By William Gullotti
Buffalo, N.Y., Oct. 21 – Zhejiang Huzhou Nanxun Economic Construction and Development Co., Ltd. announced an application to list $48 million of 2.03% credit enhanced bonds due 2024, according to a listing notice with an appended offering circular on Thursday.
The bonds feature an irrevocable standby letter of credit issued by Bank of Ningbo Huzhou Branch.
The bonds are callable at any time at par plus interest.
Hung Sing Securities Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Industrial Securities International are the joint lead managers and joint bookrunners for the offering. Hung Sing Securities Ltd. is also serving as the global coordinator.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Oct. 21.
The issuer provides land development and new rural construction services.
| Issuer: | Zhejiang Huzhou Nanxun Economic Construction and Development Co., Ltd.
|
| Issue: | Credit enhanced bonds
|
| Amount: | $48 million
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| Maturity: | Oct. 20, 2024
|
| Bookrunners: | Hung Sing Securities Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch) and China Industrial Securities International
|
| Counsel to issuer: | Fangda Partners (English), Long An (Huzhou) Law Firm (China)
|
| Counsel to bookrunners: | Linklaters (English), AllBright Law Offices (Shenzhen) (China)
|
| Coupon: | 2.03%
|
| Price: | Par
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| Yield: | 2.03%
|
| Call features: | In whole, but not in part, at par plus interest
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| Pre-funding failure: | At par plus interest
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Sept. 30
|
| Issue date: | Oct. 20
|
| Listing date: | Oct. 21
|
| Distribution: | Regulation S
|
| ISIN: | XS2394764224
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