By William Gullotti
Buffalo, N.Y., March 16 – Zhejiang Tianzihu Industry Investment Co., Ltd. priced $38.4 million of 2.7% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds feature the benefit of an irrevocable standby letter of credit issued by Bank of Ningbo Huzhou Branch.
The issuer can only redeem the bonds early for taxation reasons at par plus interest. Bondholders will likewise be able to put the notes at par plus interest if a change-of-control or registration event occurs.
CNCB Capital, Haitong International, Alpha International Securities, Bocom International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Proceeds will be used for financing construction projects, replenishing working capital and general corporate purposes.
Listing for the bonds is expected on the Hong Kong Exchange effective March 16.
The issuer principally engages in infrastructure construction projects in the Anji Demonstration Zone as well as the excavation and sale of bentonite.
| Issuer: | Zhejiang Tianzihu Industry Investment Co., Ltd.
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| LoC issuer: | Bank of Ningbo Huzhou Branch
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| Amount: | $38.4 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 15, 2025
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| Bookrunners: | CNCB Capital, Haitong International, Alpha International Securities, Bocom International and Industrial Bank Co., Ltd., Hong Kong Branch
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| Counsel to issuer: | Miao & Co. (in association with Han Kun Law Offices) (England), Fujian Mentors Law Firm (China)
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| Counsel to bookrunners: | Mayer Brown (England), Allbright Beijing Law Office (China)
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| Coupon: | 2.7%
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| Price: | Par
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| Yield: | 2.7%
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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: | March 8
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| Issue date: | March 15
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| Listing date: | March 16
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| Distribution: | Regulation S
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| ISIN: | XS2447542874
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