By William Gullotti
Buffalo, N.Y., June 10 – Jingming Yuantong Development Investment (BVI) Co., Ltd. priced $110 million of 4½% guaranteed bonds due 2025 (//BBB-) at par, according to a listing notice with an appended offering circular on Friday.
The bonds are guaranteed by Qingdao Jimo District Urban Tourism Development and Investment Co., Ltd.
The bonds may be redeemed early for taxation reasons in whole, but not in part, at par plus interest.
Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no registration event occurs.
Central Wealth Securities Investment Ltd., Luso Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Guoyuan Securities (Hong Kong), China Industrial Securities International, CNCB Capital and China Galaxy International are joint lead managers and joint bookrunners for the Regulation S offering. Central Wealth, Luso and Industrial Bank are also joint global coordinators.
Listing for the bonds is expected on the Hong Kong Exchange effective June 10.
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.
|
Guarantor: | Qingdao Jimo District Urban Tourism Development and Investment Co., Ltd.
|
Amount: | $110 million
|
Issue: | Bonds
|
Maturity: | June 9, 2025
|
Bookrunners: | Central Wealth Securities Investment Ltd., Luso Bank Ltd., Industrial Bank Co., Ltd., Hong Kong Branch (global coordinators); Guoyuan Securities (Hong Kong), China Industrial Securities International, CNCB Capital and China Galaxy International
|
Trustee: | Bank of New York Mellon, London Branch
|
Counsel to issuer: | Jun He Law Offices (England), Walkers (Hong Kong) (BVI)
|
Counsel to underwriters: | Tian Yuan Law Firm LLP (England), Eternal Glory Law Office (Qingdao) (China)
|
Coupon: | 4½%
|
Price: | Par
|
Yield: | 4½%
|
Call option: | In whole at par for tax reasons
|
Put options: | At 101 plus interest upon change of control; at par plus interest if no registration event occurs
|
Pricing date: | June 6
|
Settlement date: | June 9
|
Listing date: | June 10
|
Listing: | Hong Kong
|
Rating: | Fitch: BBB-
|
Distribution: | Regulation S
|
ISIN: | XS2484222620
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.