By William Gullotti
Buffalo, N.Y., March 31 – Ganzhou Tourism Investment Group Ltd. announced it priced RMB 340 million 4% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Friday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Beijing Co., Ltd., Nanchang Branch.
DBS Bank Ltd., Goldbridge Securities, Dingxin (Securities) Ltd., Shanghai Pudong Development Bank Hong Kong Branch, Dongxing Securities (Hong Kong) and CEB International are the joint lead managers and joint bookrunners for the offering, with DBS and Goldbridge also acting as joint global coordinators.
Proceeds from the offering will be used for replenishing working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective March 31.
The issuer is a primary state-owned platform engaging in infrastructure construction in Xunwu County and Longnan, Ganzhou, Jiangxi Province in China.
| Issuer: | Ganzhou Tourism Investment Group Ltd.
|
| LoC issuer: | Bank of Beijing Co., Ltd., Nanchang Branch
|
| Amount: | RMB 340 million
|
| Issue: | Credit enhanced bonds
|
| Maturity: | March 30, 2026
|
| Bookrunners: | DBS Bank Ltd., Goldbridge Securities, Dingxin (Securities) Ltd., Shanghai Pudong Development Bank Hong Kong Branch, Dongxing Securities (Hong Kong) and CEB International
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
|
| Counsel to issuer: | Jun He Law Offices (England), Joint-Win Law Firm (China)
|
| Counsel to underwriters: | Linklaters (England, Hong Kong), Jingtian & Gongcheng Law Firm (China)
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Call: | For taxation reasons at par plus interest
|
| Change of control: | At par plus interest
|
| Pricing date: | March 24
|
| Issue date: | March 30
|
| Listing date: | March 31
|
| Distribution: | Regulation S
|
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