By William Gullotti
Buffalo, N.Y., March 31 – China’s Huzhou Wuxing Economic Development and Investment Group Co., Ltd. announced it priced $146 million 3.1% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Ningbo Branch.
The issuer may only redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control or registration event occurs.
BOSC International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with China PA Securities (Hong Kong) Co., Ltd., Haitong International, Luso Bank Ltd., China Industrial Securities International, CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch and Sigma Capital.
Proceeds from the offering will be used for industry improvement projects and supplementing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective March 31.
The issuer is wholly owned by Wuxing Service Centre and a key infrastructure construction entity located in Wuxing District of Huzhou City, China.
| Issuer: | Huzhou Wuxing Economic Development and Investment Group Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Ningbo Branch
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| Amount: | $146 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 30, 2025
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| Bookrunners: | BOSC International, China PA Securities (Hong Kong) Co., Ltd., Haitong International, Luso Bank Ltd., China Industrial Securities International, CMB Wing Lung Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch and Sigma Capital
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| Counsel to issuer: | Linklaters (England), Deheng Law Offices (Hangzhou) (China)
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| Counsel to bookrunners: | King & Wood Mallesons (England), Capital Equity Legal Group Huzhou Firm (China)
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| Coupon: | 3.1%
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| Price: | Par
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| Yield: | 3.1%
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| Call: | For taxation reasons only 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 23
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| Issue date: | March 30
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| Listing date: | March 31
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| Distribution: | Regulation S
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| ISIN: | XS2461107943
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