New Issue: China’s Jincheng prices $200 million 6.9% bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., Sept. 8 – Jincheng State-owned Capital Investment Operation Co., Ltd. priced $200 million of 6.9% bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.

The Regulation S 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 101 plus interest for a change of control or at par plus interest if a no-registration event occurs.

GF Securities, China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (HK), Hua Xia Bank Co., Ltd., Hong Kong Branch, CMBC Capital, Guotai Junan International, China International Capital Corp., China Industrial Securities International, Bank of China, Haitong Bank, Shanxi Securities International, Everbright Securities International and Haitong International are the joint lead managers and joint bookrunners for the offering.

GF, China Citic, Industrial Bank, and Shenwan are also serving as joint global coordinators.

Proceeds will be used for refinancing existing debt.

Listing for the bonds is expected on the Hong Kong Exchange effective Sept. 8.

The issuer is located in China’s Jincheng City and operates as an entity for implementing the city government’s development plans for infrastructure construction and affordable housing construction.

Issuer:	Jincheng State-owned Capital Investment Operation Co., Ltd.
Issue:	Bonds
Amount:	$200 million
Maturity:	Sept. 7, 2025
Bookrunners:	GF Securities, China Citic Bank International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (HK), Hua Xia Bank Co., Ltd., Hong Kong Branch, CMBC Capital, Guotai Junan International, China International Capital Corp., China Industrial Securities International, Bank of China, Haitong Bank, Shanxi Securities International, Everbright Securities International and Haitong International
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Chungs Laywers in Association with Deheng Law Offices (England), Shanxi Sailing Law Firm (China)
Counsel to underwriters:	Mayer Brown (England), Jingtian & Gongcheng (China)
Coupon:	6.9%
Price:	Par
Yield:	6.9%
Call option:	For taxation reasons in whole, but not in part, at par plus interest
Put option:	At 101 plus interest if change of control occurs; at par plus interest if no-registration event occurs
Pricing date:	Sept. 2
Issue date:	Sept. 7
Listing date:	Sept. 8
Distribution:	Regulation S
ISIN:	XS2509105412

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