Published on 9/15/2022 in the Prospect News Emerging Markets Daily.
New Issue: China’s Tianjin Binhai unit Zhaohai sells $144 million 5.6% bonds due 2025 at par
Chicago, Sept. 15 – Tianjin Binhai New Area Construction & Investment Group Co., Ltd. subsidiary Zhaohai Investment (BVI) Ltd. sold $144 million 5.6% credit-enhanced guaranteed bonds due 2025 at par, according to an offering circular.
The notes have the benefit of an irrevocable standby letter of credit issued by China Bohai Bank Co., Ltd., Tianjin Branch.
The joint global coordinators, joint bookrunners and joint lead managers are Silk Road International, Standard Chartered Bank, Bank of China, CLSA, ABC International, Haitong International, BOSC International and China Securities International.
The joint bookrunners and joint lead managers are CEB International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd. Hong Kong Branch, Huntai International, CNCB Capital and Central China International of the Regulation S issue.
Proceeds will be used for refinancing offshore bonds due 2022.
The group is a financing platform for major projects for the Tianjin Binhai New Area.
| Issuer: | Zhaohai Investment (BVI) Ltd.
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| Guarantor: | Tianjin Binhai New Area Construction & Investment Group Co., Ltd.
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| Amount: | $144 million
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| Issue: | Credit-enhanced guaranteed notes
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| Maturity: | Sept. 14, 2025
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| Bookrunners: | Silk Road International, Standard Chartered Bank, Bank of China, CLSA, ABC International, Haitong International, BOSC International, China Securities International, CEB International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd. Hong Kong Branch, Huntai International, CNCB Capital and Central China International
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| Trustee: | Bank of New York, London Branch
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| Counsel to issuer: | Clifford Chance, Grandall Law Firm, Beijing Office, Ogier
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| Counsel to underwriters: | Allen & Overy, DeHeng Law Offices
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| Coupon: | 5.6%
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| Price: | Par
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| Yield: | 5.6%
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| Change of control: | At par
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| Trade date: | Sept. 7
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| Settlement date: | Sept. 14
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| Distribution: | Regulation S
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| ISIN: | XS2530767123
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