Published on 9/1/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Wuhan Gehua issues RMB 718 million 5% credit enhanced bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Sept. 1 – Wuhan Gehua Group Co., Ltd. issued RMB 718 million 5% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Hubei Bank Corp., Ltd.
China International Capital Corp., Guolian Securities International, China Citic Bank International, China Industrial Securities International, China Securities International, Dingxin (Securities) Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., SunRiver International Securities Group Ltd., Shenwan Hongyuan (H.K.) and TF International are the joint lead managers and joint bookrunners, with China International Capital and Guolian also acting as joint global coordinators.
Proceeds from the offering will be used to fund projects and for replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Sept. 1.
Based and operating in Wuhan City of China’s Hubei Province, the issuer’s businesses include sales of goods, water supply, engineering construction, land consolidation and infrastructure construction.
| Issuer: | Wuhan Gehua Group Co., Ltd.
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| LoC issuer: | Hubei Bank Corp., Ltd.
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| Amount: | RMB 718 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Aug. 31, 2026
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| Bookrunners: | China International Capital Corp., Guolian Securities International, China Citic Bank International, China Industrial Securities International, China Securities International, Dingxin (Securities) Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., SunRiver International Securities Group Ltd., Shenwan Hongyuan (H.K.) and TF International
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Deheng Law Offices (Hong Kong) LLP (England, Hong Kong), Beijing Dentons Law Offices LLP (Wuhan) (China)
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng LLP (China)
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest for a change of control or non-registration event
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| Pricing date: | Aug. 24
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| Issue date: | Aug. 31
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| Listing date: | Sept. 1
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| Distribution: | Regulation S
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| ISIN: | HK0000946589
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