By William Gullotti
Buffalo, N.Y., Oct. 14 – Oriental Capital Co. Ltd. priced an additional $164 million of 7% guaranteed bonds due 2025 (Chengxin: BBBg) at 99.995, according to a listing notice with an appended offering circular on Friday.
The additional bonds, which will be consolidated with the initial $230 million issued Sept. 28 to form a single series, are guaranteed by Yancheng Oriental Investment & Development Group Co., Ltd.
The bonds may be redeemed early for taxation reasons at par plus interest. 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.
Guotai Junan International, China International Capital Corp., Caitong International, China Industrial Securities International, JQ Securities, China Zheshang Bank Co., Ltd., (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch and Realord Asia Pacific Securities Ltd. are the joint lead managers and joint bookrunners for the add-on with Guotai Junan, China International, Caitong, China Industrial, JQ and China Zheshang also serving as joint global coordinators.
As with the initial issue, proceeds will be used for refinancing offshore debt.
The Regulation S bonds were listed on the Hong Kong Exchange effective Sept. 29.
The company is based in Yancheng, China.
| Issuer: | Oriental Capital Co. Ltd.
|
| Guarantor: | Yancheng Oriental Investment & Development Group Co., Ltd.
|
| Amount: | $164 million
|
| Issue: | Guaranteed bonds add-on
|
| Maturity: | Sept. 28, 2025
|
| Bookrunners: | Guotai Junan International, China International Capital Corp., Caitong International, China Industrial Securities International, JQ Securities, China Zheshang Bank Co., Ltd., (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch and Realord Asia Pacific Securities Ltd.
|
| Trustee: | Citicorp International Ltd.
|
| Counsel to issuer: | Freshfields Bruckhaus Deringer (England), Jincheng Tongda & Neal (China), Ogier (BVI)
|
| Counsel to underwriters: | Linklaters (England), Jingtian & Gongcheng (China)
|
| Coupon: | 7%
|
| Price: | 99.995 plus accrued interest from Sept. 28 to Oct. 13
|
| Yield: | 7%
|
| Call option: | For taxation reasons at par plus interest
|
| Put option: | At 101 plus interest upon change of control; at par plus interest upon no-registration event
|
| Pricing date: | Oct. 11
|
| Issue date: | Oct. 13
|
| Listing date: | Sept. 29
|
| Rating: | Chengxin: BBBg
|
| Distribution: | Regulation S
|
| ISIN: | XS2529909926
|
| Total issuance: | $394 million, including $230 million issued Sept. 28
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
