By William Gullotti
Buffalo, N.Y., March 24 – China’s Nanxun Communications Investment Group Co., Ltd. priced $206 million of 4½% bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to put the bonds at 101 plus interest for a change of control and at par plus interest if a registration event occurs.
Orient Securities (Hong Kong) and Caitong International Capital are the joint global coordinators, joint lead managers and joint bookrunners.
Also serving as joint lead managers and joint bookrunners are Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., China International Capital Corp., CMBC Capital and Dingxin (Securities) Ltd.
Proceeds from the Regulation S offering will be used for certain construction projects and to replenish working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective March 24.
The issuer is a wholly and directly owned subsidiary of the Huzhou Nanxun Finance Bureau and is engaged in transport infrastructure development.
| Issuer: | Nanxun Communications Investment Group Co., Ltd.
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| Amount: | $206 million
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| Issue: | Bonds
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| Maturity: | March 23, 2025
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| Bookrunners: | Orient Securities (Hong Kong), Caitong International Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., China International Capital Corp., CMBC Capital and Dingxin (Securities) Ltd.
|
| Counsel to issuer: | Fangda Partners (England), Zhejiang Dadun Law Offices (China)
|
| Counsel to bookrunners: | Jun He Law Offices (England), Zhejiang Guangcheng Law Firm (China)
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| Coupon: | 4½%
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| Price: | Par
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| Yield: | 4½%
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| Call: | In whole, but not in part, for taxation reasons only at par plus interest
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | March 17
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| Issue date: | March 23
|
| Listing date: | March 24
|
| Distribution: | Regulation S
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| ISIN: | XS2406886627
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