By William Gullotti
Buffalo, N.Y., April 21 – China New Town Development Co., Ltd., via wholly owned subsidiary CNTD Success Co., Ltd., entered into a subscription agreement to issue RMB 1.5 billion of 3.98% guaranteed bonds due 2026 at par, according to a company notice on Friday.
The bonds will be guaranteed by Wuxi Communications Industry Group Co., Ltd.
China Securities (International) Corporate Finance Co., Ltd., ABCI Capital Ltd., CEB International Capital Corp., Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CNCB (Hong Kong) Capital Ltd., Guotai Junan Securities (Hong Kong) Ltd. and Luso International Banking Ltd. are the offering managers.
Proceeds will be used to fund project construction and to replenish working capital.
Settlement is expected April 27.
Application has been made to list the bonds on the Singapore Exchange.
The parent is a Hong Kong-based new town developer in the People's Republic of China. The subsidiary is incorporated in the British Virgin Islands.
| Issuer: | CNTD Success Co., Ltd.
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| Guarantor: | Wuxi Communications Industry Group Co., Ltd.
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| Amount: | RMB 1.5 billion
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| Issue: | Guaranteed bonds
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| Maturity: | April 27, 2026
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| Managers: | China Securities (International) Corporate Finance Co., Ltd., ABCI Capital Ltd., CEB International Capital Corp., Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CNCB (Hong Kong) Capital Ltd., Guotai Junan Securities (Hong Kong) Ltd. and Luso International Banking Ltd.
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| Coupon: | 3.98%
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| Price: | Par
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| Yield: | 3.98%
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| Call option: | At par for tax reasons
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| Put option: | At 101 upon change of control
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| Pricing date: | April 20
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| Settlement date: | April 27
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