New Issue: Wuxi Xixi prices $200 million 2% credit enhanced bonds due 2025 in two tranches

By William Gullotti

Buffalo, N.Y., Jan. 13 – China’s Wuxi Xixi Industrial Development Group Co., Ltd. announced an application to list $200 million of 2% credit enhanced bonds due 2025 in two tranches, according to listing notices with appended offering circulars on Thursday.

Each $100 million tranche priced at par and is supported by an irrevocable standby letter of credit, one issued by Bank of Ningbo Co., Ltd., Wuxi Branch and the other issued by Bank of Shanghai Co. Ltd., Nanjing Branch.

The Regulation S bonds are callable for taxation reasons, or in the case that the standby letters of credit become unenforceable, at par plus interest. The bonds are also putable if a change of control or non-registration event occurs.

The joint global coordinators, joint lead managers and joint bookrunners for both series are AMC Wanhai Securities Ltd. and Huatai International.

Also serving as joint lead managers and joint bookrunners for both series are CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Zhongtai International, Zheshang International Financial Holdings Co., Ltd. and Huaan Securities (Hong Kong) Brokerage Ltd.

Shenwan Hongyuan (HK) is also listed as a joint lead manager and joint bookrunner for the tranche supported by the Bank of Shanghai.

Proceeds will be used for financing construction projects and replenishing working capital.

Listings for both tranches are expected on the Hong Kong Exchange effective Jan. 13.

The company is engaged in infrastructure construction, land preparation and resettlement housing projects.

Issuer:	Wuxi Xixi Industrial Development Group Co., Ltd.
Issue:	Credit enhanced bonds
Amount:	$200 million
Maturity:	Jan. 12, 2025
Counsel to issuer:	Paul Hastings (Europe) LLP (English), Jiangsu Wuxi Manxiu Law Firm (China)
Counsel to bookrunners:	Simmons & Simmons (English), Jiangsu Pinchuan Law Firm (China)
Coupon:	2%
Price:	Par
Yield:	2%
Call option:	At par plus interest for taxation reasons or in the case that the standby letter of credit becomes unenforceable
Change-of-control put:	At par plus interest
Non-registration event put:	At par plus interest
Pricing date:	Jan. 7
Issue date:	Jan. 12
Listing date:	Jan. 13
Distribution:	Regulation S
Amount:	$100 million
LoC issuer:	Bank of Ningbo Co., Ltd., Wuxi Branch
Bookrunners:	AMC Wanhai Securities Ltd., Huatai International, CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Zhongtai International, Zheshang International Financial Holdings Co., Ltd., Huaan Securities (Hong Kong) Brokerage Ltd.
ISIN:	XS2428533264
Amount:	$100 million
LoC issuer:	Bank of Shanghai Co. Ltd., Nanjing Branch
Bookrunners:	AMC Wanhai Securities Ltd., Huatai International, CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Zhongtai International, Zheshang International Financial Holdings Co., Ltd., Huaan Securities (Hong Kong) Brokerage Ltd., Shenwan Hongyuan (HK)
ISIN:	XS2428532969

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