By William Gullotti
Buffalo, N.Y., March 31 – China’s Linyi Investment Development Group Co., Ltd. priced $100 million of 4½% green 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.
China International Capital Corp. is the green structuring adviser, also serving as joint global coordinator, joint lead manager and joint bookrunner with Orient Securities (Hong Kong) for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan International, China Credit International Securities Co., Ltd. and CLSA.
Proceeds from the offering will be used for eligible projects under the issuer’s green bond framework and for general working capital for such projects.
Listing for the bonds is expected on the Hong Kong Exchange effective March 31.
The issuer is a state-owned asset management and operation platform responsible for municipal project investment and financing management, urban development and construction, shanty town reform project operation, state-owned enterprise restructuring and reorganization and state-owned properties trading.
| Issuer: | Linyi Investment Development Group Co., Ltd.
|
| Amount: | $100 million
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| Issue: | Green bonds
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| Maturity: | March 30, 2025
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| Bookrunners: | Orient Securities (Hong Kong), China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan International, China Credit International Securities Co., Ltd. and CLSA
|
| Green structuring adviser: | China International Capital Corp.
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| Counsel to issuer: | Fangda Partners (England), Shandong Qi Lu Law Firm (China)
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| Counsel to bookrunners: | King & Wood Mallesons (England), Jingtian & Gongcheng LLP (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 25
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| Issue date: | March 30
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| Listing date: | March 31
|
| Distribution: | Regulation S
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| ISIN: | XS2457454432
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