New Issue: Linyi City’s Yi Bright unit prices RMB 460 million 3.3% guaranteed bonds due 2027

By William Gullotti

Buffalo, N.Y., Feb. 22 – China’s Yi Bright International Ltd., a wholly owned subsidiary of Linyi City Construction Investment Group Co., Ltd., priced RMB 460 million of 3.3% credit-enhanced guaranteed bonds due 2027 at par, according to a listing notice with an appended offering circular on Thursday.

The parent company will guarantee the Regulation S bonds, which also come with the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Linyi Branch.

China Industrial Securities International, Guotai Junan International, CNCB Capital, China International Capital Corp., Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, CEB International, Shanghai Pudong Development Bank Hong Kong Branch, SPDB International, CMBC Capital, Citic Securities, Huatai International, China Galaxy International, Shenwan Hongyuan (H.K.), Regent Securities and CMB Wing Lung Bank Ltd. are the joint lead managers and joint bookrunners, with China Industrial Securities, Guotai Junan, CNCB, China International Capital, and Orient also acting as joint global coordinators.

Proceeds will be used for project development.

The listing is expected on the Hong Kong Exchange effective Feb. 22.

The engineering and construction services company is based in Linyi, China.

Issuer:	Yi Bright International Ltd.
Guarantor:	Linyi City Construction Investment Group Co., Ltd.
LoC issuer:	Postal Savings Bank of China Co., Ltd., Linyi Branch
Amount:	RMB 460 million
Issue:	Credit-enhanced guaranteed bonds
Maturity:	Feb. 21, 2027
Bookrunners:	China Industrial Securities International, Guotai Junan International, CNCB Capital, China International Capital Corp., Orient Securities (Hong Kong), Industrial Bank Co., Ltd., Hong Kong Branch, CEB International, Shanghai Pudong Development Bank Hong Kong Branch, SPDB International, CMBC Capital, Citic Securities, Huatai International, China Galaxy International, Shenwan Hongyuan (H.K.), Regent Securities and CMB Wing Lung Bank Ltd.
Trustee:	Bank of New York Mellon, Hong Kong Branch
Counsel to issuer:	Morgan, Lewis & Bockius (England, Hong Kong), Beijing DHH (Shanghai) Law Firm (China), Ogier (BVI)
Counsel to underwriters:	King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	3.3%
Price:	Par
Yield:	3.3%
Call:	For taxation reasons at par
Puts:	At par upon change of control or non-registration event
Pricing date:	Feb. 6
Issue date:	Feb. 21
Listing date:	Feb. 22
Distribution:	Regulation S
ISIN:	HK0000987260

© 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.