By William Gullotti
Buffalo, N.Y., Dec. 7 – Qiantang Jiantou (BVI) Ltd. sold $165 million 6.6% bonds due 2024 at par, according to a listing notice and an offering circular on Thursday.
The bonds have the benefit of a keepwell deed provided by Hangzhou Qiantang New Area Construction and Investment Group Co., Ltd.
Huatai International, Dongxing Securities (Hong Kong), China International Capital Corp., SPDB International, Guosen Securities (HK), China Galaxy International, Aden Financial Group Ltd., Zhongtai International and Powership Capital are the joint lead managers and joint bookrunners for the offering, with Huatai acting as sole global coordinator.
Proceeds will be used for refinancing, supplementing working capital or other general corporate purposes.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 7.
The issuer is an indirect, wholly owned subsidiary of the keepwell provider, which is the primary state-owned entity of China’s Hangzhou Qiantang New Area for project development and management.
| Issuer: | Qiantang Jiantou (BVI) Ltd.
|
| Keepwell: | Hangzhou Qiantang New Area Construction and Investment Group Co., Ltd.
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| Amount: | $165 million
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| Issue: | Bonds
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| Maturity: | Dec. 4, 2024
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| Bookrunners: | Huatai International, Dongxing Securities (Hong Kong), China International Capital Corp., SPDB International, Guosen Securities (HK), China Galaxy International, Aden Financial Group Ltd., Zhongtai International and Powership Capital
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Grandall Law Firm (China), Ogier (BVI)
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| Counsel to underwriters: | Mayer Brown (England), Beijing Dacheng Law Offices, LLP (China)
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| Coupon: | 6.6%
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| Price: | Par
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| Yield: | 6.6%
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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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| Pricing date: | Dec. 1
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| Settlement date: | Dec. 6
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| Listing date: | Dec. 7
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| Distribution: | Regulation S
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| ISIN: | XS2717885763
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