By William Gullotti
Buffalo, N.Y., April 15 – China’s Jinan Hi-Tech International (Cayman) Investment Development Co., Ltd. priced $180 million of 6.1% guaranteed bonds due 2027 (//BBB), according to a listing notice on Monday.
The bonds are guaranteed by Jinan Hi-tech Holding Group Co., Ltd.
According to Fitch Ratings, proceeds will be used to repay the issuer’s medium- and long-term offshore bonds due within one year, to fund construction projects and for general working capital.
Listing for the bonds is expected on the Singapore Exchange effective April 16.
The issuer is an indirect, wholly owned, special purpose subsidiary of the guarantor incorporated in the Cayman Islands. Jinan Hi-Tech is based in Jinan, China, and offers infrastructure construction and project development services.
| Issuer: | Jinan Hi-Tech International (Cayman) Investment Development Co., Ltd.
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| Guarantor: | Jinan Hi-Tech Holding Group Co., Ltd.
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| Amount: | $180 million
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| Issue: | Guaranteed bonds
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| Maturity: | April 15, 2027
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| Coupon: | 6.1%
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| Issue date: | April 15
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| Listing date: | April 16
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| Rating: | Fitch: BBB
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| ISIN: | XS2791960078
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