New Issue: China’s Ninghai City Investment prices $100 million of 5.6% bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., March 19 – Ninghai City Investment Group Ltd. priced $100 million of 5.6% guaranteed bonds due 2027 at par, according to a listing notice and an offering circular on Tuesday.

Yuan Tong Global Securities, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, BOSC International and Huatai International are the joint lead managers and joint bookrunners for the offering, with Yuan Tong also serving as sole global coordinator.

Proceeds will be used to replace medium- and long-term offshore debt maturing within one year.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 19.

The real estate investment company is based in Ningbo, China.

Issuer:	Ninghai City Investment Group Ltd.
Amount:	$100 million
Issue:	Bonds
Maturity:	March 18, 2027
Bookrunners:	Yuan Tong Global Securities, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, BOSC International and Huatai International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	5.6%
Price:	Par
Yield:	5.6%
Call option:	For taxation reasons at par
Put options:	At 101 upon change of control; at par for non-registration event
Pricing date:	March 13
Issue date:	March 18
Listing date:	March 19
Distribution:	Regulation S
ISIN:	XS2786787841

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