By William Gullotti
Buffalo, N.Y., March 8 – Xinjiang Financial Investment Co., Ltd. announced it priced a three-part, $115 million offering of bonds due 2025 at par, according to three listing notices with appended offering circulars on Tuesday.
The Regulation S offering is comprised of two tranches of 2.7% credit enhanced bonds and one tranche of 5.6% bonds.
The tranche of 5.6% bonds is for $67 million (//BB+).
One tranche of the 2.7% credit enhanced bonds totals $28 million and is backed by an irrevocable standby letter of credit provided by Industrial and Commercial Bank of China Ltd., Xinjiang Branch.
The other is for $20 million and is backed by an irrevocable standby letter of credit provided by Bank of China Ltd., Xinjiang Branch.
Both tranches of credit enhanced bonds are unrated.
The issuer may only redeem the notes early for taxation reasons at par plus interest. Bondholders of both series of credit enhanced bonds will also be able to put the notes at par plus interest if a change-of-control or registration event occurs.
Holders of the 5.6% bonds will be able to put the notes at 101 plus interest for a change-of-control event and at par plus interest for a registration event.
Bank of China, Carnegie Hill Capital Partners Ltd., Haitong International and Shenwan Hongyuan (H.K.) are the joint global coordinators for both tranches of credit enhanced bonds.
ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch are the joint lead managers and joint bookrunners for both tranches of credit enhanced bonds.
Carnegie Hill Capital Partners Ltd., Haitong International, Shenwan Hongyuan (H.K.) and Guotai Junan International are the joint global coordinators for the 5.6% bonds.
ICBC International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the 5.6% bonds.
Proceeds from the offering will be used to refinance existing debt.
Each listing is expected on the Hong Kong Exchange effective March 8.
The issuer is the only state-owned regional finance and investment holding platform in Xinjiang.
| Issuer: | Xinjiang Financial Investment Co., Ltd.
|
| Amount: | $115 million
|
| Maturity: | March 7, 2025
|
| Counsel to issuer: | Freshfields Bruckhaus Deringer (England), DeHeng Law Offices (China)
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| Counsel to underwriters: | Linklaters (England), JunHe LLP (China)
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| Call: | For taxation reasons only at par plus interest
|
| Pricing date: | Feb. 28
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| Issue date: | March 7
|
| Listing date: | March 8
|
| Distribution: | Regulation S
|
|
|
| ICBC-backed bonds
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| Amount: | $28 million
|
| Issue: | Credit enhanced bonds
|
| LoC issuer: | Industrial and Commercial Bank of China Ltd., Xinjiang Branch
|
| Global coordinators: | Bank of China, Carnegie Hill Capital Partners Ltd., Haitong International and Shenwan Hongyuan (H.K.)
|
| Bookrunners: | ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
|
| Coupon: | 2.7%
|
| Price: | Par
|
| Yield: | 2.7%
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| Change of control: | At par plus interest
|
| Registration event: | At par plus interest
|
| ISIN: | XS2450174136
|
|
|
| BOC-backed bonds
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| Amount: | $20 million
|
| Issue: | Credit enhanced bonds
|
| LoC issuer: | Bank of China Ltd., Xinjiang Branch
|
| Global coordinators: | Bank of China, Carnegie Hill Capital Partners Ltd., Haitong International and Shenwan Hongyuan (H.K.)
|
| Bookrunners: | ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
|
| Coupon: | 2.7%
|
| Price: | Par
|
| Yield: | 2.7%
|
| Change of control: | At par plus interest
|
| Registration event: | At par plus interest
|
| ISIN: | XS2450173591
|
|
|
| 5.6% bonds
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| Amount: | $67 million
|
| Issue: | Bonds
|
| Global coordinators: | Carnegie Hill Capital Partners Ltd., Haitong International, Shenwan Hongyuan (H.K.) and Guotai Junan International
|
| Co-manager: | Bank of China
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| Bookrunners: | ICBC International and Industrial Bank Co., Ltd., Hong Kong Branch
|
| Coupon: | 5.6%
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| Price: | Par
|
| Yield: | 5.6%
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| Change of control: | At 101 plus interest
|
| Registration event: | At par plus interest
|
| Rating: | Fitch: BB+
|
| ISIN: | XS2450180372
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