By William Gullotti
Buffalo, N.Y., Nov. 1 – Lingang Wings Inc., an indirect wholly owned subsidiary of Shanghai Lingang Economic Development (Group) Co. Ltd., announced it priced RMB 1 billion of 2.98% guaranteed green bonds due 2025 and €50 million 3% guaranteed green bonds due 2023 (BBB+/Chengxin: Ag+) at par, according to several listing notices and an offering circular on Tuesday.
Each tranche of Regulation S bonds will be issued by the subsidiary and guaranteed by the parent. They may be redeemed early for taxation reasons at par plus interest.
Bondholders from either series 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.
DBS Bank Ltd., OCBC Bank, Haitong Bank, ICBC (Asia), ICBC (Macau), ABC International, CMB Wing Lung Bank Ltd., China International Capital Corp., Bank of Communications and Hua Xia Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering with China Zheshang Bank Co., Ltd. (Hong Kong Branch) also serving as a joint lead manager.
DBS, OCBC and Haitong are also the joint global coordinators. Haitong Securities Co., Ltd. is the PRC coordinator for the offering with Haitong International serving as green structuring adviser.
Proceeds from the offering will be used in accordance with the guarantor’s green finance framework.
Listings for each tranche are expected on the Singapore Exchange effective Nov. 1. Application will also be made to list each tranche on the Chongwa (Macao) Exchange.
The issuer is incorporated in the British Virgin Islands. The guarantor is a state-owned enterprise focused on the investment, development and operation of industrial parks.
| Issuer: | Lingang Wings Inc.
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| Guarantor: | Shanghai Lingang Economic Development (Group) Co. Ltd.
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| Issue: | Guaranteed green bonds
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| Bookrunners: | DBS Bank Ltd., OCBC Bank, Haitong Bank, ICBC (Asia), ICBC (Macau), ABC International, CMB Wing Lung Bank Ltd., China International Capital Corp., Bank of Communications, Hua Xia Bank Co., Ltd., Hong Kong Branch
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| Joint lead manager: | China Zheshang Bank Co., Ltd. (Hong Kong Branch)
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| PRC coordinator: | Haitong Securities Co., Ltd.
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| Green structuring adviser: | Haitong International
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| Counsel to issuer: | King & Wood Mallesons (Hong Kong), AllBright Law Offices (China), Maples and Calder (Hong Kong) LLP (BVI)
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| Counsel to underwriters: | Linklaters (Hong Kong), Guantao Law Firm (China)
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At 101 plus interest
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| No registration event: | At par plus interest
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| Pricing date: | Oct. 26
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| Issue date: | Oct. 28
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| Listing date: | Nov. 1
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| Ratings: | S&P: BBB+
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| Chengxin: Ag+
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| Distribution: | Regulation S
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| 2023 bonds
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| Amount: | €50 million
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| Maturity: | Oct. 29, 2023
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| Coupon: | 3%
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| Price: | Par
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| Yield: | 3%
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| ISIN: | SGXT94503461
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| 2025 bonds
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| Amount: | RMB 1 billion
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| Maturity: | Oct. 28, 2025
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| Coupon: | 2.98%
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| Price: | Par
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| Yield: | 2.98%
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| ISIN: | SGXT39764079
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