New Issue: Zhangzhou Jiulongjiang prices RMB 1.37 billion 4.28% bonds due 2026

By William Gullotti

Buffalo, N.Y., May 2 – China’s Zhangzhou Jiulongjiang Group Co., Ltd. sold RMB 1.37 billion of 4.28% bonds due 2026 (Lianhe: BBB+) at par, according to a listing notice and an offering circular on Tuesday.

Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, China Industrial Securities International, China International Capital Corp., China Securities International, CNCB Capital, Guolian Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd. and Shanghai Pudong Development Bank are the joint lead managers and joint bookrunners for the offering, with Guotai and Industrial Bank also acting as joint global coordinators.

Guotai Junan and Industrial Bank Co., Ltd., Zhangzhou Branch are the PRC coordinators.

Proceeds will be used for project construction and for replenishing working capital.

Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective May 2.

The company is based in Zhangzhou, China, and manufactures medicines, daily necessities, cosmetics, machines and food products.

Issuer:	Zhangzhou Jiulongjiang Group Co., Ltd.
Amount:	RMB 1.37 billion
Issue:	Bonds
Maturity:	April 28, 2026
Bookrunners:	Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, China Industrial Securities International, China International Capital Corp., China Securities International, CNCB Capital, Guolian Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd. and Shanghai Pudong Development Bank
PRC coordinators:	Guotai Junan and Industrial Bank Co., Ltd., Zhangzhou Branch
Trustee:	China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
Counsel to issuer:	Linklaters (England), Junzhi Law Firm (China)
Counsel to underwriters:	Freshfields Bruckhaus Deringer (England), JunHe LLP (China)
Coupon:	4.28%
Price:	Par
Yield:	4.28%
Call:	For taxation reasons at par
Puts:	At 101 for a change of control
Pricing date:	April 24
Issue date:	April 28
Listing date:	May 2
Rating:	Lianhe: BBB+
Distribution:	Regulation S

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