By William Gullotti
Buffalo, N.Y., Sept. 29 – Guangxi Liuzhou Dongcheng Investment Development Group Co., Ltd. priced an additional $22.7 million of 7˝% bonds due 2025, according to a listing notice with an appended offering circular on Thursday.
The add-on priced at par plus accrued interest from, and including, Sept. 22. Upon settlement, the additional bonds will be consolidated with the initial $30 million to form a single series.
The joint global coordinators, joint lead managers and joint bookrunners for the additional bonds are Guotai Junan International, BG Securities (HK) and Haitong International.
As with the initial issue, proceeds will be used for refinancing the group’s existing offshore debt.
The bonds are listed on the Stock Exchange of Hong Kong Ltd.
The issuer is a local government investment and financing platform and state-owned enterprise based in Liuzhou, China.
| Issuer: | Guangxi Liuzhou Dongcheng Investment Development Group Co., Ltd.
|
| Amount: | $22.7 million add-on
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| Issue: | Bonds
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| Maturity: | Sept. 22, 2025
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| Bookrunners: | Guotai Junan International, BG Securities (HK) and Haitong International
|
| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Fangda Partners (Hong Kong and England); Chong Guang Law Office (China)
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| Counsel to underwriters: | Linklaters (Hong Kong and England); Jingtian & Gongcheng (China)
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| Coupon: | 7˝%
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| Price: | Par plus accrued interest from, and including, Sept. 22
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| Yield: | 7˝%
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| Call option: | In whole at par for tax reasons
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| Put option: | At 101 upon change of control; at par if no-registration event occurs
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| Pricing date: | Sept. 23
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| Issue date: | Sept. 28
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| Rating: | China Chengxin (Asia Pacific) Credit Ratings Co. Ltd.: BBBg+
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| ISIN: | XS2499132277
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| Total issue: | $52.7 million, including initial $30 million issued Sept. 22
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