By William Gullotti
Buffalo, N.Y., March 4 – Zoomwe Hong Kong New Energy Technology Co., Ltd., a wholly owned subsidiary of CNGR Advanced Material Co., Ltd., priced $100 million of 4.55% credit enhanced bonds due 2027 at par, according to a listing notice with an appended offering circular on Friday.
The Regulation S bonds will be guaranteed by the parent and also have the benefit of an irrevocable standby letter of credit issued by Bank of Changsha Co., Ltd.
The bonds can be redeemed early for taxation reasons at par plus interest. Bondholders will also be able to exercise a put option at par plus interest if a change of control or registration event occurs.
Deutsche Bank, Credit Agricole CIB, HSBC and Sigma Capital are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd., Hong Kong Branch, Credit Suisse, Standard Chartered Bank and DBS Bank Ltd.
Credit Agricole CIB is the green structuring adviser.
Proceeds will be used to finance and/or refinance eligible assets in accordance with the company’s green financing framework.
Listing for the bonds is expected on the Hong Kong Exchange effective March 4.
The issuer is a wholly owned subsidiary of the guarantor incorporated March 26, 2021. The guarantor is a global supplier of cathode precursor materials and an integrated service provider of materials for lithium batteries.
| Issuer: | Zoomwe Hong Kong New Energy Technology Co., Ltd.
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| Guarantor: | CNGR Advanced Material Co., Ltd.
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| LoC issuer: | Bank of Changsha Co., Ltd.
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| Amount: | $100 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 3, 2027
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| Bookrunners: | Deutsche Bank, Credit Agricole CIB, HSBC, Sigma Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Credit Suisse, Standard Chartered Bank and DBS Bank Ltd.
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| Green structuring adviser: | Credit Agricole CIB
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| Counsel to issuer: | Fangda Partners (England), DeHeng Law Offices (China)
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| Counsel to underwriters: | King & Wood Mallesons (England), Jingtian & Gongcheng (China)
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| Coupon: | 4.55%
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| Price: | Par
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| Yield: | 4.55%
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| Call option: | For taxation reasons in whole, but not in part, 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: | Feb. 24
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| Issue date: | March 3
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| Listing date: | March 4
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| Distribution: | Regulation S
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| ISIN: | XS2446770880
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