By William Gullotti
Buffalo, N.Y., Sept. 27 – Licheng International Development Co., Ltd., an indirectly wholly owned subsidiary of Jinan Licheng Holding Group Co., Ltd., priced $110 million of 6.3% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
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 or at par plus interest if a no-registration event occurs.
China Industrial Securities International is the global coordinator for the offering, also serving as a joint lead manager and joint bookrunner with Industrial Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, CNCB Capital, China Galaxy International, Zhongtai International and China Zheshang Bank Co., Ltd. (Hong Kong Branch).
Proceeds will be used for funding construction projects and for general working capital.
Application will be made to list the Regulation S bonds on the Stock Exchange of Hong Kong Ltd.
The issuer is an indirect wholly owned subsidiary of the guarantor, incorporated in the British Virgin Islands on Feb. 10. Located in the Licheng District of China’s Jinan City, the guarantor is involved in land consolidation, project construction, management and operation, commodity sales, real estate leasing, financial services and other businesses.
| Issuer: | Licheng International Development Co., Ltd.
|
| Guarantor: | Jinan Licheng Holding Group Co., Ltd.
|
| Issue: | Bond
|
| Amount: | $110 million
|
| Maturity: | Sept. 26, 2025
|
| Bookrunners: | China Industrial Securities International, Industrial Bank Co., Ltd., Hong Kong Branch, China Citic Bank International, CNCB Capital, China Galaxy International, Zhongtai International and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Allen & Overy (England), Beijing Lanpeng (Jinan) Law Firm (China), Ogier (BVI)
|
| Counsel to underwriters: | Linklaters (England), Shandong Bohanyuan Law Firm (China)
|
| Coupon: | 6.3%
|
| Price: | Par
|
| Yield: | 6.3%
|
| Call option: | For taxation reasons 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. 19
|
| Issue date: | Sept. 26
|
| Distribution: | Regulation S
|
| ISIN: | XS2519098656
|
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