New Issue: China’s Chibi City prices RMB 480 million 4.2% credit-enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., April 2 – Chibi City Development Group Co., Ltd. sold RMB 480 million of 4.2% credit-enhanced bonds due 2027 at par, according to several listing documents.

The bonds are supported by an irrevocable standby letter of credit issued by Evergrowing Bank Co., Ltd., Wuhan Branch.

Zheshang International, China International Capital Corp., Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Huatai International, CEB International, CMBC Capital, Shenwan Hongyuan (H.K.), Guotai Junan International, Zhongtai International, Raising International Securities Ltd., TF International, CMB Wing Lung Bank Ltd., Wilson Securities, Sigma Capital and Central International Securities are the joint lead managers and joint bookrunners for the offering, with Zheshang also acting as global coordinator.

Proceeds will be used for funding construction projects and for replenishing working capital.

Listings for the Regulation S bonds are expected on the Hong Kong Exchange and the Chongwa (Macao) Exchange effective April 2.

Based and operating in Chibi City of China’s Hubei Province, the group is involved in infrastructure construction, construction services, sale of business properties, land consolidation, sales of goods and other businesses.

Issuer:	Chibi City Development Group Co., Ltd.
LoC issuer:	Evergrowing Bank Co., Ltd., Wuhan Branch
Amount:	RMB 480 million
Issue:	Credit-enhanced bonds
Maturity:	March 28, 2027
Bookrunners:	Zheshang International, China International Capital Corp., Shanghai Pudong Development Bank Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Huatai International, CEB International, CMBC Capital, Shenwan Hongyuan (H.K.), Guotai Junan International, Zhongtai International, Raising International Securities Ltd., TF International, CMB Wing Lung Bank Ltd., Wilson Securities, Sigma Capital and Central International Securities
Trustee:	CMB Wing Lung (Trustee) Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Jiangsu Sunwu Law Firm (China)
Coupon:	4.2%
Price:	Par
Yield:	4.2%
Call:	For taxation reasons at par
Change of control:	At par
Pricing date:	March 22
Issue date:	March 28
Listing date:	April 2
Distribution:	Regulation S
ISIN:	HK0000998481

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.