By William Gullotti
Buffalo, N.Y., Oct. 27 – Orient ZhiSheng Ltd., a wholly owned indirect subsidiary of DFZQ, priced $300 million of 5 1/8% guaranteed bonds due 2025 (Baa2) at 99.739, according to an offering document on Thursday.
The Regulation S bonds will be issued by the subsidiary and guaranteed by the indirect parent.
Prior to Sept. 26, 2025, the company may exercise a make-whole call at Treasuries plus 10 basis points. The make-whole call is followed by a par call that may be exercised at any time until maturity.
The bonds may also 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.
Orient Securities (Hong Kong), ICBC, Standard Chartered Bank, Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Zhongtai International, BOSC International, ABC International, China Citic Bank International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering.
Orient, ICBC, Standard Chartered, Shanghai Pudong Development, Bank of Communications, China Minsheng and CMB Wing Lung are also working as joint global coordinators.
Listing for the bonds on the Hong Kong Exchange is expected to become effective on Oct. 27.
Proceeds will be used to refinance offshore debt.
Orient ZhiSheng is a BVI-incorporated, wholly owned subsidiary of Orient Finance Holdings, which in turn is a wholly owned subsidiary of the guarantor. DFZQ, or Orient Securities, is an investment bank and brokerage firm based in Shanghai.
| Issuer: | Orient ZhiSheng Ltd.
|
| Guarantor: | DFZQ
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| Amount: | $300 million
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| Issue: | Guaranteed bonds
|
| Maturity: | Oct. 26, 2025
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| Bookrunners: | Orient Securities (Hong Kong), ICBC, Standard Chartered Bank, Shanghai Pudong Development Bank Hong Kong Branch, Bank of Communications, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Zhongtai International, BOSC International, ABC International, China Citic Bank International and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Linklaters (England), Grandall Law Firm (Shanghai) (China), Ogier (BVI)
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| Counsel to underwriters: | Davis Polk & Wardwell (England), Jin Mao Partners (China)
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| Coupon: | 5 1/8%
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| Price: | 99.739
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| Calls: | Make-whole call prior to Sept. 26, 2025 at Treasuries plus 10 bps; par call at any time starting Sept. 26, 2025
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| Change of control: | At 101
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| Pricing date: | Oct. 20
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| Issue date: | Oct. 26
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| Listing date: | Oct. 27
|
| Rating: | Moody’s: Baa2
|
| Distribution: | Regulation S
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| ISIN: | XS2547622535
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