By William Gullotti
Buffalo, N.Y., March 10 – Xinjiang Financial Investment Co., Ltd. announced it priced a two-part, $85 million credit enhanced bond offering due 2025 at par, according to two listing notices with appended offering circulars on Thursday.
One tranche of the credit enhanced bonds totals $15 million with a 2.7% coupon and is backed by an irrevocable standby letter of credit provided by Postal Savings Bank of China Co., Ltd., Urumqi Branch.
The other is for $70 million with a 2.88% coupon and is backed by an irrevocable standby letter of credit provided by Bank of Beijing Co., Ltd., Urumqi Branch.
The issuer may only redeem the bonds early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change-of-control or registration event occurs.
The joint global coordinators for the Postal-backed bonds are Carnegie Hill Capital Partners Ltd., Haitong International, Shenwan Hongyuan (H.K.), Guotai Junan International, Bank of China and Industrial Bank Co., Ltd., Hong Kong Branch with Shanghai Pudong Development Bank Hong Kong Branch as the lead manager and bookrunner.
The joint global coordinators for the Bank of Beijing-backed bonds are Carnegie Hill Capital Partners Ltd., Haitong International, Bank of China and Industrial Bank Co., Ltd., Hong Kong Branch with Bank of Communications as the lead manager and bookrunner.
Proceeds from the Regulation S offering will be used to refinance debt.
Both listings are expected on the Hong Kong Exchange effective March 10, marking the issuer’s fifth listing of bonds in two days.
The issuer is the only state-owned regional finance and investment holding platform in Xinjiang.
| Issuer: | Xinjiang Financial Investment Co., Ltd.
|
| Amount: | $85 million
|
| Counsel to issuer: | Freshfields Bruckhaus Deringer (England), DeHeng Law Offices (China)
|
| Counsel to underwriters: | Linklaters (England), JunHe LLP (China)
|
| Call: | For taxation reasons only at par plus interest
|
| Change of control: | At par plus interest
|
| Registration event: | At par plus interest
|
| Pricing date: | March 4
|
| Issue date: | March 9
|
| Listing date: | March 10
|
| Distribution: | Regulation S
|
|
|
| Postal-backed bonds
|
| Amount: | $15 million
|
| Issue: | Credit enhanced bonds
|
| LoC issuer: | Postal Savings Bank of China Co., Ltd., Urumqi Branch
|
| Maturity: | Feb. 6, 2025
|
| Global coordinators: | Carnegie Hill Capital Partners Ltd., Haitong International, Shenwan Hongyuan (H.K.), Guotai Junan International, Bank of China, Industrial Bank Co., Ltd., Hong Kong Branch
|
| Bookrunner: | Shanghai Pudong Development Bank Hong Kong Branch
|
| Coupon: | 2.7%
|
| Price: | Par
|
| Yield: | 2.7%
|
| ISIN: | XS2454244349
|
|
|
| Bank of Beijing-backed bonds
|
| Amount: | $70 million
|
| Issue: | Credit enhanced bonds
|
| LoC issuer: | Bank of Beijing Co., Ltd., Urumqi Branch
|
| Maturity: | March 9, 2025
|
| Global coordinators: | Carnegie Hill Capital Partners Ltd., Haitong International, Bank of China, Industrial Bank Co., Ltd., Hong Kong Branch
|
| Bookrunner: | Bank of Communications
|
| Coupon: | 2.88%
|
| Price: | Par
|
| Yield: | 2.88%
|
| ISIN: | XS2453125630
|
|
|
© 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.
