By William Gullotti
Buffalo, N.Y., April 7 – China’s Pingxiang City Construction Investment Group Co., Ltd. announced it priced $244 million 4½% credit-enhanced bonds due 2025 at par, according to an offering circular on Thursday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Jiujiang Co., Ltd.
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.
ABC International, Fosun Hani, Carnegie Hill Capital Partners and China Galaxy International are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China International Capital Corp.
Proceeds from the offering will be used for refinancing certain existing offshore debt.
Application will be made to list the bonds on the Hong Kong Exchange.
The issuer is the primary investment, financing and operating platform for urban development in Pingxiang City, Jiangxi Province of China.
| Issuer: | Pingxiang City Construction Investment Group Co., Ltd.
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| LoC issuer: | Bank of Jiujiang Co., Ltd.
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| Issue: | Credit enhanced bonds
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| Amount: | $244 million
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| Maturity: | April 6, 2025
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| Bookrunners: | ABC International, Fosun Hani, Carnegie Hill Capital Partners, China Galaxy International, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China International Capital Corp.
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | Paul Hastings LLP (English), Beijing Yongwen (Pingxiang) Law Firm (China)
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| Counsel to bookrunners: | Linklaters (English), Beijing DeHeng Law Offices (China)
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| Coupon: | 4½%
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| Price: | Par
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| Yield: | 4½%
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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 31
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| Issue date: | April 6
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| Distribution: | Regulation S
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| ISIN: | XS2462338612
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