New Issue: China’s UETD issues $60 million 7½% three-year notes at par

By William Gullotti

Buffalo, N.Y., March 20 – UETD Construction & Development State-owned Capital Investment Operation (Group) Co., Ltd. issued $60 million of 7½% three-year notes at par, according to a listing notice with an appended offering circular on Monday.

China Industrial Securities International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Shanxi Securities International, Haitong Bank, Guolian Securities International, Neutral Financial Holding, Donghai International, CMBC Capital and Zhongtai International are the joint lead managers and joint bookrunners for the offering, with China Industrial and CNCB also acting as joint global coordinators.

Proceeds will be used for project construction and supplementing working capital.

Listing for the notes is expected on the Hong Kong Exchange effective March 20.

Located and operating in Urumqi, the capital of China’s Xinjiang Province, the issuer’s businesses include construction and management of infrastructure projects, property leasing, trade, landscape maintenance, shantytown redevelopment and sale of properties.

Issuer:	UETD Construction & Development State-owned Capital Investment Operation (Group) Co., Ltd.
Amount:	$60 million
Issue:	Notes
Maturity:	March 17, 2026
Bookrunners:	China Industrial Securities International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Shanxi Securities International, Haitong Bank, Guolian Securities International, Neutral Financial Holding, Donghai International, CMBC Capital and Zhongtai International
Trustee:	Infiniti Trust (Hong Kong) Ltd.
Counsel to issuer:	King & Wood Mallesons (England), Yingke Law Firm Shanghai Office (China)
Counsel to underwriters:	Ashurst Hong Kong (England, Hong Kong), Beijing DeHeng Law Offices (China)
Coupon:	7½%
Price:	Par
Yield:	7½%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	March 10
Issue date:	March 17
Listing date:	March 20
Distribution:	Regulation S
ISIN:	XS2509141649

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