By William Gullotti
Buffalo, N.Y., May 2 – China’s Changxing Cultural Tourism Development Group Co., Ltd. priced RMB 286 million of 3.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The Regulation S bonds are backed by an irrevocable standby letter of credit issued by Bank of Beijing Co., Ltd., Hangzhou Branch.
Caitong International, China International Capital Corp., Dingxin (Securities) Ltd., CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch and China Galaxy International are the joint lead managers and joint bookrunners for the offering, with Caitong also acting as sole global coordinator.
Proceeds will be used for project construction and supplemental working capital.
The listing is expected on the Chongwa (Macao) Exchange effective May 2.
Primarily conducting business in China’s Changxing County and Huzhou City, the issuer’s businesses include infrastructure construction, cultural tourism, merchandising, entertainment, event management, cinemas, hotels and trading.
| Issuer: | Changxing Cultural Tourism Development Group Co., Ltd.
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| LoC issuer: | Bank of Beijing Co., Ltd., Hangzhou Branch
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| Amount: | RMB 286 million
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| Issue: | Credit enhanced bonds
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| Maturity: | April 28, 2026
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| Bookrunners: | Caitong International, China International Capital Corp., Dingxin (Securities) Ltd., CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch and China Galaxy International
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| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England), Capital Equity Legal Group Huzhou Firm (China)
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| Counsel to underwriters: | Jun He Law Offices (England), Beijing Dacheng Law Offices, LLP (China)
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| Coupon: | 3.8%
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| Price: | Par
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| Yield: | 3.8%
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| Call: | For taxation reasons at par plus interest
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| Put: | At par plus interest for a change of control
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| Pricing date: | April 25
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| Issue date: | April 28
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| Listing date: | May 2
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| Distribution: | Regulation S
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