By William Gullotti and Cristal Cody
Buffalo, N.Y., Aug. 22 – Tonglu New City Development Investment Co., Ltd. sold RMB 804 million of 3.69% credit enhanced bonds due 2026, according to information provided by a market source.
The bonds are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
Davis Polk advised the joint lead managers in connection with the Regulation S offering.
Tonglu New City Development Investment Co., Ltd. is a solely state-owned enterprise in Tonglu County, Hangzhou City, China, mainly engaged in industrial investment and municipal engineering construction.
Issuer: | Tonglu New City Development Investment Co., Ltd.
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LoC issuer: | Bank of Shanghai Co., Ltd., Hangzhou Branch
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Amount: | RMB 804 million
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Issue: | Credit enhanced bonds
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Maturity: | 2026
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Counsel to underwriters: | Davis Polk
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Coupon: | 3.69%
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Issue date: | Aug. 22
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Distribution: | Regulation S
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