By William Gullotti
Buffalo, N.Y., May 24 – Zhuzhou State-owned Assets Investment Holding Group Co., Ltd. priced RMB 350 million of 3.7% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.
The bonds feature the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Zhuzhou Branch.
China Galaxy International, Wilson Securities, Guotai Junan International, ABC International, CNCB Capital, China International Capital Corp., CEB International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners, with China Galaxy, Wilson, Guotai, ABC, CNCB and China International also acting as joint global coordinators.
Guotai Junan is further serving as the PRC coordinator.
Proceeds will be used for replenishing working capital.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective May 24.
Based in Zhuzhou of China’s Hunan Province, the issuer is a diversified conglomerate with interests in pharmaceuticals, manufacturing, land development, equity investment and service industries.
| Issuer: | Zhuzhou State-owned Assets Investment Holding Group Co., Ltd.
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| LoC issuer: | Postal Savings Bank of China Co., Ltd., Zhuzhou Branch
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| Amount: | RMB 350 million
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| Issue: | Credit enhanced bonds
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| Maturity: | May 23, 2026
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| Bookrunners: | China Galaxy International, Wilson Securities, Guotai Junan International, ABC International, CNCB Capital, China International Capital Corp., CEB International and Industrial Bank Co., Ltd., Hong Kong Branch
|
| PRC coordinator: | Guotai Junan
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | King & Wood Mallesons (Hong Kong), Yingke LLP (China)
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| Counsel to underwriters: | Jun He Law Offices (Hong Kong), JunHe LLP (China)
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| Coupon: | 3.7%
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| Price: | Par
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| Yield: | 3.7%
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| Call: | At par plus interest for taxation reasons
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| Change of control: | At par plus interest
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| Pricing date: | May 19
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| Settlement date: | May 23
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| Listing date: | May 24
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| Distribution: | Regulation S
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