Published on 6/22/2022 in the Prospect News Emerging Markets Daily.
New Issue: China’s Kunming prices $110 million of 7% notes due 2023 at par
By William Gullotti
Buffalo, N.Y., June 22 – Kunming Traffic Investment Co., Ltd. priced $110 million of 7% notes due 2023 at par, according to a listing notice with an appended offering circular on Wednesday.
The notes are issued under the company’s $2 billion medium-term note program.
The notes may be redeemed early for taxation reasons at par plus interest. Noteholders will be able to exercise a change-of-control put at 101 plus interest.
ABCI Capital Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Dongxing Securities (Hong Kong) Co., Ltd., Guotai Junan Securities (Hong Kong) Ltd., CEB International Capital Corp., Ltd., CMBC Securities Co., Ltd., Central China International Securities Co., Ltd., Shenwan Hongyuan Securities (H.K.) Ltd. and China PA Securities (Hong Kong) Co., Ltd. are the managers for the syndicated offering.
Proceeds from the Regulation S offering will be used to refinance outstanding principal on offshore bonds.
The notes will be listed on the Hong Kong Exchange.
The infrastructure construction services company operates in the Kunming district of China.
| Issuer: | Kunming Traffic Investment Co., Ltd.
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| Amount: | $110 million
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| Issue: | Notes
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| Maturity: | June 22, 2023
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| Managers: | ABCI Capital Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, Dongxing Securities (Hong Kong) Co., Ltd., Guotai Junan Securities (Hong Kong) Ltd., CEB International Capital Corp., Ltd., CMBC Securities Co., Ltd., Central China International Securities Co., Ltd., Shenwan Hongyuan Securities (H.K.) Ltd. and China PA Securities (Hong Kong) Co., Ltd.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Ashurst Hong Kong (England), Beijing Dentons Law Offices, LLP (Kunming) (China)
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| Counsel to managers: | Allen & Overy (England), JunHe LLP (China)
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| Coupon: | 7%
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| Price: | Par
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| Yield: | 7%
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| Call option: | At par plus interest for taxation reasons
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| Change of control: | At 101 plus interest
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| Pricing date: | June 16
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| Issue date: | June 21
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| Distribution: | Regulation S
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| ISIN: | XS2484799494
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