New Issue: Fujian Jinjiang unit prices $142 million 6.08% one-year guaranteed bonds at par

By William Gullotti

Buffalo, N.Y., June 21 – China’s Jinjiang Road and Bridge Construction & Development Co., Ltd., a subsidiary of Fujian Jinjiang Urban Construction Investment & Development Group Co., Ltd., sold an upsized $142 million offering of 6.08% guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular on Wednesday.

The initial offering, which was priced June 14 and subsequently superseded by the upsized June 16 offering, was priced at par with the same coupon for $125 million.

The bonds are issued by the subsidiary and guaranteed by the parent.

Zhongtai International, Luso Bank Ltd., China Securities International, China Citic Bank International, Huatai International, China Industrial Securities International, China International Capital Corp., Citic Securities, CNCB Capital, GF Securities, Bocom International, CMBC Capital, Dongxing Securities (Hong Kong), Guotai Junan International, Dingxin (Securities) Ltd., SPDB International and Orient Securities (Hong Kong) are the joint lead managers and joint global coordinators, with Zhongtai, Luso, China Securities, China Citic, Huatai and China Industrial also acting as joint global coordinators.

Proceeds will be used to repay existing debt.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective June 21.

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:	$142 million
Issue:	Guaranteed bonds
Maturity:	June 18, 2024
Bookrunners:	Zhongtai International, Luso Bank Ltd., China Securities International, China Citic Bank International, Huatai International, China Industrial Securities International, China International Capital Corp., Citic Securities, CNCB Capital, GF Securities, Bocom International, CMBC Capital, Dongxing Securities (Hong Kong), Guotai Junan International, Dingxin (Securities) Ltd., SPDB International and Orient Securities (Hong Kong)
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:	6.08%
Price:	Par
Yield:	6.08%
Call:	For taxation reasons at par
Change of control:	At 101
No registration event:	At par
Pricing date:	June 16
Issue date:	June 20
Listing date:	June 21
Distribution:	Regulation S
ISIN:	XS2634238526

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