By William Gullotti
Buffalo, N.Y., March 3 – China’s Huzhou Nanxun Zhenxun Sewage Treatment Co., Ltd. sold RMB 420 million 4% credit enhanced bonds due March 2, 2026 at par, according to a listing notice and an offering circular on Friday.
The bonds are backed by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
China Industrial Securities International, Orient Securities (Hong Kong) and BOSC International are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Proceeds from the offering will be used for project construction and replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Financial Asset Exchange Co., Ltd. effective March 3.
The issuer is a state-owned entity in Nanxun District of Huzhou City providing sewage treatment, greenery and pipeline network maintenance services.
| Issuer: | Huzhou Nanxun Zhenxun Sewage Treatment Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Hangzhou Branch
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| Issue: | Credit enhanced bonds
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| Amount: | RMB 420 million
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| Maturity: | March 2, 2026
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| Bookrunners: | China Industrial Securities International, Orient Securities (Hong Kong) and BOSC International
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| Trustee: | Bank of Communication Trustee Ltd.
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| Counsel to underwriters: | Mayer Brown (England), JunHe LLP (China)
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| Coupon: | 4%
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| Price: | Par
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| Yield: | 4%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | Feb. 27
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| Issue date: | March 2
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| Listing date: | March 3
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| Distribution: | Regulation S
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