By Marisa Wong
Los Angeles, July 29 – Hong Kong Yanjiang International Industrial Co., Ltd. priced $40 million of 5.2% credit enhanced bonds due 2023 guaranteed by parent company Yangzhou Jiangdu Yanjiang Development Co., Ltd. and backed by an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Suzhou Branch.
The bonds were priced at par.
Zhongtai International Securities Ltd., CEB International Capital Corp. Ltd., Carlyon Securities Ltd., Guosen Securities (HK) Capital Co. Ltd. and Sinolink Securities (Hong Kong) Co. Ltd. are the placement agents.
Proceeds the from Regulation S offering will be used for general corporate purposes.
The issuer is based in Hong Kong. The parent guarantor carries out land development and infrastructure construction in the Jiangdu District of Yangzhou, China.
| Issuer: | Hong Kong Yanjiang International Industrial Co., Ltd.
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| Guarantor: | Yangzhou Jiangdu Yanjiang Development Co., Ltd.
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| LoC issuer: | China Bohai Bank Co., Ltd., Suzhou Branch
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| Amount: | $40 million
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| Issue: | Credit enhanced bonds
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| Maturity: | July 27, 2023
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| Placing agents: | Zhongtai International Securities Ltd., CEB International Capital Corp. Ltd., Carlyon Securities Ltd., Guosen Securities (HK) Capital Co. Ltd. and Sinolink Securities (Hong Kong) Co. Ltd.
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to agents: | Chungs Lawyers in association with Deheng Law Offices (England); Jiangsu Qingtianzhu Law Firm (China)
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| Counsel to trustee: | Herbert Smith Freehills (England)
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| Coupon: | 5.2%
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| Price: | Par
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| Yield: | 5.2%
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| Call option: | At par for tax reasons
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| Put option: | At 101 upon change of control
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| Pricing date: | July 26
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| Issue date: | July 28
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| Listing: | Hong Kong
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| Distribution: | Regulation S
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| ISIN: | XS2497407481
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