By William Gullotti
Buffalo, N.Y., April 26 – Victory Ovation Pte Ltd. priced RMB 420 million of 4.8% guaranteed notes due 2026 at par, according to a listing notice and an offering circular on Wednesday.
The notes will be unconditionally and irrevocably guaranteed by Taizhou Sanfu Heavy Industry Group Co., Ltd.
Starting 60 days prior to maturity, the issuer may redeem up to RMB 200 million of the notes at par plus interest. The notes may also be redeemed early for tax reasons, in whole and at any time prior to maturity, at par plus interest. Noteholders will also be able to exercise put rights at 101 plus interest if a change of control occurs.
Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guoyuan Securities (Hong Kong) and Huaan Securities (Hong Kong) were the placing agents for the Regulation S offering.
Proceeds will be used to replenish working capital.
Listing for the notes is expected on the Chongwa (Macao) Exchange effective April 26.
The issuer is a wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands. The guarantor is a private-owned enterprise located in Taizhou City of China’s Jiangsu Province that is engaged in shipbuilding and commodity trading.
| Issuer: | Victory Ovation Pte Ltd.
|
| Guarantor: | Taizhou Sanfu Heavy Industry Group Co., Ltd.
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| Amount: | RMB 420 million
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| Issue: | Guaranteed notes
|
| Maturity: | April 25, 2026
|
| Placing agents: | Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guoyuan Securities (Hong Kong) and Huaan Securities (Hong Kong)
|
| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
|
| Counsel to issuer: | Ogier (BVI)
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| Counsel to agents: | Jun He Law Offices (England), Hylands Law Firm (China)
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| Coupon: | 4.8%
|
| Price: | Par
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| Yield: | 4.8%
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| Call options: | Up to RMB 200 million at par plus interest, starting 60 days prior to maturity; at any time for taxation reasons at par plus interest
|
| Change-of-control put: | At 101 plus interest
|
| Pricing date: | April 21
|
| Issue date: | April 25
|
| Listing date: | April 26
|
| Distribution: | Regulation S
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