By William Gullotti
Buffalo, N.Y., June 22 – Lishui Economic and Technological Development Zone Industrial Development Group Co., Ltd. priced a $96.5 million offering of 4½% credit-enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds feature an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control occurs.
Bank of China, Guotai Junan International, Dongxing Securities (Hong Kong) and Dingxin (Securities) Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd. and Haitong International.
Proceeds from the offering will be used for project construction and general corporate purposes.
Listing for the bonds is expected on the Hong Kong Exchange effective June 22.
The issuer is a state-owned asset operation platform focused on urban development.
Issuer: | Lishui Economic and Technological Development Zone Industrial Development Group Co., Ltd.
|
LoC issuer: | Bank of Shanghai Co., Ltd., Hangzhou Branch
|
Amount: | $96.5 million
|
Issue: | Credit-enhanced bonds
|
Maturity: | June 21, 2025
|
Bookrunners: | Bank of China, Guotai Junan International, Dongxing Securities (Hong Kong), Dingxin (Securities) Ltd., BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd. and Haitong International
|
Trustee: | Bank of New York Mellon, London Branch
|
Counsel to issuer: | Latham & Watkins LLP (England), Guanghe Law Firm (China)
|
Counsel to underwriters: | Linklaters (England), Jingtian & Gongcheng (China)
|
Coupon: | 4½%
|
Price: | Par
|
Yield: | 4½%
|
Call: | For taxation reasons only at par plus interest
|
Change of control: | At par plus interest
|
Pricing date: | June 14
|
Issue date: | June 21
|
Listing date: | June 22
|
Distribution: | Regulation S
|
ISIN: | XS2489150727
|
|
© 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.