By William Gullotti
Buffalo, N.Y., March 16 – China’s Henan Railway Construction & Investment Group Co., Ltd. priced $100 million of 3.214% green bonds due 2027 (A2) at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds may only be redeemed early by the issuer in whole, but not in part, for taxation reasons at par plus interest.
Bondholders will be able to put the bonds at 101 plus interest for a change of control and at par plus interest if a registration event occurs.
Guotai Junan International, DBS Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering with Guotai Junan International and DBS Bank also serving as joint green structure advisers.
Also serving as joint lead managers and joint bookrunners are CCB International and SPDB International.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 16.
Proceeds will be used to finance, refinance and replenish working capital of eligible green projects in accordance with the company’s green finance framework.
Based in China’s Henan Province, the issuer is the sole entity responsible for the investment, construction and operation management of railways in the province.
Issuer: | Henan Railway Construction & Investment Group Co., Ltd.
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Amount: | $100 million
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Issue: | Green bonds
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Maturity: | March 15, 2027
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Bookrunners: | Guotai Junan International, DBS Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, CCB International and SPDB International
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Green structure advisers: | Guotai Junan International and DBS Bank Ltd.
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Counsel to issuer: | King & Wood Mallesons (England), Jingtian & Gongcheng (China)
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Counsel to bookrunners: | Linklaters (England), JunHe LLP (China)
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Coupon: | 3.214%
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Price: | Par
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Yield: | 3.214%
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Call: | For taxation reasons only at par plus interest
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Change of control: | At 101 plus interest
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Registration event: | At par plus interest
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Pricing date: | March 8
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Issue date: | March 15
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Listing date: | March 16
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Rating: | Moody’s: A2
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Distribution: | Regulation S
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ISIN: | XS2450203174
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