By William Gullotti
Buffalo, N.Y., Jan. 25 – Yichun Yuanzhou District State-owned Investment Group Co., Ltd. sold $98 million of 1.98% credit-enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are backed by an irrevocable standby letter of credit issued by Industrial and Commercial Bank of China Ltd., Jiangxi Branch.
The bonds may be redeemed early for taxation reasons only at par plus interest.
ICBC International is the global coordinator for the offering as well as a joint lead manager and joint bookrunner with Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch.
Proceeds will be used for several construction projects and replenishing working capital.
Listing for the Regulation S bonds on the Stock Exchange of Hong Kong Ltd. became effective Jan. 21.
The issuer is a state-owned construction, investment and financing platform.
| Issuer: | Yichun Yuanzhou District State-owned Investment Group Co., Ltd.
|
| LoC issuer: | Industrial and Commercial Bank of China Ltd.
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| Amount: | $98 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | Jan. 20, 2025
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| Bookrunners: | ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch
|
| Counsel to issuer: | Deacons (English), Jingsh Lawfirm Changsha Office (China)
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| Counsel to bookrunners: | Linklaters (English), Global Law Office (China)
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| Coupon: | 1.98%
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| Price: | Par
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| Yield: | 1.98%
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| Calls: | For taxation reasons only 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: | Jan. 12
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| Issue date: | Jan. 20
|
| Listing date: | Jan. 21
|
| Distribution: | Regulation S
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| ISIN: | XS2409021339
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