New Issue: Xiamen ITG unit prices $170 million, RMB 900 million bonds due 2024

By William Gullotti

Buffalo, N.Y., Nov. 8 – ITG Holding Investment (HK) Ltd. sold two tranches of guaranteed bonds due Nov. 5, 2024 at par, according to several listing documents on Wednesday.

ITG sold a $170 million tranche with a 6.9% coupon and a RMB 900 million tranche with a 4.3% coupon.

Each tranche of Regulation S bonds is guaranteed by parent Xiamen ITG Holding Group Co., Ltd.

The joint lead managers and joint bookrunners for the dollar-denominated tranche are Luso Bank Ltd., CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications, Hua Xia Bank Co., Ltd., Hong Kong Branch, Guotai Junan International, China Industrial Securities International, CMBC Capital, China International Capital Corp., Guoyuan Securities (Hong Kong), CMB Wing Lung Bank Ltd., SPDB International, Chiyu Banking Corp., Ltd. and China Citic Bank International, with Luso, CNCB, Industrial Bank and Bank of Communications also acting as joint global coordinators.

Luso Bank Ltd., China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Guotai Junan International, Chiyu Banking Corp., Ltd. and CNCB Capital are the joint lead managers and joint bookrunners for the renminbi-denominated tranche, with Luso, China Citic and Industrial Bank also acting as joint global coordinators.

Proceeds from each tranche will be used to replenish offshore working capital and for refinancing offshore debt.

Listings for both tranches are expected on the Hong Kong Exchange and Chongwa (Macao) Exchange effective Nov. 8.

The issuer is a wholly owned subsidiary of the guarantor. The group has five main businesses: supply chain, urban construction and operation, consumer and health, financial services and advanced manufacturing businesses. The group is incorporated in Hong Kong.

Issuer:	ITG Holding Investment (HK) Ltd.
Guarantor:	Xiamen ITG Holding Group Co., Ltd.
Issue:	Guaranteed bonds
Maturity:	Nov. 5, 2024
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Ashurst Hong Kong (England, Hong Kong), Llinks Law Offices (China)
Counsel to underwriters:	Davis Polk & Wardwell LLP (England, Hong Kong), Zhong Lun Law Firm (China)
Price:	Par
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a non-registration event
Pricing date:	Oct. 31
Issue date:	Nov. 7
Listing date:	Nov. 8
Distribution:	Regulation S
Dollar-denominated tranche
Amount:	$170 million
Bookrunners:	Luso Bank Ltd., CNCB Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications, Hua Xia Bank Co., Ltd., Hong Kong Branch, Guotai Junan International, China Industrial Securities International, CMBC Capital, China International Capital Corp., Guoyuan Securities (Hong Kong), CMB Wing Lung Bank Ltd., SPDB International, Chiyu Banking Corp., Ltd. and China Citic Bank International
Coupon:	6.9%
Yield:	6.9%
ISIN:	XS2713228018
Renminbi-denominated tranche
Amount:	RMB 900 million
Bookrunners:	Luso Bank Ltd., China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., Guotai Junan International, Chiyu Banking Corp., Ltd. and CNCB Capital
Coupon:	4.3%
Yield:	4.3%
ISIN:	HK0000963170

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