New Issue: Huaxin Pharmaceutical prices $53.5 million 5.6% credit enhanced bonds due 2027

By William Gullotti

Buffalo, N.Y., Jan. 5 – Huaxin Pharmaceutical (Hong Kong) Co. Ltd. issued $53.5 million of 5.6% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Friday.

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 Jiangsu Co., Ltd., Taizhou Branch.

Fosun International Securities, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC International, CMB International, Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities, CMBC Capital, CCB International, ABC International, CEB International, CNCB Capital, Initial Capital Securities, Guoyuan Securities (Hong Kong), GF Securities, Gee Hi International Securities (Hong Kong) Ltd. and China Industrial Securities International are the joint lead managers and joint bookrunners for the offering, with Fosun, Hua Xia, ICBC and CMB 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 Jan. 5.

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 Jiangsu Co., Ltd., Taizhou Branch
Amount:	$53.5 million
Issue:	Credit enhanced bonds
Maturity:	Jan. 4, 2027
Bookrunners:	Fosun International Securities, Hua Xia Bank Co., Ltd., Hong Kong Branch, ICBC International, CMB International, Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities, CMBC Capital, CCB International, ABC International, CEB International, CNCB Capital, Initial Capital Securities, Guoyuan Securities (Hong Kong), GF Securities, Gee Hi International Securities (Hong Kong) Ltd. and China Industrial Securities International
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:	5.6%
Price:	Par
Yield:	5.6%
Call:	For taxation reasons at par plus interest
Change-of-control:	At par plus interest
Pricing date:	Dec. 29
Issue date:	Jan. 4
Listing date:	Jan. 5
Distribution:	Regulation S
ISIN:	XS2713911886

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