By William Gullotti
Buffalo, N.Y., May 26 – Sihai International Investment Ltd. priced $130 million of 3.8% credit-enhanced guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The bonds are guaranteed by Wuxi Hengting Industrial Co., Ltd. and also benefit from an irrevocable standby letter of credit provided by Bank of Ningbo Co., Ltd., Wuxi Branch.
The bonds may be called early for taxation reasons at par plus interest. Bondholders will be able to put the bonds at 101 plus interest for a change of control or at par plus interest if a registration event occurs.
China International Capital Corp. is the global coordinator for the Regulation S offering, also serving as joint lead manager and joint bookrunner with CEB International, CMBC Capital and Industrial 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.
Listing for the bonds is expected on the Hong Kong Exchange effective May 26.
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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| LoC issuer: | Bank of Ningbo Co., Ltd., Wuxi Branch
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| Amount: | $130 million
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| Issue: | Credit-enhanced guaranteed bonds
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| Maturity: | May 25, 2025
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| Bookrunners: | China International Capital Corp. CEB International, CMBC Capital and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Deacons (England), JunHe LLP (China), Ogier (British Virgin Islands)
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| Counsel to underwriters: | Allen & Overy (England), King & Wood Mallesons (China)
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| Coupon: | 3.8%
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| Price: | Par
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| Yield: | 3.8%
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| Call features: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | May 18
|
| Issue date: | May 25
|
| Listing date: | May 26
|
| Distribution: | Regulation S
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| ISIN: | XS2473321037
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