By William Gullotti
Buffalo, N.Y., Dec. 9 – Yi Hong International Development Co., Ltd., a wholly owned subsidiary of Ningbo Nanbin Group Co., Ltd., priced $100 million of 3˝% guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular filed on Thursday.
The bonds are guaranteed by the parent company and may only be redeemed early for taxation reasons at par plus interest.
Silk Road International is the global coordinator for the offering and is also serving as joint lead manager and joint bookrunner with China Zheshang Bank Co., Ltd. (Hong Kong Branch).
Proceeds will be used for financing projects and additional working capital.
Listing of the Regulation S bonds on the Hong Kong Exchange is expected to be effective Dec. 9.
Incorporated Sept. 3, Yi Hong International is based in the British Virgin Islands. China’s Ningbo Nanbin Group is engaged in landscaping project construction and other services, namely park management, property management, elderly care services, cargo storage and other business.
| Issuer: | Yi Hong International Development Co., Ltd.
|
| Guarantor: | Ningbo Nanbin Group Co., Ltd.
|
| Issue: | Guaranteed bonds
|
| Amount: | $100 million
|
| Maturity: | Dec. 8, 2024
|
| Bookrunners: | Silk Road International, China Zheshang Bank Co., Ltd.(Hong Kong Branch)
|
| Counsel to issuer: | White & Case (English), Zhejiang Dos Law Firm (China), Conyers Dill & Pearman (BVI)
|
| Counsel to bookrunners: | Chungs Lawyers in Association with De Heng Law Offices (English), Jiangsu FD&DH Law Firm (China)
|
| Coupon: | 3˝%
|
| Price: | Par
|
| Yield: | 3˝%
|
| Call option: | For taxation reasons at par plus interest
|
| Change-of-control put: | At 101 plus interest
|
| Registration event put: | At par plus interest
|
| Pricing date: | Dec. 3
|
| Issue date: | Dec. 8
|
| Listing date: | Dec. 9
|
| Distribution: | Regulation S
|
| ISIN: | XS2418417668
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