By William Gullotti
Buffalo, N.Y., April 10 – Weifang City West Investment Development Group Co., Ltd. sold €35 million of 5.3% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Wednesday.
The bonds come with the benefit of an irrevocable standby letter of credit provided by Qilu Bank Co., Ltd.
Golden Rich Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with Golden Rich also acting as global coordinator.
Proceeds will be used to repay offshore bonds due April 2024.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective April 10.
The issuer is an investment and financing platform for infrastructure construction in Weicheng District of Weifang City in China’s Shandong Province.
| Issuer: | Weifang City West Investment Development Group Co., Ltd.
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| LoC issuer: | Qilu Bank Co., Ltd.
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| Amount: | €35 million
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| Issue: | Credit enhanced bonds
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| Maturity: | April 9, 2027
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| Bookrunners: | Golden Rich Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Shanghai Pudong Development Bank Hong Kong Branch
|
| Trustee: | China Citic Bank International Ltd.
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| Counsel to issuer: | Jincheng Tongda & Neal Law Firm (China)
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| Counsel to underwriters: | Mayer Brown (England, Hong Kong), Beijing Dacheng Law Offices, LLP (Chongqing) (China)
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| Coupon: | 5.3%
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| Price: | Par
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| Yield: | 5.3%
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| Call: | For taxation reasons at par
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| Puts: | At par upon change of control or for a no registration event
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| Pricing date: | April 3
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| Issue date: | April 9
|
| Listing date: | April 10
|
| Distribution: | Regulation S
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| ISIN: | XS2797213068
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