By William Gullotti
Buffalo, N.Y., March 4 – Pioneer Reward Ltd. priced $1 billion of 2 3/8% three-year guaranteed bonds (BBB+) at 99.756, according to a listing notice with an appended offering circular on Friday.
The bonds are guaranteed by Huatai Securities Co., Ltd.
The bonds may be redeemed early at any time for taxation reasons at par plus interest and also feature an optional make-whole call at the greater of par and the sum of all remaining scheduled interest payments discounted at Treasuries plus 50 basis points.
Bondholders will be able to put the notes at par plus interest if a change-of-control or a registration event occurs.
Huatai International, Bank of Communications, CMB Wing Lung Bank Ltd., ICBC Industrial Bank Co., Ltd., Hong Kong Branch and Standard Chartered Bank are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are ABC International, Bank of China, Chiyu Banking Corp., Ltd., China Citic Bank International, CNCB Capital, China Everbright Bank Hong Kong Branch, CCB International, Mizuho Securities, Nanyang Commercial Bank and Shanghai Pudong Development Bank Hong Kong Branch.
Proceeds from the offering will be used to repay maturing overseas debt and for supporting Huatai’s overseas business development.
Listing for the bonds is expected on the Hong Kong Exchange effective March 4.
Pioneer Reward is a special-purpose entity, indirectly and wholly owned by Huatai, for issuances. The guarantor is a financial services company based in Nanjing, China.
| Issuer: | Pioneer Reward Ltd.
|
| Guarantor: | Huatai Securities Co., Ltd.
|
| Amount: | $1 billion
|
| Issue: | Guaranteed bonds
|
| Maturity: | March 3, 2025
|
| Bookrunners: | Huatai International, Bank of Communications, CMB Wing Lung Bank Ltd., ICBC Industrial Bank Co., Ltd., Hong Kong Branch, Standard Chartered Bank, ABC International, Bank of China, Chiyu Banking Corp., Ltd., China Citic Bank International, CNCB Capital, China Everbright Bank Hong Kong Branch, CCB International, Mizuho Securities, Nanyang Commercial Bank and Shanghai Pudong Development Bank Hong Kong Branch
|
| Counsel to issuer: | Clifford Chance (England), DeHeng Law Offices (China), Ogier (British Virgin Islands)
|
| Counsel to bookrunners: | Herbert Smith Freehills (England), JunHe LLP (China)
|
| Coupon: | 2 3/8%
|
| Price: | 99.756
|
| Calls: | For taxation reasons at par plus interest; optional make-whole call at the greater of par and the sum of all remaining scheduled interest payments discounted at Treasuries plus 50 bps
|
| Change of control: | At par plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | Feb. 24
|
| Issue date: | March 3
|
| Listing date: | March 4
|
| Rating: | S&P: BBB+
|
| Distribution: | Regulation S
|
| ISIN: | XS2450210542
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
