By William Gullotti
Buffalo, N.Y., May 10 – Ganyu Urban Development (BVI) Ltd. priced ¥5.8 billion 1.8% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.
The Regulation S bonds are guaranteed by parent company Lianyungang Ganyu Urban Construction and Development Group Co., Ltd. and supported by an irrevocable standby letter of credit issued by Bank of Jiangsu Co., Ltd., Lianyungang Branch.
Huatai International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners, with Huatai also acting as global coordinator and green advisor.
Proceeds will be used for investment in green projects and to supplement working capital for green projects, in accordance with the company’s green financing framework.
Listing for the bonds is expected on the Chongwa (Macao) Exchange effective May 10.
The issuer was incorporated in the British Virgin Islands on Feb. 3 and is a wholly owned subsidiary of the guarantor. The guarantor is one of the primary operators of state-owned assets in Ganyu District of China’s Lianyungang Province, involved in infrastructure construction, greening and maintenance services and water-related business.
| Issuer: | Ganyu Urban Development (BVI) Ltd.
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| Guarantor: | Lianyungang Ganyu Urban Construction and Development Group Co., Ltd.
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| LoC issuer: | Bank of Jiangsu Co., Ltd., Lianyungang Branch
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| Amount: | ¥5.8 billion
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| Issue: | Credit enhanced bonds
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| Maturity: | May 9, 2026
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| Bookrunners: | Huatai International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities and Dingxin (Securities) Ltd.
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| Green advisor: | Huatai International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Coupon: | 1.8%
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| Price: | Par
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| Yield: | 1.8%
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| Call: | For taxation reasons at par plus interest
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| Change-of-control put: | At par plus interest
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| Pricing date: | April 26
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| Issue date: | May 9
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| Listing date: | May 10
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| Distribution: | Regulation S
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| ISIN: | XS2617086553
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