Published on 9/6/2023 in the Prospect News Emerging Markets Daily.
New Issue: Tianjin Binhai unit sells $50 million 7% credit enhanced guaranteed bonds due 2024 at par
By William Gullotti
Buffalo, N.Y., Sept. 6 – China’s Tianjin Binhai New Area Construction & Investment Group Co., Ltd. subsidiary Zhaohai Investment (BVI) Ltd. sold $50 million 7% credit enhanced guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds have the benefit of an irrevocable standby letter of credit issued by Bank of Tianjin Co., Ltd.
Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd. (Hong Kong Branch), Guoyuan Securities (Hong Kong) and China Galaxy International are the joint lead managers and joint bookrunners for the Regulation S offering, with Citic also acting as sole global coordinator.
Proceeds will be used for refinancing offshore bonds due 2023.
Listing for the bonds is expected on the Hong Kong Exchange effective Sept. 6.
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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| LoC issuer: | Bank of Tianjin Co., Ltd.
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| Amount: | $50 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | Sept. 3, 2024
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| Bookrunners: | Citic Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Hua Xia Bank Co., Ltd. (Hong Kong Branch), Guoyuan Securities (Hong Kong) and China Galaxy International
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| Trustee: | Bank of New York, London Branch
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| Counsel to issuer: | Clifford Chance (England), Grandall Law Firm, Beijing Office (China), Ogier (BVI)
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| Counsel to underwriters: | Linklaters (England), DeHeng Law Offices (China)
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Call: | For taxation reasons at par plus interest
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| Puts: | At par plus interest if a change of control or no registration event occur
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| Pricing date: | Aug. 29
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| Issue date: | Sept. 5
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| Listing date: | Sept. 6
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| Distribution: | Regulation S
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| ISIN: | XS2673291683
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