New Issue: China’s UETD prices $74.5 million 7½% notes due 2027 at par

By William Gullotti

Buffalo, N.Y., Jan. 10 – UETD Construction & Development State-owned Capital Investment Operation (Group) Co., Ltd. issued $74.5 million of 7½% three-year notes at par, according to a listing notice with an appended offering circular on Wednesday.

China Industrial Securities International, Bocom International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Neutral Financial Holding, Guolian Securities International, Shanxi Securities International, China Citic Bank International, Dongxing Securities (Hong Kong), Shenwan Hongyuan (H.K.), Haitong International, CMBC Capital, Donghai International, Hung Sing Securities Ltd., Soochow Securities (Hong Kong), Huatai International, Yuan Tong Global Securities, Fortune Origin Securities, CMB Wing Lung Bank Ltd. and Zheshang International are the joint lead managers and joint bookrunners, with China Industrial, Bocom and Industrial Bank also acting as joint global coordinators.

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

Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Jan. 10.

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:	$74.5 million
Issue:	Notes
Maturity:	Jan. 9, 2027
Bookrunners:	China Industrial Securities International, Bocom International, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, CNCB Capital, Neutral Financial Holding, Guolian Securities International, Shanxi Securities International, China Citic Bank International, Dongxing Securities (Hong Kong), Shenwan Hongyuan (H.K.), Haitong International, CMBC Capital, Donghai International, Hung Sing Securities Ltd., Soochow Securities (Hong Kong), Huatai International, Yuan Tong Global Securities, Fortune Origin Securities, CMB Wing Lung Bank Ltd. and Zheshang International
Trustee:	China Citic Bank International 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:	Jan. 2
Issue date:	Jan. 9
Listing date:	Jan. 10
Distribution:	Regulation S
ISIN:	XS2731859414

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