Published on 1/19/2023 in the Prospect News Emerging Markets Daily.
New Issue: Jinan Zhangqiu’s Golden Dragon prices $115 million 8½% one-year notes
By William Gullotti
Buffalo, N.Y., Jan. 19 – China’s Golden Dragon Mountain Trading (BVI) Co., Ltd. issued $115 million of 8½% one-year notes guaranteed by Jinan Zhangqiu Holding Group Co., Ltd. at par, according to a listing notice with an appended offering circular on Thursday.
China International Capital Corp. is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with Guotai Junan International, China Galaxy International, Dongxing Securities (Hong Kong), Guolian Securities International, Initial Capital Securities and SunRiver International Securities.
Proceeds will be used to refinance existing offshore debt.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Jan. 19.
Golden Dragon is an indirect wholly owned subsidiary of Jinan Zhangqiu, the core investment, financing and operating entity for municipal development in Zhangqiu District, Jinan City, China.
| Issuer: | Golden Dragon Mountain Trading (BVI) Co., Ltd.
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| Guarantor: | Jinan Zhangqiu Holding Group Co., Ltd.
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| Amount: | $115 million
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| Issue: | Notes
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| Maturity: | Jan. 17, 2024
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| Bookrunners: | China International Capital Corp., Guotai Junan International, China Galaxy International, Dongxing Securities (Hong Kong), Guolian Securities International, Initial Capital Securities and SunRiver International Securities
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Fangda Partners (England, Hong Kong), Allbright Law Offices (China), Ogier (BVI)
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| Counsel to underwriters: | Allen & Overy (England), Beijing Zhonglun W&D (Jinan) Law Firm (China)
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| Coupon: | 8½%
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| Price: | Par
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| Yield: | 8½%
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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; at par if no registration event occurs
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| Pricing date: | Jan. 13
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| Issue date: | Jan. 18
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| Listing date: | Jan. 19
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| Distribution: | Regulation S
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| ISIN: | XS2572133580
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