Firm (China), Ogier (BVI)
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Counsel to bookrunners: | Mayer Brown (English, Hong Kong), Jingtian & Gongcheng (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 features: | Optionally in whole at par for tax reasons; mandatorily at par due to pre-funding failure
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Put option: | In whole at par if a change of control or no registration event occurs
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Pricing date: | Dec. 21
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Issue date: | Dec. 24
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Distribution: | Regulation S
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ISIN: | XS2425757254
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