Published on 3/30/2023 in the Prospect News Emerging Markets Daily.
New Issue: Qingdao West Coast sells RMB 400 million 5.4% three-year notes at par
By William Gullotti
Buffalo, N.Y., March 30 – Qingdao West Coast New Area Ronghe Holding Group Co., Ltd. priced RMB 400 million of 5.4% three-year notes (//Chengxin: Ag-) at par, according to a listing notice and an offering circular on Thursday.
Silk Road International, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, TF International, Wan Lung Securities, Huafu International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), SPDB International and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners for the Regulation S offering.
Silk Road, Industrial Bank, Bocom, TF, Wan Lung and Huafu are acting as joint global coordinators, with Silk Road as lead.
Proceeds will be used for project construction and supplementing working capital.
Listing for the notes is expected on the Chongwa (Macao) Exchange effective March 30.
Located in the West Coast New Area in Qingdao, China, the company is a municipally-owned entity carrying out development activities for commodity trading, construction, development and manufacturing.
| Issuer: | Qingdao West Coast New Area Ronghe Holding Group Co., Ltd.
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| Amount: | RMB 400 million
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| Issue: | Notes
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| Maturity: | March 29, 2026
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| Bookrunners: | Silk Road International, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, TF International, Wan Lung Securities, Huafu International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), SPDB International and Shanghai Pudong Development Bank Hong Kong Branch
|
| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England), Shandong Jointide (Jinan) Law Firm (China)
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| Counsel to underwriters: | Clifford Chance (England), AllBright Law Offices (China)
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| Coupon: | 5.4%
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| Price: | Par
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| Yield: | 5.4%
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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: | March 24
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| Issue date: | March 29
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| Listing date: | March 30
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| Rating: | Chengxin: Ag-
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| Distribution: | Regulation S
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