By William Gullotti
Buffalo, N.Y., May 9 – Nanning Wuxiang New Area Construction Investment Co., Ltd. sold RMB 140 million 4.65% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular released on Monday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Guilin Bank Co., Ltd.
Guotai Junan International, ABC International, Bocom International and CEB International are the joint lead managers and joint bookrunners, with Guotai also acting as sole global coordinator.
Proceeds will be used for financing project construction and replenishing working capital.
Listing for the bonds became effective on the Chongwa (Macao) Exchange on April 21.
Based in China’s Guanxi Province, the issuer is a provider of municipal services, including land development, infrastructure construction, commercial property sales and leasing.
| Issuer: | Nanning Wuxiang New Area Construction Investment Co., Ltd.
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| LoC issuer: | Guilin Bank Co., Ltd.
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| Amount: | RMB 140 million
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| Issue: | Credit enhanced bonds
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| Maturity: | April 20, 2026
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| Bookrunners: | Guotai Junan International, ABC International, Bocom International and CEB International
|
| Trustee: | China Construction Bank (Asia) Corp. Ltd.
|
| Counsel to issuer: | Fangda Partners (England)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.65%
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| Price: | Par
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| Yield: | 4.65%
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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: | April 17
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| Issue date: | April 20
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| Listing date: | April 21
|
| Distribution: | Regulation S
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