By William Gullotti
Buffalo, N.Y., March 31 – China’s Hangzhou Water Group Co., Ltd. priced $300 million of 2.9% green bonds due 2025 (Baa1) at par, according to a listing notice with an appended offering circular on Thursday.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to put the bonds at 101 plus interest for a change of control and at par plus interest if a registration event occurs.
Guotai Junan International and China International Capital Corp. are the joint green structuring advisers, joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are Bank of Communications, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch.
Proceeds from the Regulation S offering will be used to finance and/or refinance eligible projects under the issuer’s green finance framework and for related working capital purposes.
Listing for the bonds is expected on the Hong Kong Exchange effective March 31.
The issuer was established in 2019 as the result of a merger and reorganization of Hangzhou Water Holdings and Qiandao Lake Water and specializes in the investment, construction and operation of water infrastructure projects.
| Issuer: | Hangzhou Water Group Co., Ltd.
|
| Amount: | $300 million
|
| Issue: | Green bonds
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| Maturity: | March 30, 2025
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| Bookrunners: | Guotai Junan International, China International Capital Corp., Bank of Communications, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
|
| Green structuring advisers: | Guotai Junan International and China International Capital Corp.
|
| Counsel to issuer: | Linklaters (England), Zhejiang T&C Law Firm (China)
|
| Counsel to bookrunners: | King & Wood Mallesons (England), AllBright Law Offices (China)
|
| Coupon: | 2.9%
|
| Price: | Par
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| Yield: | 2.9%
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| Call: | In whole, but not in part, for taxation reasons at par plus interest
|
| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | March 23
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| Issue date: | March 30
|
| Listing date: | March 31
|
| Rating: | Moody’s: Baa1
|
| Distribution: | Regulation S
|
| ISIN: | XS2432576382
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