By William Gullotti
Buffalo, N.Y., Aug. 2 – China’s Peng Ying International Development Co., Ltd., an indirect wholly owned subsidiary of Xiangshan County Binhai Investment Co., Ltd., priced €72 million of 2.6% credit enhanced guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by the parent company and feature the benefit of an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Hangzhou Branch.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will also be able to exercise put rights at par plus interest if a change of control occurs.
Silk Road International is the global coordinator and also serving as joint lead manager and joint bookrunner with CEB International.
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 on Aug. 2.
Pen Ying was incorporated in the British Virgin Islands on Jan. 13, 2022. 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.
|
| Guarantor: | Xiangshan County Binhai Investment Co., Ltd.
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| LoC issuer: | Bank of Jiangsu Co., Ltd., Hangzhou Branch
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| Amount: | €72 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | Aug. 1, 2025
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| Bookrunners: | Silk Road International and CEB International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | White & Case (England), Zhejiang Dos Law Firm (China), Ogier (BVI)
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| Counsel to underwriters: | Chungs Lawyers in Association with DeHeng Law Offices (England), Jiangsu FD&DH Law Firm (China)
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| Coupon: | 2.6%
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| Price: | Par
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| Yield: | 2.6%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | July 21
|
| Issue date: | Aug. 1
|
| Listing date: | Aug. 2
|
| Distribution: | Regulation S
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| ISIN: | XS2500230060
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