New Issue: Huaxin Pharmaceutical issues $42 million 6% credit enhanced bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Dec. 13 – Huaxin Pharmaceutical (Hong Kong) Co. Ltd. issued $42 million of 6% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Wednesday.

The Regulation S bonds come with the benefit of a keepwell deed provided by Taizhou Huaxin Pharmaceutical Investment Co. Ltd. and an irrevocable standby letter of credit issued by Bank of Nanjing, Taizhou Branch.

Fosun International Securities, ICBC International, CMB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities, ABC International, CNCB Capital, Initial Capital Securities, Guoyuan Securities (Hong Kong), Gee Hi International Securities (Hong Kong) Ltd., GF Securities, Huatai International and CMBC Capital are the joint lead managers and joint bookrunners for the offering, with Fosun, ICBC, CMB and Hua Xia also serving as joint global coordinators.

Proceeds will be used to repay existing medium- to long-term offshore debt maturing within one year.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 13.

The drug wholesale and distribution company is based in Taizhou, China.

Issuer:	Huaxin Pharmaceutical (Hong Kong) Co. Ltd.
Keepwell:	Taizhou Huaxin Pharmaceutical Investment Co. Ltd.
LoC issuer:	Bank of Nanjing, Taizhou Branch
Amount:	$42 million
Issue:	Credit enhanced bonds
Maturity:	Dec. 12, 2026
Bookrunners:	Fosun International Securities, ICBC International, CMB International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities, ABC International, CNCB Capital, Initial Capital Securities, Guoyuan Securities (Hong Kong), Gee Hi International Securities (Hong Kong) Ltd., GF Securities, Huatai International and CMBC Capital
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Tian Yuan Law Firm LLP (England, Hong Kong), Jincheng Tongda & Neal (China)
Counsel to underwriters:	Latham & Watkins LLP (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	6%
Price:	Par
Yield:	6%
Call:	For taxation reasons at par plus interest
Change-of-control:	At par plus interest
Pricing date:	Dec. 5
Issue date:	Dec. 12
Listing date:	Dec. 13
Distribution:	Regulation S
ISIN:	XS2708636639

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