By William Gullotti
Buffalo, N.Y., April 28 – Changde Economic Construction Investment Group Co., Ltd., via its Summer Spring Project Ltd. subsidiary, priced $68 million of 5% one-year guaranteed bonds at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds were issued by the subsidiary and are guaranteed by the parent.
The bonds may be redeemed early in whole, but not in part, for taxation reasons 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 registration event occurs.
Shanghai Securities (H.K.) is the global coordinator for the offering and is also serving as joint bookrunner and joint lead manager with CMB International, Zhongtai International and Haitong International.
Proceeds will be used for project construction, for repayment of domestic debt and to supplement working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective April 28.
The issuer is an indirectly and wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on July 14, 2021. The guarantor is a state-owned company engaged in construction and development for the Changde municipal government.
| Issuer: | Summer Spring Project Ltd.
|
| Guarantor: | Changde Economic Construction Investment Group Co., Ltd.
|
| Amount: | $68 million
|
| Issue: | Guaranteed bonds
|
| Maturity: | April 26, 2023
|
| Bookrunners: | Shanghai Securities (H.K.), CMB International, Zhongtai International and Haitong International
|
| Counsel to issuer: | King & Wood Mallesons (England), W&H Law Firm (China), Maples and Calder (Hong Kong) LLP (BVI)
|
| Counsel to underwriters: | Linklaters (England), Deheng Shanghai Law Office (China)
|
| Coupon: | 5%
|
| Price: | Par
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| Yield: | 5%
|
| Call: | For taxation reasons at par plus interest
|
| Change-of-control: | At 101 plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | April 22
|
| Issue date: | April 27
|
| Listing date: | April 28
|
| Distribution: | Regulation S
|
| ISIN: | XS2423795355
|
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