By William Gullotti
Buffalo, N.Y., Jan. 2 – China’s Shandong Qihe International (Singapore) Pte., Ltd. priced a RMB 160.6 million second tap of 7.8% guaranteed bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The add-on will be consolidated with the initial RMB 418.5 million issued Nov. 23 and RMB 78 million tap issued Dec. 28 to form a single series after settlement, subject to the same indenture.
The bonds will be guaranteed by the issuer’s indirect parent, Qihe Urban Investment Construction Group Co., Ltd.
Golden Rich Securities, Haitong International, China Galaxy International, Tung Yat Securities Ltd. and Orient Securities Ltd. are the joint lead managers and joint bookrunners for the second tap offering, with Golden Rich and Haitong also serving as joint global coordinators.
As with the prior offerings, proceeds will be used to finance the Qihe County Intelligent Industrial Park Construction Project and for replenishing working capital.
The additional Regulation S bonds are expected to be listed under a temporary ISIN on the Chongwa (Macao) Exchange effective Jan. 2.
The issuer is an indirect and wholly owned subsidiary of the guarantor. The guarantor is an infrastructure construction entity based in Qihe County of China’s Shandong Province.
| Issuer: | Shandong Qihe International (Singapore) Pte., Ltd.
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| Guarantor: | Qihe Urban Investment Construction Group Co., Ltd.
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| Amount: | RMB 160.6 million
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| Issue: | Guaranteed bonds add-on
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| Maturity: | Nov. 23, 2026
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| Bookrunners: | Golden Rich Securities, Haitong International, China Galaxy International, Tung Yat Securities Ltd. and Orient Securities Ltd.
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| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to issuer: | Mayer Brown (England, Hong Kong), Tahota Law Firm (China), Mayer Brown PK Wong & Nair Pte. Ltd. (Singapore)
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| Counsel to underwriters: | King & Wood Mallesons (England, Hong Kong), Yingke Law Firm (China)
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| Coupon: | 7.8%
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| Price: | Par plus accrued interest from Nov. 23 to Dec. 29 (inclusive)
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| Yield: | 7.8%
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| Call option: | At par for tax reasons
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| Put options: | At 101 upon change of control; at par for non-registration event
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| Pricing date: | Dec. 28
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| Issue date: | Dec. 29
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| Listing date: | Jan. 2
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| Distribution: | Regulation S
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| ISINs: | XS2740692871 (temporary, pre-consolidation), XS2721299597
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| Total issue: | RMB 657.1 million, including RMB 418.5 million issued Nov. 23 and RMB 78 million issued Dec. 28
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