By William Gullotti
Buffalo, N.Y., April 22 – Peng Ying International Development Co., Ltd., an indirect wholly owned subsidiary of Xiangshan County Binhai Investment Co., Ltd., issued $50 million of 4.49% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Friday.
The bonds are guaranteed by the parent company and can be redeemed early for taxation reasons at par plus interest. Bondholders will also be able to put the bonds at 101 plus interest for a change of control or at par plus interest if a registration event occurs.
The global coordinator is Silk Road International, which is also serving as joint lead manager and joint bookrunner with Admiralty Harbour and AMC Wanhai Securities.
Proceeds will be used for financing certain projects and additional working capital.
The listing for the Regulation S bonds is expected to become effective on the Hong Kong Exchange April 22. Application will be made to list the bonds on the Chongwa (Macao) Exchange.
Pen Ying was incorporated in the British Virgin Islands on Jan. 13, 2022. This is Pen Ying’s first operating activity.
The guarantor is a state-owned platform focused on government-supported housing, property management, senior housing management, project management, land consolidation and natural gas sales.
| Issuer: | Peng Ying International Development Co., Ltd.
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| Guarantor: | Xiangshan County Binhai Investment Co., Ltd.
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| Amount: | $50 million
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| Issue: | Guaranteed bonds
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| Maturity: | April 21, 2025
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| Bookrunners: | Silk Road International, Admiralty Harbour and AMC Wanhai Securities
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| Counsel to issuer: | White & Case (England), Zhejiang Dos Law Firm (China), Ogier (BVI)
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| Counsel to bookrunners: | Chungs Lawyers in Association with DeHeng Law Offices (England), Jiangsu FD&DH Law Firm (China)
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| Coupon: | 4.49%
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| Price: | Par
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| Yield: | 4.49%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | April 14
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| Issue date: | April 21
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| Listing date: | April 22
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| Distribution: | Regulation S
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| ISIN: | XS2464716229
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