New Issue: China’s Shuifa prices $180 million of 7.2% guaranteed bonds due 2027

By William Gullotti

Buffalo, N.Y., March 21 – Shuifa Group Co., Ltd. subsidiary Shuifa International Holdings (BVI) Co., Ltd. sold $180 million of 7.2% guaranteed bonds due 2027 (Baa2) at par, according to a notice of listing with an appended offering circular on Thursday.

The Regulation S bonds will be issued by the subsidiary and guaranteed by the parent.

Guotai Junan International, China International Capital Corp., China Industrial Securities International, Deutsche Bank, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Zhongtai International, CNCB Capital, Leading Securities Co., Ltd., Cinda International, Shenwan Hongyuan (H.K.) and SPDB International are the joint lead managers and joint bookrunners for the offering.

Guotai Junan, China International Capital and China Industrial Securities are also serving as joint global coordinators, with China International further acting as green structuring adviser.

Proceeds will be used to refinance existing debt and replenish working capital in accordance with the group’s green bond framework.

Listing for the bonds is expected on the Hong Kong Exchange effective March 21.

Shuifa Group is a water supply company based in the Shandong province of China.

Issuer:	Shuifa International Holdings (BVI) Co., Ltd.
Guarantor:	Shuifa Group Co., Ltd.
Amount:	$180 million
Issue:	Guaranteed bonds
Maturity:	March 20, 2027
Bookrunners:	Guotai Junan International, China International Capital Corp., China Industrial Securities International, Deutsche Bank, Industrial Bank Co., Ltd., Hong Kong Branch, Hua Xia Bank Co., Ltd., Hong Kong Branch, Zhongtai International, CNCB Capital, Leading Securities Co., Ltd., Cinda International, Shenwan Hongyuan (H.K.) and SPDB International
Green structuring adviser:	China International Capital Corp.
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	King & Wood Mallesons (England, Hong Kong), Beijing DeHeng Law Offices (Jinan) (China), Ogier (BVI)
Counsel to underwriters:	Davis Polk & Wardwell (England, Hong Kong), JunHe LLP (China)
Coupon:	7.2%
Price:	Par
Yield:	7.2%
Call:	For taxation reasons at par
Puts:	At 101 upon change of control; at par for a no registration event
Pricing date:	March 15
Issue date:	March 20
Listing date:	March 21
Rating:	Moody’s: Baa2
Distribution:	Regulation S
ISIN:	XS2530843759

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