By William Gullotti
Buffalo, N.Y., May 12 – Wuxing Industry Investment Husheng Co., Ltd. priced $150 million of 4% credit enhanced guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds will be guaranteed by parent company Huzhou Wuxing Industrial Investment Development Group Co., Ltd. and backed by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
The bonds may be redeemed early in whole, but not in part, for taxation reasons at par plus interest. Bondholders will likewise be able to exercise a change-of-control put at par plus interest.
Haitong International and China International Capital Corp. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are BOSC International, China Enterprise Securities Co., Ltd., Guosen Securities (HK), Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International.
Proceeds will be used for project financing and replenishing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective May 12.
Incorporated in the British Virgin Islands, the issuer is an indirect wholly owned subsidiary of the guarantor. The guarantor is a state-owned enterprise involved in infrastructure construction, land consolidation and development, as well as sale of resettlement housing in Huzhou City, China.
| Issuer: | Wuxing Industry Investment Husheng Co., Ltd.
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| Guarantor: | Huzhou Wuxing Industrial Investment Development Group Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Hangzhou Branch
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| Amount: | $150 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | May 11, 2025
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| Bookrunners: | Haitong International, China International Capital Corp., BOSC International, China Enterprise Securities Co., Ltd., Guosen Securities (HK), Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch and Zhongtai International
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Chungs Lawyers in association with DeHeng Law Offices (England), Deheng Law Offices (Hangzhou) (China), Maples and Calder (Hong Kong) LLP (British Virgin Islands)
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| Counsel to underwriters: | Jingtian & Gongcheng LLP (England) and Jingtian & Gongcheng (China)
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| Counsel to trustee: | Herbert Smith Freehills (England)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Call option: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | April 29
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| Issue date: | May 11
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| Listing date: | May 12
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| Distribution: | Regulation S
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| ISIN: | XS2464646186
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