By William Gullotti
Buffalo, N.Y., Jan. 25 – China’s Huzhou Nanxun New Town Investment Development Group Co., Ltd. sold $28.6 million of 2¼% 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 Bank of Ningbo Huzhou Branch, Jiangxi Branch.
The bonds may be redeemed early for taxation reasons only at par plus interest.
Interarch Asset Management Ltd. and Haitong International are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint bookrunners and joint lead managers are China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Industrial Bank Co., Ltd., Hong Kong Branch.
Proceeds from the offering will be used for financing projects construction and replenishing working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Jan. 25.
The issuer is a wholly owned subsidiary of Huzhou Nanxun Xinkai Construction Group Co., Ltd. and is a major operating platform for urban development activities in Huzhou City.
| Issuer: | Huzhou Nanxun New Town Investment Development Group Co., Ltd.
|
| LoC Issuer: | Bank of Ningbo Huzhou Branch
|
| Issue: | Credit enhanced bonds
|
| Amount: | $28.6 million
|
| Maturity: | Jan. 24, 2025
|
| Bookrunners: | Interarch Asset Management Ltd., Haitong International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Counsel to issuer: | Chungs Lawyers in Association with DeHeng Law Offices (English), Beijing DeHeng Law Offices (China)
|
| Counsel to bookrunners: | Tian Yuan Law Firm LLP (English), Beijing Long’an (Huzhou) Law Firm (China)
|
| Coupon: | 2¼%
|
| Price: | Par
|
| Yield: | 2¼%
|
| Calls: | For taxation reasons only at par plus interest
|
| Change of control: | At 101 plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | Jan. 20
|
| Issue date: | Jan. 24
|
| Listing date: | Jan. 25
|
| Distribution: | Regulation S
|
| ISIN: | XS2432537483
|
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