Published on 9/5/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Black Peony prices $126 million 6.95% guaranteed bonds due 2026 at par
By William Gullotti
Buffalo, N.Y., Sept. 5 – Black Peony (Group) Co., Ltd., via wholly owned subsidiary Black Peony (Hong Kong) Holding Co., Ltd., issued $126 million of 6.95% guaranteed bonds due 2026 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by the parent company.
China International Capital Corp., Guotai Junan International, Donghai International, China Galaxy International, Citic Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Soochow CSSD Capital Markets (Asia) and Soochow Securities (Hong Kong) are the joint lead managers and joint bookrunners, with China International, Guotai and Donghai also acting as joint global coordinators.
Proceeds will be used to repay debt.
The listing for the Regulation S bonds became effective on the Hong Kong Exchange on Sept. 4.
The issuer is a special purpose entity for issuing debt financing instruments. The guarantor is a Chinese denim manufacturer that has diversified into urban construction, infrastructure construction and real estate development.
| Issuer: | Black Peony (Hong Kong) Holding Co., Ltd.
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| Guarantor: | Black Peony (Group) Co., Ltd.
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| Amount: | $126 million
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 1, 2026
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| Bookrunners: | China International Capital Corp., Guotai Junan International, Donghai International, China Galaxy International, Citic Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Soochow CSSD Capital Markets (Asia) and Soochow Securities (Hong Kong)
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| Trustee: | Citicorp International Ltd.
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| Counsel to issuer: | Deacons (England, Hong Kong), Jia Yuan Law Offices (China)
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| Counsel to underwriters: | King & Wood Mallesons (England), Jingtian & Gongcheng (China)
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| Coupon: | 6.95%
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| Price: | Par
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| Yield: | 6.95%
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| Call option: | For taxation reasons at par plus interest
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| Put option: | At 101 plus interest for a change of control
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| Pricing date: | Aug. 28
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| Issue date: | Sept. 1
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| Listing date: | Sept. 4
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| Distribution: | Regulation S
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| ISIN: | XS2665861246
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