Published on 12/15/2021 in the Prospect News Emerging Markets Daily.
New Issue: Qingdao Jimo District unit prices $165 million 2.9% bonds due 2024
By Marisa Wong
Los Angeles, Dec. 15 – Jingming Yuantong Development Investment (BVI) Co., Ltd. priced $165 million of 2.9% bonds due 2024 (//BBB-) guaranteed by Qingdao Jimo District Urban Tourism Development and Investment Co., Ltd., according to a notice.
The bonds priced at par.
Central Wealth Securities Investment Ltd., Industrial Bank Co., Ltd. Hong Kong Branch, Haitong International, ABC International, CNCB Capital, SunRiver International Securities Group Ltd., TF International, China Industrial Securities International, Shenwan Hongyuan (HK), CLSA are the joint bookrunners and joint lead managers for the Regulation S offering. Central Wealth Securities is also the global coordinator.
Proceeds will be used to fund the development of projects and to replenish working capital.
The British Virgin Islands-based issuer is an indirect wholly owned subsidiary of the guarantor. Qingdao Jimo is an infrastructure construction services company based in the Jimo District of Qingdao, China.
| Issuer: | Jingming Yuantong Development Investment (BVI) Co., Ltd.
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| Guarantor: | Qingdao Jimo District Urban Tourism Development and Investment Co., Ltd.
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| Amount: | $165 million
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| Issue: | Bonds
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| Maturity: | Dec. 14, 2024
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| Bookrunners: | Central Wealth Securities Investment Ltd. (global coordinator), Industrial Bank Co., Ltd. Hong Kong Branch, Haitong International, ABC International, CNCB Capital, SunRiver International Securities Group Ltd., TF International, China Industrial Securities International, Shenwan Hongyuan (HK), CLSA
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| Coupon: | 2.9%
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| Price: | Par
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| Yield: | 2.9%
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| Call option: | In whole at par for tax reasons
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| Put options: | At 101 upon change of control or at par in case of no registration event
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 14
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| Listing date: | Dec. 15
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| Listing: | Hong Kong
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
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| ISIN: | XS2416416514
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