New Issue: China’s Zoucheng Urban sells RMB 160 million tap of 8% bonds due 2025

By William Gullotti

Buffalo, N.Y., Jan. 12 – Zoucheng Urban Assets Holding Group Co., Ltd. sold an additional RMB 160 million of 8% bonds due Dec. 14, 2025 (Chengxin: BBBg) at par, according to a listing notice and an offering circular on Friday.

The additional bonds will be initially issued under a temporary ISIN and will later be consolidated with the initial RMB 440 million issued on Dec. 14 to form a single series, under the original ISIN and subject to the same indenture, after settlement.

TF International, Far East Horizon International, Yuan Tong Global Securities, Golden Continent Securities Co., Ltd., China Galaxy International, Carnegie Hill Capital Partners Ltd., Haitong International, Fides Capital Group, Realord Asia Pacific Securities Ltd., Silk Road International, Fortune Origin Securities Ltd., JA Securities and Alpine Securities are the joint lead managers and joint bookrunners for the tap offering, with TF, Far East Horizon, Yuan Tong, Golden Continent, China Galaxy and Carnegie Hill also acting as joint global coordinators.

Proceeds from the additional bonds will be used for project construction and replenishing working capital.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Jan. 12.

The issuer is an urban development, investment and infrastructure construction entity based in Zoucheng City of China’s Shandong Province.

Issuer:	Zoucheng Urban Assets Holding Group Co., Ltd.
Amount:	RMB 160 million, add-on
Issue:	Bonds
Maturity:	Dec. 14, 2025
Bookrunners:	TF International, Far East Horizon International, Yuan Tong Global Securities, Golden Continent Securities Co., Ltd., China Galaxy International, Carnegie Hill Capital Partners Ltd., Haitong International, Fides Capital Group, Realord Asia Pacific Securities Ltd., Silk Road International, Fortune Origin Securities Ltd., JA Securities and Alpine Securities
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), AllBright Law Offices (China)
Coupon:	8%
Price:	Par plus accrued interest from, and including, Dec. 14
Yield:	8%
Call:	For taxation reasons at par
Puts:	At 101 upon change-of-control; at par for a no registration event
Pricing date:	Jan. 3
Issue date:	Jan. 11
Listing date:	Jan. 12
Rating:	Chengxin: BBBg
Distribution:	Regulation S
ISIN:	XS2743680634 (temporary, pre-consolidation), XS2730038515
Total issue:	RMB 600 million, including original RMB 440 million issued Dec. 14

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