New Issue: China’s Nanjing Yangzi prices $300 million 5.95% bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., Nov. 18 – Nanjing Yangzi State-owned Investment Group Co., Ltd. priced $300 million of 5.95% bonds due 2025 (//A-) at par, according to a listing notice with an appended offering circular on Friday.

The Regulation S bonds may be redeemed early at par plus interest for taxation reasons. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no registration event occurs.

China International Capital Corp., Huatai International, Standard Chartered Bank, ICBC International, Citic Securities, BOSC International, CEB International, China Everbright Bank Hong Kong Branch, CMB International, CMBC Capital, CNCB Capital, Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch and Shanghai Securities HK are the joint lead managers and joint bookrunners for the offering. China International, Huatai, Standard Chartered, ICBC and Citic are also the joint global coordinators.

Proceeds will be used to refinance existing offshore debt in accordance with the company’s sustainable finance framework.

The bonds are expected to be listed on the Stock Exchange of Hong Kong Ltd. on Nov. 18.

The Nanjing, China-based company provides city infrastructure construction, ecological protection forest construction, land development and other services.

Issuer:	Nanjing Yangzi State-owned Investment Group Co., Ltd.
Amount:	$300 million
Issue:	Bonds
Maturity:	Nov. 17, 2025
Bookrunners:	China International Capital Corp., Huatai International, Standard Chartered Bank, ICBC International, Citic Securities, BOSC International, CEB International, China Everbright Bank Hong Kong Branch, CMB International, CMBC Capital, CNCB Capital, Luso Bank Ltd., Shanghai Pudong Development Bank Hong Kong Branch and Shanghai Securities HK
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	King & Wood Mallesons (England), AllBright Law Offices (China)
Counsel to underwriters:	Linklaters (England), Grandall Law (China)
Coupon:	5.95%
Price:	Par
Yield:	5.95%
Call:	For taxation reasons at par plus interest
Put options:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	Nov. 14
Issue date:	Nov. 17
Listing date:	Nov. 18
Expected rating:	Fitch: A-
Distribution:	Regulation S
ISIN:	XS2551147353

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