Published on 7/7/2021 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Hong Kong’s Sino-Ocean sells $320 million 2.7% green notes due 2025
Chicago, July 7 – Sino-Ocean Group Holding Ltd. wholly owned subsidiary Sino-Ocean Land Treasure IV Ltd. sold $320 million 2.7% guaranteed green notes due Jan. 13, 2025 (Baa3//BBB-) at 99.369, according to a document.
The notes are guaranteed by the parent.
The notes can be redeemed early with a make-whole price before Dec. 13, 2024. After that date, the notes can be redeemed at par plus interest.
Joint lead managers are HSBC, UBS, China International Capital Corp. China Citic Bank International, Citigroup, Credit Suisse, Bank of East Asia, Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., Haitong International, ABC International and Huarong International Securities.
Proceeds from the Regulation S issue will be used to repay existing medium- and long-term debt of the company and/or its subsidiaries due within one year, in accordance with the green finance framework of the group.
| Issuer: | Sino-Ocean Land Treasure IV Ltd.
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| Guarantor: | Sino-Ocean Group Holding Ltd.
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| Issue: | Guaranteed green notes
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| Amount: | $320 million
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| Maturity: | Jan. 13, 2025
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| Bookrunners: | HSBC, UBS, China International Capital Corp. China Citic Bank International, Citigroup, Credit Suisse, Bank of East Asia, Ltd., Shanghai Pudong Development Bank Hong Kong Branch, China Everbright Bank Hong Kong Branch, CMB Wing Lung Bank Ltd., Haitong International, ABC International and Huarong International Securities
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| Trustee: | Bank of New York Mellon, London Branch
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| Coupon: | 2.7%
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| Price: | 99.369
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| Call features: | Make-whole call until Dec. 13, 2024; thereafter at par
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| Trade date: | July 6
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| Settlement date: | July 13
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | Regulation S
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