Published on 4/15/2024 in the Prospect News Emerging Markets Daily.
New Issue: Zhoucheng Limin Construction prices RMB 268.11 million 7½% bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., April 15 – China’s Zoucheng Limin Construction Development Group Co., Ltd. sold RMB 268.11 million of 7½% bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
JQ Securities, Shenwan Hongyuan (H.K.), Yuan Tong Global Securities, Raising International Securities Ltd., Excellent Tide, Guolian Securities International, Orient Securities Ltd., Alpine Securities, Haitong International, JA Securities, Wanhai Sec HK and Huaan Securities (Hong Kong) are the joint lead managers and joint bookrunners for the offering, with JQ, Shenwan, Yuan Tong, Raising International and Excellent Tide also acting as joint global coordinators.
Proceeds will be used for project construction.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 15.
The issuer is primarily owned by the Zoucheng Finance Bureau and involved in infrastructure construction, real estate sales, construction, property services, landscaping and other ancillary businesses.
| Issuer: | Zoucheng Limin Construction Development Group Co., Ltd.
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| Amount: | RMB 268.11 million
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| Issue: | Bonds
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| Maturity: | April 12, 2026
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| Bookrunners: | JQ Securities, Shenwan Hongyuan (H.K.), Yuan Tong Global Securities, Raising International Securities Ltd., Excellent Tide, Guolian Securities International, Orient Securities Ltd., Alpine Securities, Haitong International, JA Securities, Wanhai Sec HK and Huaan Securities (Hong Kong)
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| Trustee: | China Citic Bank International Ltd.
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Hylands Law Firm (China)
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
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| Call option: | For taxation reasons at par
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| Puts: | At 101 for a change of control; at par for a no registration event
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| Pricing date: | April 9
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| Issue date: | April 12
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| Listing date: | April 15
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| Distribution: | Regulation S
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| ISIN: | XS2799647644
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