By William Gullotti
Buffalo, N.Y., May 31 – Wuxi Chengkai Industrial Development Group Co., Ltd. announced it priced €40 million 2.3% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Nanjing, Wuxi Branch.
The issuer may redeem the bonds early for taxation reasons at par plus interest. They are also subject to mandatory redemption if a prefunding failure occurs or the letter of credit becomes unenforceable.
Bondholders will also be able to put the notes at par plus interest if a change of control or registration event occurs.
TF International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with China Securities International and Hua Xia Bank Co., Ltd., Hong Kong Branch.
Proceeds will be used for financing construction projects and supplementing working capital.
Listing for the bonds became effective on the Hong Kong Exchange on May 30.
Located in Binhu District, Wuxi City, Jiangsu Province of China, the issuer is engaged in infrastructure construction, land preparation, resettlement housing construction and property leasing.
| Issuer: | Wuxi Chengkai Industrial Development Group Co., Ltd.
|
| LoC issuer: | Bank of Nanjing, Wuxi Branch
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| Amount: | €40 million
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| Issue: | Credit enhanced bonds
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| Maturity: | May 27, 2025
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| Bookrunners: | TF International, China Securities International and Hua Xia Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Paul Hastings (Europe) LLP (England), Jiangsu Wuxi Manxiu Law Firm (China)
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| Counsel to underwriters: | Simmons & Simmons (England), Jiangsu Pinchuan Law Firm (China)
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| Counsel to trustee: | Clifford Chance
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| Coupon: | 2.3%
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| Price: | Par
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| Yield: | 2.3%
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| Call: | For taxation reasons at par plus interest; mandatory at par plus interest for prefunding failure or in the case the standby letter of credit ceases to be enforceable
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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: | May 20
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| Issue date: | May 27
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| Listing date: | May 30
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| Distribution: | Regulation S
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| ISIN: | XS2472512198
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