By Wendy Van Sickle
Columbus, Ohio, April 21 – Sino-Ocean Group Holding Ltd. wholly owned subsidiary Sino-Ocean Land Treasure IV Ltd. sold $200 million three-year credit-enhanced green notes (Baa3) at par to yield 3.8% on Wednesday, according to an announcement.
The notes are guaranteed by the parent company and have the benefit of a standby letter of credit issued by China Zheshang Bank Co., Ltd. Beijing Branch.
The notes will be redeemable at par one month prior to maturity.
Joint lead managers are HSBC, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Minsheng Banking Corp., Ltd., Hong Kong Branch and ABC International.
Proceeds from the Regulation S issue will be used to repay existing medium- and long-term debt of the company and/or its subsidiaries due within one year, in accordance with the green finance framework of the group.
The company is a Hong Kong property developer.
| Issuer: | Sino-Ocean Land Treasure IV Ltd.
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| Guarantor: | Sino-Ocean Group Holding Ltd.
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| Amount: | $200 million
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| Issue: | Credit-enhanced green notes
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| Maturity: | April 26, 2025
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| Bookrunners: | HSBC, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Minsheng Banking Corp., Ltd., Hong Kong Branch and ABC International
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| Trustee: | Bank of New York Mellon, London Branch
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| Coupon: | 3.8%
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| Price: | Par
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| Yield: | 3.8%
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| Call features: | At par one month prior to maturity
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| Trade date: | April 20
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| Settlement date: | April 26
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| Rating: | Moody’s: Baa3
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| Distribution: | Regulation S
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