New Issue: Huantai Jinrun prices RMB 334 million 4.7% bonds due 2026

By William Gullotti

Buffalo, N.Y., Nov. 27 – China’s Huantai Jinrun Investment (BVI) Ltd. priced RMB 334 million 4.7% credit enhanced guaranteed bonds due 2026 (Chengxin: BBBg-) at par, according to a listing notice and an offering circular on Monday.

The bonds will be unconditionally guaranteed by parent company Huantai Jinhai Public Assets Management Co., Ltd. and feature the benefit of an irrevocable standby letter of credit issued by Bank of Qingdao Co., Ltd., Zibo Branch.

Shenwan Hongyuan (H.K.), Donghai International, Dingxin (Securities) Ltd., China Citic Bank International, Zheshang International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners, with Shenwan Hongyuan also serving as global coordinator.

Proceeds from the Regulation S offering will be used for project construction and to replenish working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Nov. 27.

The issuer is a wholly owned indirect subsidiary of the guarantor, incorporated in the British Virgin Islands on Oct. 13. The guarantor is a state-owned infrastructure construction platform located and operating in Huantai County of China’s Shandong Province.

Issuer:	Huantai Jinrun Investment (BVI) Ltd.
Guarantor:	Huantai Jinhai Public Assets Management Co., Ltd.
LoC issuer:	Bank of Qingdao Co., Ltd., Zibo Branch
Amount:	RMB 334 million
Issue:	Credit enhanced guaranteed bonds
Maturity:	Nov. 24, 2026
Bookrunners:	Shenwan Hongyuan (H.K.), Donghai International, Dingxin (Securities) Ltd., China Citic Bank International, Zheshang International and Industrial Bank Co., Ltd., Hong Kong Branch
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Morgan, Lewis & Bockius (England, Hong Kong), Beijing Jingsh (Weifang) Law Firm (China), Ogier (BVI)
Counsel to underwriters:	King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	4.7%
Price:	Par
Yield:	4.7%
Call:	For taxation reasons at par plus interest
Puts:	At par plus interest upon change of control or non-registration event
Pricing date:	Nov. 17
Issue date:	Nov. 24
Listing date:	Nov. 27
Rating:	Chengxin: BBBg-
Distribution:	Regulation S
ISIN:	HK0000968435

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