New Issue: Ganzhou Urban Investment prices $222 million of three-year notes in two parts

By William Gullotti

Buffalo, N.Y., Feb. 27 – China’s Ganzhou Urban Investment Holding Group Co., Ltd. issued $222 million of notes due 2026 (//BBB-) at par, according to two listing notices with appended offering circulars on Monday.

The first par-priced series consists of $160 million 7.7% notes.

The second is $62 million 5.898% credit enhanced notes, featuring the benefit of an irrevocable standby letter of credit issued by Postal Savings Bank of China Co., Ltd., Jiangxi Branch.

China Securities International, CCB International, China International Capital Corp., Haitong Bank, Haitong International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the credit enhanced series, with China Securities acting as sole global coordinator.

The joint lead managers and joint bookrunners for the 7.7% notes are China Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), Bocom International, China Citic Bank International, China Galaxy International, China International Capital Corp., China Industrial Securities International, Citic Securities, CNCB Capital, Guotai Junan International, Guoyuan Securities (Hong Kong), Huatai International, Harvest International Securities Co., Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch and SPDB International. China Securities, Industrial Bank and Shenwan are the joint global coordinators for the larger series.

Combined proceeds from the offering will be used to finance and/or refinance construction projects.

Listings for each Regulation S securities are expected on the Hong Kong Exchange effective Feb. 27.

The issuer participates in infrastructure construction projects in Ganzhou, China.

Issuer:	Ganzhou Urban Investment Holding Group Co., Ltd.
Amount:	$222 million
Trustee:	Citicorp International Ltd.
Counsel to issuer:	Chungs Lawyers (In Association with Deheng Law Offices) (England), Jingtian & Gongcheng (China)
Counsel to underwriters:	Jun He Law Offices (England), JunHe LLP (China)
Price:	Par
Call:	For taxation reasons at par plus interest
Pricing date:	Feb. 21
Issue date:	Feb. 24
Listing date:	Feb. 27
Rating:	Fitch: BBB-
Distribution:	Regulation S
Credit-enhanced notes
LoC issuer:	Postal Savings Bank of China Co., Ltd., Jiangxi Branch
Amount:	$62 million
Maturity:	Jan. 24, 2026
Bookrunners:	China Securities International, CCB International, China International Capital Corp., Haitong Bank, Haitong International and Industrial Bank Co., Ltd., Hong Kong Branch
Coupon:	5.898%
Yield:	5.898%
Put:	At par plus interest for a change of control
ISIN:	XS2589585194
Notes
Amount:	$160 million
Maturity:	Feb. 24, 2026
Bookrunners:	China Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), Bocom International, China Citic Bank International, China Galaxy International, China International Capital Corp., China Industrial Securities International, Citic Securities, CNCB Capital, Guotai Junan International, Guoyuan Securities (Hong Kong), Huatai International, Harvest International Securities Co., Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch and SPDB International
Coupon:	7.7%
Yield:	7.7%
Puts:	At 101 plus interest for a change of control; at par plus interest for a non-registration event
ISIN:	XS2589270953

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