By William Gullotti
Buffalo, N.Y., Nov. 9 – Rowen International Co., Ltd. priced $91 million of 7˝% bonds due 2023 (Ba2) guaranteed by Weihai Wendeng District Bluesea Investment & Development Co., Ltd. at par, according to a listing notice with an appended offering circular on Wednesday.
Bocom International, Orient Securities (Hong Kong), Zhongtai International, Shenwan Hongyuan (H.K.), Central Wealth Securities Investment Ltd., Fides, SunRiver International Securities, Dingxin (Securities) Ltd. and Citic Securities are the joint bookrunners and joint lead managers for the Regulation S offering.
Bocom, Orient, Zhongtai and Shenwan are also global coordinators.
Proceeds will be used to repay Rowen’s existing $85 million 6˝% guaranteed bonds due Nov. 15, 2022.
Listing for the bonds is expected on the Hong Kong Exchange effective Nov. 9.
Hong Kong-based Rowen operates discount retail stores.
| Issuer: | Rowen International Co., Ltd.
|
| Guarantor: | Weihai Wendeng District Bluesea Investment & Development Co., Ltd.
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| Amount: | $91 million
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| Issue: | Bonds
|
| Maturity: | Nov. 7, 2023
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| Bookrunners: | Bocom International, Orient Securities (Hong Kong), Zhongtai International, Shenwan Hongyuan (H.K.), Central Wealth Securities Investment Ltd., Fides, SunRiver International Securities, Dingxin (Securities) Ltd. and Citic Securities
|
| Trustee: | Bank of Communications Trustee Ltd.
|
| Counsel to issuer: | Chungs Lawyers (in association with DeHeng Law Offices) (England)
|
| Counsel to underwriters: | Linklaters (England), Beijing DHH (Jinan) Law Firm (China)
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| Coupon: | 7˝%
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| Price: | Par
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| Yield: | 7˝%
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| Call option: | At par for tax reasons
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| Put option: | At 101 upon change of control; at par upon no registration event
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| Pricing date: | Nov. 3
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| Issue date: | Nov. 8
|
| Listing date: | Nov. 9
|
| Rating: | Moody’s: Ba2
|
| Distribution: | Regulation S
|
| ISIN: | XS2547520531
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