By William Gullotti
Buffalo, N.Y., Feb. 23 – Zhejiang Anji Construction Development (Hong Kong) Co., Ltd. priced €40 million 6.3% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Friday.
The bonds are guaranteed by Zhejiang Anji State-controlled Construction and Development Group Co., Ltd.
Donghai International, Zhongtai International, JQ Securities, China Industrial Securities International, Citic Securities, Zheshang International and Essence International are the joint lead managers and joint bookrunners for the Regulation S offering, with Donghai also serving as the global coordinator.
Proceeds will be used to repay existing offshore debt due in February 2024 and to replenish working capital.
Listing is expected on the Stock Exchange of Hong Kong Ltd. effective Feb. 23.
The issuer is a wholly owned subsidiary of the guarantor, incorporated in Hong Kong on May 17, 2021 as a special purpose financing entity. The guarantor is a developer and builder of tourist resorts based in Huzhou, China.
Issuer: | Zhejiang Anji Construction Development (Hong Kong) Co., Ltd.
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Guarantor: | Zhejiang Anji State-controlled Construction and Development Group Co., Ltd
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Amount: | €40 million
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Issue: | Guaranteed bonds
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Maturity: | Feb. 20, 2025
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Bookrunners: | Donghai International, Zhongtai International, JQ Securities, China Industrial Securities International, Citic Securities, Zheshang International and Essence International
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Trustee: | CMB Wing Lung (Trustee) Ltd.
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Counsel to issuer: | Tian Yuan Law Firm LLP (England, Hong Kong)
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Counsel to underwriters: | Fangda Partners (England, Hong Kong), Zhejiang Puyuan Law Firm (China)
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Coupon: | 6.3%
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Price: | Par
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Yield: | 6.3%
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Call: | For taxation reasons at par plus interest
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Change of control: | At 101 plus interest
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Pricing date: | Feb. 19
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Issue date: | Feb. 22
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Listing date: | Feb. 23
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Distribution: | Regulation S
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ISIN: | XS2755356727
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