New Issue: Sichuan Gloport issues RMB 1.64 billion 4.2% credit enhanced bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., Dec. 21 – China’s Sichuan Gloport Investment Development Group Co., Ltd. announced it issued RMB 1.64 billion 4.2% credit enhanced bonds due 2025 at par, according to an offering circular on Wednesday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Chengdu Branch.

The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control occurs.

Guosen Securities (HK), BOSC International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, ABC International, Orient Securities (Hong Kong), China Galaxy International, China Industrial Securities International, Zhongtai International, CEB International and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners for the offering, with Guosen and BOSC also acting as joint global coordinators.

Proceeds will be used to refinance the company’s offshore bonds maturing in March 2023.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 21.

Based in Yibin, China, the state-owned company’s operations include equity management, industrial investment, fund operation, land management and other services.

Issuer:	Sichuan Gloport Investment Development Group Co., Ltd.
LoC issuer:	Bank of Shanghai Co., Ltd., Chengdu Branch
Amount:	RMB 1.64 billion
Issue:	Credit enhanced bonds
Maturity:	Dec. 20, 2025
Bookrunners:	Guosen Securities (HK), BOSC International, Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, ABC International, Orient Securities (Hong Kong), China Galaxy International, China Industrial Securities International, Zhongtai International, CEB International and Dingxin (Securities) Ltd.
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Fangda Partners (England), Beijing W&H Law Firm (Chengdu) (China)
Counsel to underwriters:	Chungs Lawyers (in Association with DeHeng Law Offices) (England), Deheng Shanghai Law Office (China)
Coupon:	4.2%
Price:	Par
Yield:	4.2%
Call:	For taxation reasons at par plus interest
Change of control:	At par plus interest
Pricing date:	Dec. 13
Issue date:	Dec. 20
Listing date:	Dec. 21
Distribution:	Regulation S

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