By William Gullotti
Buffalo, N.Y., Dec. 19 – Hongkong Yunlin International Co., Ltd., a wholly owned subsidiary of Wuxi Nengda Thermoelectric Co., Ltd., announced it priced RMB 750 million 4.2% credit enhanced guaranteed bonds due 2025 at par, according to a listing notice and an offering circular on Monday.
The Regulation S bonds will be issued by the subsidiary, guaranteed by the parent company and further supported by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Nanjing Branch.
The issuer may redeem the bonds early for taxation reasons at par plus interest. Bondholders will also be able to put the bonds at par plus interest if a change of control or non-registration event occurs.
AMC Wanhai Securities Ltd., Bocom International, BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) and China Galaxy International are the joint lead managers and joint bookrunners, with AMC, Bocom and BOSC also acting as joint global coordinators.
Proceeds are intended for business development purposes.
Listings for the bonds is expected on the Chongwa (Macao) Exchange effective Dec. 19.
The issuer was incorporated in Hong Kong on May 30. The guarantor is based in Wuxi City of China’s Jiangsu Province and is focused on the generation, sale and distribution of the city’s electricity and steam.
| Issuer: | Hongkong Yunlin International Co., Ltd.
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| Guarantor: | Wuxi Nengda Thermoelectric Co., Ltd.
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| LoC issuer: | Bank of Shanghai Co., Ltd., Nanjing Branch
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| Amount: | RMB 750 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | Dec. 16, 2025
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| Bookrunners: | AMC Wanhai Securities Ltd., Bocom International, BOSC International, Industrial Bank Co., Ltd., Hong Kong Branch, Shenwan Hongyuan (H.K.) and China Galaxy International
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| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | Paul Hastings (Europe) LLP (Hong Kong, England), Jiangsu Manxiu Law Firm (China)
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| Counsel to underwriters: | K&L Gates (Hong Kong, England), Lexiance Partners (China)
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Non-registration event: | At par plus interest
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| Pricing date: | Dec. 9
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| Issue date: | Dec. 16
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| Listing date: | Dec. 19
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| Distribution: | Regulation S
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