By William Gullotti
Buffalo, N.Y., March 30 – Jingjiang Port (Group) Co., Ltd. sold $33 million of 2.8% credit-enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds have the benefit of a standby letter of credit issued by Bank of Hangzhou Co., Ltd., Nanjing Branch.
The bonds may only be redeemed early for taxation reasons at par plus interest. Bondholders will have the option to put the notes at par plus interest if a change-of-control or registration event occurs.
Haitong International is the global coordinator as well as a joint lead manager and joint bookrunner with Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, Alpha International Securities and Tensant Securities.
Proceeds from the offering will be used for financing construction projects, for replenishing working capital and for general corporate purposes.
Listing of the Regulation S bonds is expected to become effective on the Hong Kong Exchange on March 30.
The company wholesales and distributes cement, coal, steel and grains and is based in Jingjiang, Jiangsu, China.
| Issuer: | Jingjiang Port (Group) Co., Ltd.
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| Letter-of-credit issuer: | Bank of Shanghai Co., Ltd., Nanjing Branch
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| Amount: | $33 million
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| Issue: | Credit-enhanced bonds
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| Maturity: | March 29, 2025
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| Bookrunners: | Haitong International, Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, Alpha International Securities and Tensant Securities
|
| Counsel to issuer: | Jun He Law Offices (England), JunHe LLP (China)
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| Counsel to bookrunners: | Mayer Brown (England), Shu Jin Law Firm (China)
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| Coupon: | 2.8%
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| Price: | Par
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| Yield: | 2.8%
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| Call option: | For taxation reasons only at par plus interest
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| Change-of-control put: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | March 18
|
| Issue date: | March 29
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| Listing date: | March 30
|
| Distribution: | Regulation S
|
| ISIN: | XS2438842093
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