New Issue: Fujian Jinjiang unit prices $158 million 6.68% guaranteed one-year bonds at par

By William Gullotti

Buffalo, N.Y., March 13 – China’s Jinjiang Road and Bridge Construction & Development Co., Ltd., a subsidiary of Fujian Jinjiang Urban Construction Investment & Development Group Co., Ltd., issued $158 million of 6.68% guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular on Monday.

The bonds are guaranteed by the parent company and may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control and at par plus interest if a no registration event occurs.

Zhongtai International, Luso Bank Ltd., CEB International, DBS Bank Ltd., Huatai International, China Industrial Securities International, CNCB Capital, Bocom International, China Citic Bank International, China Galaxy International, China International Capital Corp., China Securities International, Citic Securities, CMBC Capital, Dongxing Securities (Hong Kong), GF Securities, Guolian Securities International, Guotai Junan International, Haitong International and Shenwan Hongyuan Securities (H.K.) are the joint lead managers and joint bookrunners, with Zhongtai, Luso, CEB, DBS, Huatai, China Industrial and CNCB also acting as joint global coordinators.

Proceeds will be used to repay debt.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 13.

Formerly known as Jinjiang Road Construction Development Ltd., the issuer is a subsidiary of the guarantor, which operates its road infrastructure construction business through its subsidiary.

Issuer:	Jinjiang Road and Bridge Construction & Development Co., Ltd.
Guarantor:	Fujian Jinjiang Urban Construction Investment & Development Group Co., Ltd.
Amount:	$158 million
Issue:	Guaranteed bonds
Maturity:	March 8, 2024
Bookrunners:	Zhongtai International, Luso Bank Ltd., CEB International, DBS Bank Ltd., Huatai International, China Industrial Securities International, CNCB Capital, Bocom International, China Citic Bank International, China Galaxy International, China International Capital Corp., China Securities International, Citic Securities, CMBC Capital, Dongxing Securities (Hong Kong), GF Securities, Guolian Securities International, Guotai Junan International, Haitong International and Shenwan Hongyuan Securities (H.K.)
Co-manager:	Xiamen International Bank Co., Ltd.
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Jun He Law Offices (England, Hong Kong), Dowway & Partners (China)
Counsel to underwriters:	King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	6.68%
Price:	Par
Yield:	6.68%
Call:	For taxation reasons at par
Change of control:	At 101
No registration event:	At par
Pricing date:	March 7
Issue date:	March 10
Listing date:	March 13
Distribution:	Regulation S
ISIN:	XS2573678435

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