By William Gullotti
Buffalo, N.Y., Feb. 22 – Peng Ying International Development Co., Ltd., an indirect wholly owned subsidiary of Xiangshan County Binhai Investment Co., Ltd., issued RMB 372 million of 5.8% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.
The bonds are guaranteed by the parent company.
Silk Road International and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners for the offering, with Silk Road also acting as global coordinator.
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 Chongwa (Macao) Exchange on Feb. 22.
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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| Amount: | RMB 372 million
|
| Issue: | Guaranteed bonds
|
| Maturity: | Feb. 21, 2026
|
| Bookrunners: | Silk Road International and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Trustee: | China Central Depository & Clearing Co., Ltd. as principal paying agent, transfer agent and registrar
|
| Counsel to issuer: | White & Case (England), Zhejiang Dos Law Firm (China), Ogier (BVI)
|
| Counsel to underwriters: | Chungs Lawyers in Association with DeHeng Law Offices (England), Jiangsu FD&DH Law Firm (China)
|
| Coupon: | 5.8%
|
| Price: | Par
|
| Yield: | 5.8%
|
| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
|
| Pricing date: | Feb. 17
|
| Issue date: | Feb. 21
|
| Listing date: | Feb. 22
|
| Distribution: | Regulation S
|
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