By William Gullotti
Buffalo, N.Y., Dec. 29 – Pengze County Development and Construction Group Co., Ltd. priced $47 million 8% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Jiujiang Co., Ltd.
The issuer may redeem the bonds early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control occurs.
Central Wealth Securities Investment Ltd., Haitong Bank Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, Shenwan Hongyuan (H.K.), SunRiver International Securities Group Ltd., Zhongtai International, Zheshang International Financial Holdings Co., Ltd. and Pulsar Capital are the joint lead managers and joint bookrunners for the offering, with Central Wealth also acting as global coordinator.
Proceeds will be used for the construction of the Pengze County Rural Living Environment Comprehensive Upgrade Project and to replenish working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective Dec. 28.
Based in China’s Pengze County, the issuer is involved in infrastructure construction as well as construction material sale and trading.
| Issuer: | Pengze County Development and Construction Group Co., Ltd.
|
| LoC issuer: | Bank of Jiujiang Co., Ltd.
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| Amount: | $47 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Nov. 23, 2025
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| Bookrunners: | Central Wealth Securities Investment Ltd., Haitong Bank Industrial Bank Co., Ltd., Hong Kong Branch, Haitong International, Shenwan Hongyuan (H.K.), SunRiver International Securities Group Ltd., Zhongtai International, Zheshang International Financial Holdings Co., Ltd. and Pulsar Capital
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to underwriters: | Jun He Law Offices (England), Grandall Law Firm (Changsha) (China)
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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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: | Dec. 20
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| Issue date: | Dec. 23
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| Listing date: | Dec. 28
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| Distribution: | Regulation S
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| ISIN: | XS2553785382
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