Published on 1/19/2023 in the Prospect News Emerging Markets Daily.
New Issue: Taian City Development unit sells $120 million 7.95% one-year guaranteed notes at par
By William Gullotti
Buffalo, N.Y., Jan. 19 – Taishan City Investment Co., Ltd. sold $120 million of 7.95% one-year guaranteed notes at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S notes are guaranteed by Taian City Development and Investment Co., Ltd.
Guotai Junan International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Haitong Bank, Shenwan Hongyuan (H.K.) and China Industrial Securities International are the joint lead managers and joint bookrunners for the offering, with Guotai Junan also acting as global coordinator.
Proceeds will be used for general corporate purposes and refinancing existing debt.
Listing for the notes is expected on the Hong Kong Exchange effective Jan. 19.
The investment company is based in Taian, China.
| Issuer: | Taishan City Investment Co., Ltd.
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| Guarantor: | Taian City Development and Investment Co., Ltd.
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| Amount: | $120 million
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| Issue: | Guaranteed notes
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| Maturity: | Jan. 17, 2024
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| Bookrunners: | Guotai Junan International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Haitong Bank, Shenwan Hongyuan (H.K.) and China Industrial Securities International
|
| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Fangda Partners (England, Hong Kong), Jingtian & Gongcheng (China), Ogier (BVI)
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| Counsel to underwriters: | King & Wood Mallesons (England), JunHe LLP (China)
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| Coupon: | 7.95%
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| Price: | Par
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| Yield: | 7.95%
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| Call: | For taxation reasons at par
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| Puts: | At 101 for change of control; at par for a no registration event
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| Pricing date: | Jan. 12
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| Issue date: | Jan. 18
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| Listing date: | Jan. 19
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| Distribution: | Regulation S
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| ISIN: | XS2571672752
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