By William Gullotti
Buffalo, N.Y., May 31 – Zibo High-tech International Investment Co., Ltd. priced $46.4 million of 8% guaranteed bonds due 2026 (Chengxin: BBBg) at par, according to a listing notice and an offering circular on Wednesday.
The bonds will be guaranteed by parent company Zibo Hi-Tech State-Owned Capital Investment Co., Ltd.
Initial Capital Securities, Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Shenwan Hongyuan (H.K.) are the placement agents.
Proceeds will be used for project construction, for replenishing working capital and to repay existing debt.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective May 31.
The issuer operates investment management associated with urban infrastructure construction, land development and other services.
| Issuer: | Zibo High-tech International Investment Co., Ltd.
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| Guarantor: | Zibo Hi-Tech State-Owned Capital Investment Co., Ltd.
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| Amount: | $46.4 million
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| Issue: | Guaranteed bonds
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| Maturity: | May 30, 2026
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| Placement agents: | Initial Capital Securities, Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Shenwan Hongyuan (H.K.)
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to agents: | Fangda Partners (Hong Kong), Yingke Law Firm (China)
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Pricing date: | May 24
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| Issue date: | May 30
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| Listing date: | May 31
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| Expected rating: | Chengxin: BBBg
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| Distribution: | Private placement
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| ISIN: | XS2627284396
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