By William Gullotti
Buffalo, N.Y., March 25 – Zhoukou Urban Investment and Economic Development Industrial Co., Ltd. priced RMB 400 million of 7½% bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.
Golden Rich Securities, Haitong International and China Galaxy International are the joint global coordinators, joint lead managers and joint bookrunners.
Proceeds will be used for refinancing existing debt and to replenish working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective March 25.
The issuer is the only governmental investment and financing platform in Zhoukou Lingang Development Zone, located in Zhoukou City of China’s Henan Province.
| Issuer: | Zhoukou Urban Investment and Economic Development Industrial Co., Ltd.
|
| Amount: | RMB 400 million
|
| Issue: | Bonds
|
| Maturity: | March 21, 2025
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| Bookrunners: | Golden Rich Securities, Haitong International and China Galaxy International
|
| Trustee: | China Citic Bank International Ltd.
|
| Counsel to underwriters: | Morgan, Lewis & Bockius (England), Yinghe LLP Beijing (China)
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Call option: | For taxation reasons at par plus interest
|
| Change of control: | At 101 plus interest
|
| Pricing date: | March 15
|
| Issue date: | March 22
|
| Listing date: | March 25
|
| Distribution: | Regulation S
|
| ISIN: | XS2775725323
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