Chicago, Jan. 26 – China’s Chuang Zhi Rong Tong International Investment (BVI) Co., Ltd. sold RMB 900 million of 4.05% credit enhanced bonds due 2027, according to an offering document.
The bonds priced at par.
The Regulation S bonds feature the benefit of a keepwell deed provided by parent company Qingdao Laoshan Science and Technology Innovation Development Group Co., Ltd. and are supported by an irrevocable standby letter of credit issued by Evergrowing Bank Co., Ltd. Qingdao Branch.
Orient Securities (Hong Kong) Ltd., Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, Hua Xia Bank Co., Ltd. Hong Kong Branch, CEB International Capital Corp. Ltd. and CNCB (Hong Kong) Capital Ltd. were listed as joint bookrunners and joint lead managers. Orient was the sole global coordinator.
Proceeds are intended for construction projects and to supplement working capital.
Listing for the bonds is expected on the Chongwa (Macao) Exchange.
The issuer is a wholly owned subsidiary of the keepwell provider, incorporated in the British Virgin Islands on May 17. The keepwell provider operates in Laoshan District of China’s Qingdao Province, engaging in businesses that include property leasing, park development, commercial trading, utility services, hotel services, cloud computing and industrial development.
| Issuer: | Chuang Zhi Rong Tong International Investment (BVI) Co., Ltd.
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| Keepwell deed: | Qingdao Laoshan Science and Technology Innovation Development Group Co., Ltd.
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| LoC issuer: | Evergrowing Bank Co., Ltd. Qingdao Branch
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| Amount: | RMB 900 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Jan. 25, 2027
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| Bookrunners: | Orient Securities (Hong Kong) Ltd. (sole global coordinator), Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, Hua Xia Bank Co., Ltd. Hong Kong Branch, CEB International Capital Corp. Ltd. and CNCB (Hong Kong) Capital Ltd.
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to underwriters: | Fangda Partners, Hylands Law Firm, Ogier
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| Coupon: | 4.05%
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| Price: | Par
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| Yield: | 4.05%
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| Change of control: | At par
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| Trade date: | Jan. 18
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| Settlement date: | Jan. 25
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| Distribution: | Regulation S
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| ISIN: | HK0000984564
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