New Issue: China’s Shangrao City Construction prices $67 million 8½% bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Oct. 12 – Shangrao City Construction Investment Development Group Co., Ltd. sold $67 million 8½% three-year bonds (Chengxin: BBBg+) at par, according to a listing notice with an appended offering circular on Thursday.

GF Securities, Citic Securities, China Citic Bank International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, CMBC Capital, China Industrial Securities International, Bocom International, Shenwan Hongyuan (H.K.), BG Securities (HK) Co., Ltd., Flow Capital, Bank of China, Guoyuan Securities (Hong Kong), Huatai International, CNCB Capital, CMB Wing Lung Bank Ltd. and Hua Xia Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the Regulation S offering, with GF and both Citic entities also acting as joint global coordinators.

Proceeds will be used to repay existing medium- to long-term offshore debt maturing within one year.

Listing for the bonds is expected on the Hong Kong Exchange effective Oct. 12.

The infrastructure and construction services company is based in Jiangxi, China.

Issuer:	Shangrao City Construction Investment Development Group Co., Ltd.
Amount:	$67 million
Issue:	Senior bonds
Maturity:	Oct. 11, 2026
Bookrunners:	GF Securities, Citic Securities, China Citic Bank International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, CMBC Capital, China Industrial Securities International, Bocom International, Shenwan Hongyuan (H.K.), BG Securities (HK) Co., Ltd., Flow Capital, Bank of China, Guoyuan Securities (Hong Kong), Huatai International, CNCB Capital, CMB Wing Lung Bank Ltd. and Hua Xia Bank Co., Ltd., Hong Kong Branch
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Mayer Brown (England, Hong Kong), Jiangxi QZ&WD Law Firm (China)
Counsel to underwriters:	DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Beijing DeHeng Law Offices (China)
Coupon:	8½%
Price:	Par
Yield:	8½%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	Sept. 28
Issue date:	Oct. 11
Listing date:	Oct. 12
Rating:	Chengxin: BBBg+ (expected)
Distribution:	Regulation S
ISIN:	XS2671498447

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