By William Gullotti
Buffalo, N.Y., Sept. 30 – China’s Zhengjin Financial International (BVI) Co., Ltd., an indirectly wholly owned subsidiary of Jinan Shizhong Finance Investment Group Co., Ltd., issued $80 million of 6% one-year guaranteed bonds at par, according to a listing notice with an appended offering circular on Friday.
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 or at par plus interest if a no-registration event occurs.
Zhongtai International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with Shenwan Hongyuan (HK), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Soochow CSSD Capital Markets (Asia), CEB International, DBS Bank Ltd. and China Industrial Securities International.
Proceeds will be used for general corporate purposes.
The listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Sept. 30.
The issuer is an indirect wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on Jan. 19. Located in China’s Jinan City, the guarantor is a state-owned entity involved in investment, consultation, management and capital operation.
| Issuer: | Zhengjin Financial International (BVI) Co., Ltd.
|
| Guarantor: | Jinan Shizhong Finance Investment Group Co., Ltd.
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| Amount: | $80 million
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| Issue: | Bonds
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| Maturity: | Sept. 28, 2023
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| Bookrunners: | Zhongtai International, Shenwan Hongyuan (HK), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Soochow CSSD Capital Markets (Asia), CEB International, DBS Bank Ltd. and China Industrial Securities International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Patrick Mak & Tse Solicitors (England), Grandall Law Firm (Jinan) (China), Ogier (BVI)
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| Counsel to underwriters: | Mayer Brown (England), Commerce & Finance Law Offices (China)
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| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
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| Call option: | For taxation reasons at par plus interest
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| Put option: | At 101 plus interest upon change of control; at par plus interest if no-registration event occurs
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| Pricing date: | Sept. 23
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| Issue date: | Sept. 29
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| Listing date: | Sept. 30
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| Distribution: | Regulation S
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| ISIN: | XS2525181348
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