By William Gullotti
Buffalo, N.Y., March 11 – Yan’an Tourism (Group) Co., Ltd. announced it priced a two-part, $77 million offering of 3.9% credit enhanced bonds due 2025 at par, according to two listing notices with appended offering circulars on Friday.
The Regulation S bonds are backed by an irrevocable standby letter of credit issued by Bank of Xi’an Co., Ltd.
The issuer may only redeem the bonds early for taxation reasons at par plus interest. Bondholders will be able to put the bonds at 101 for a change of control or at par for a registration event.
Silk Road International is the global coordinator for the offering as well as serving as joint bookrunner and joint lead manager with China Zheshang Bank Co., Ltd. (Hong Kong Branch).
Proceeds from the offering will be used for financing project construction and replenishing working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective March 11.
The issuer is the principal operating platform for developing tourism resources in Yan’an City.
| Issuer: | Yan’an Tourism (Group) Co., Ltd.
|
| LoC issuer: | Bank of Xi’an Co., Ltd.
|
| Amount: | $77 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | March 10, 2025
|
| Bookrunners: | Silk Road International, China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Counsel to issuer: | Tian Yuan Law Firm LLP (England), AllBright Law Offices (China)
|
| Counsel to bookrunners: | Chungs Lawyers (in association with Deheng Law Offices) (England), Beijing Yingke Law Firm Xi’an Office (China)
|
| Coupon: | 3.9%
|
| Price: | Par
|
| Yield: | 3.9%
|
| Call: | For taxation reasons only at par plus interest
|
| Change of control: | At 101 plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | March 3
|
| Issue date: | March 10
|
| Listing date: | March 11
|
| Distribution: | Regulation S
|
| ISIN: | XS2360160563
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
