Published on 11/16/2021 in the Prospect News Emerging Markets Daily.
New Issue: Zhengzhou Metro prices $500 million 1.915% three-year bonds at par
By William Gullotti
Buffalo, N.Y., Nov. 16 – Zhengzhou Metro Group Co., Ltd. priced $500 million of 1.915% three-year bonds (A3//A) at par, according to an offering circular on Tuesday.
The bonds can only be redeemed early for taxation reasons at par plus interest.
China International Capital Corp., Bank of China and Industrial Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunner for the Regulation S offering.
Also serving as joint lead managers and joint bookrunners are Bocom International, China Everbright Bank Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CMBC Capital, CNCB Capital, Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, SPDB International and Standard Chartered Bank.
Proceeds will be used for refinancing existing offshore debt.
Listing for the bonds is expected on the Hong Kong Exchange effective Nov. 16.
The issuer primarily operates commuter rail systems and is also involved in engineering investment, subway construction and other businesses.
| Issuer: | Zhengzhou Metro Group Co., Ltd.
|
| Issue: | Bonds
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2024
|
| Bookrunners: | China International Capital Corp., Bank of China, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, China Everbright Bank Hong Kong Branch, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CMB Wing Lung Bank Ltd., CMBC Capital, CNCB Capital, Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, SPDB International and Standard Chartered Bank
|
| Counsel to issuer: | King & Wood Mallesons (English), King & Wood Mallesons (China)
|
| Counsel to bookrunners: | Linklaters (English), AllBright Law Offices (China)
|
| Coupon: | 1.915%
|
| Price: | Par
|
| Yield: | 1.915%
|
| Call option: | For taxation reasons in whole, but not in part, at par plus interest
|
| Change of control: | At 101
|
| Registration event: | At par
|
| Pricing date: | Nov. 9
|
| Issue date: | Nov. 15
|
| Listing date: | Nov. 16
|
| Ratings: | Moody’s: A3
|
| Fitch: A
|
| Distribution: | Regulation S
|
| ISIN: | XS2405793089
|
© 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.
