New Issue: China’s Linyi City prices $300 million 5.2% guaranteed bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., June 27 – Linyi City Development International Co., Ltd., an indirectly wholly owned subsidiary of Linyi City Development Group Co., Ltd., issued $300 million of 5.2% guaranteed bonds due 2025 (//BBB-) at par, according to a listing notice with an appended offering circular on Monday.

The bonds are guaranteed by the parent company and may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control and at par plus interest if a registration event occurs.

Central Wealth Securities Investment Ltd., Guotai Junan International, China Industrial Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) and CNCB Capital are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.

Also serving as joint lead managers and joint bookrunners are China Galaxy International, Haitong International, China Citic Bank International, China Securities International, CLSA, China International Capital Corp., Huatai International, Sinolink Securities (HK), Guoyuan Securities (Hong Kong), CMBC Capital, Shanghai Pudong Development Bank Hong Kong Branch, ABC International and Sigma Capital.

Proceeds will be used to finance project construction and supplement operational capital.

Listing for the bonds is expected on the Hong Kong Exchange effective June 27.

The issuer is a special purpose entity incorporated in the British Virgin Islands on Nov. 4, 2021. The guarantor is a state-owned infrastructure construction platform in Linyi City, Shandong Province of China.

Issuer:	Linyi City Development International Co., Ltd.
Guarantor:	Linyi City Development Group Co., Ltd.
Issue:	Guaranteed bonds
Amount:	$300 million
Maturity:	June 24, 2025
Bookrunners:	Central Wealth Securities Investment Ltd., Guotai Junan International, China Industrial Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.), CNCB Capital, China Galaxy International, Haitong International, China Citic Bank International, China Securities International, CLSA, China International Capital Corp., Huatai International, Sinolink Securities (HK), Guoyuan Securities (Hong Kong), CMBC Capital, Shanghai Pudong Development Bank Hong Kong Branch, ABC International and Sigma Capital
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Jun He Law Offices (England), Walkers (Hong Kong) (BVI)
Counsel to underwriters:	Herbert Smith Freehills (England), Hiways Law Firm (China)
Coupon:	5.2%
Price:	Par
Yield:	5.2%
Call:	For taxation reasons at par plus interest
Change of control:	At 101
Registration event:	At par
Pricing date:	June 21
Issue date:	June 24
Listing date:	June 27
Rating:	Fitch: BBB-
Distribution:	Regulation S
ISIN:	XS2489808423

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