By William Gullotti
Buffalo, N.Y., Aug. 17 – China’s Binzhou Bincheng Economic Development Investment Co., Ltd. priced $28.2 million 4.8% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds feature the benefit of an irrevocable standby letter of credit issued by Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch.
The bonds may be redeemed early in whole, but not in part, for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at par plus interest for a change of control or if a no-registration event occurs.
TF International, Shanghai Pudong Development Bank Hong Kong Branch, Haitong International, CEB International, China Galaxy International and JA Securities are the joint lead managers and joint bookrunners for the Regulation S offering.
TF International, Shanghai Pudong and Haitong are also joint global coordinators.
Proceeds will be used for financing construction projects, for replenishing working capital and for general corporate purposes.
Listing for the bonds is expected on the Hong Kong Exchange effective Aug. 17.
Located and operating in the Bincheng District of China’s Binzhou City, the investment and financing platform is engaged in infrastructure construction, real estate construction and sales, commodity trading and property leasing.
| Issuer: | Binzhou Bincheng Economic Development Investment Co., Ltd.
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| LoC issuer: | Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch
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| Amount: | $28.2 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Aug. 16, 2025
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| Bookrunners: | TF International, Shanghai Pudong Development Bank Hong Kong Branch, Haitong International, CEB International, China Galaxy International and JA Securities
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Mayer Brown (England)
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| Counsel to underwriters: | Ashurst Hong Kong (England), Jingtian & Gongcheng (China)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Call: | At par plus interest for taxation reasons
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| Put: | At par plus interest if change of control or no-registration event occurs
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| Pricing date: | Aug. 11
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| Issue date: | Aug. 16
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| Listing date: | Aug. 17
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| Distribution: | Regulation S
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| ISIN: | XS2508577488
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