Chicago, Sept. 27 – Sihai International Investment Ltd. sold $80 million of 2.05% credit-enhanced guaranteed bonds due 2024 at par, according to an offering document.
The bonds are guaranteed by Wuxi Hengting Industrial Co., Ltd.
They also benefit from an irrevocable standby letter of credit provided by Bank of Jiangsu Co., Ltd., Wuxi Branch.
The global coordinator was China International Capital Corp.
The joint bookrunners and joint lead managers are China International Capital Corp. Hong Kong Securities Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMB Wing Lung Bank Ltd. and Hua Xia Bank Co., Ltd. Hong Kong Branch.
Proceeds will be remitted onshore for development of the leasing business of Wuxi Hengji Changsheng Finance Leasing Co., Ltd. and project investment and construction of the Precise Medical Industrial Park.
The issuer is an offshore financing platform for the group. Wuxi is a state-owned company tasked with municipal development and property management of the XDNT business district.
| Issuer: | Sihai International Investment Ltd.
|
| Guarantor: | Wuxi Hengting Industrial Co., Ltd.
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| Issue: | Credit-enhanced guaranteed bonds
|
| Amount: | $80 million
|
| Maturity: | Sept. 24, 2024
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| Bookrunners: | China International Capital Corp. Hong Kong Securities Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), CMB Wing Lung Bank Ltd. and Hua Xia Bank Co., Ltd. Hong Kong Branch
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Deacons (England), JunHe LLP (China)
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| Counsel to bookrunners: | Allen & Overy (England), King & Wood Mallesons (China)
|
| Coupon: | 2.05%
|
| Price: | Par
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| Yield: | 2.05%
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| Call features: | For a taxation event
|
| Change of control: | At 101
|
| Registration event: | At par
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 24
|
| Distribution: | Regulation S
|
| ISIN: | XS2366188204
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