By William Gullotti
Buffalo, N.Y., Aug. 11 – Ningbo Yincheng Group Co., Ltd. priced $200 million of 2.15% bonds (Baa3//BBB) due 2024 at par, according to a listing notice on Wednesday.
The joint global coordinators, joint lead managers and joint bookrunners for the offering are Guotai Junan International, China International Capital Corp., Bank of China and China Securities International.
CNCB Capital, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Minsheng Banking Corp., Ltd., Hong Kong Branch are also serving as joint lead managers and joint bookrunners.
Proceeds will be used for offshore indebtedness, refinancing and liquidity replenishment, according to Moody’s Investors Service.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange on Aug. 12.
The issuer is engaged in municipal engineering, traffic engineering, urban infrastructure, real estate development, property management and other services.
| Issuer: | Ningbo Yincheng Group Co., Ltd.
|
| Issue: | Bonds
|
| Amount: | $200 million
|
| Maturity: | 2024
|
| Bookrunners: | Guotai Junan International, China International Capital Corp., Bank of China, China Securities International, CNCB Capital, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Minsheng Banking Corp., Ltd., Hong Kong Branch
|
| Coupon: | 2.15%
|
| Price: | Par
|
| Yield: | 2.15%
|
| Pricing date: | Aug. 4
|
| Listing date: | Aug. 12
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
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