By William Gullotti
Buffalo, N.Y., Aug. 31 – China’s Zhengzhou Urban Construction Investment Group Co., Ltd. sold $350 million of 5.2% notes due 2025 (//BBB+/Lianhe: A-) at par, according to a listing notice with an appended offering circular on Wednesday.
The notes may be redeemed early for taxation reasons at par plus interest. Noteholders will be able to put the notes at 101 plus interest for a change of control and at par plus interest if a non-registration event occurs.
China International Capital Corp., CNCB Capital, Central China International, CMB International, Shenwan Hongyuan (H.K.), ICBC International, CEB International, China Everbright Bank Hong Kong Branch, China Securities International, China Industrial Securities International, CLSA, China Galaxy International and Haitong Bank are the joint lead managers and joint bookrunners for the Regulation S offering.
China International Capital Corp. and CNCB Capital are also working as joint global coordinators.
Proceeds will be used to fund development and construction of operational projects and to refinance existing debt.
Listing for the notes is expected on the Hong Kong Exchange effective Aug. 31. Application has also been made to list the notes on the Chongwa (Macao) Exchange.
Based in Zhengzhou, China, the company provides infrastructure investment and construction services.
| Issuer: | Zhengzhou Urban Construction Investment Group Co., Ltd.
|
| Amount: | $350 million
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| Issue: | Notes
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| Maturity: | Aug. 30, 2025
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| Bookrunners: | China International Capital Corp., CNCB Capital, Central China International, CMB International, Shenwan Hongyuan (H.K.), ICBC International, CEB International, China Everbright Bank Hong Kong Branch, China Securities International, China Industrial Securities International, CLSA, China Galaxy International and Haitong Bank
|
| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | King & Wood Mallesons (England), Kingbird Law Firm (China)
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| Counsel to underwriters: | Clifford Chance (England), Allbright Law Offices (China)
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| Coupon: | 5.2%
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| Price: | Par
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| Yield: | 5.2%
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| Call: | At par plus interest for taxation reasons
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| Puts: | At 101 plus interest for a change of control; at par plus interest if a non-registration event occurs
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| Pricing date: | Aug. 24
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| Issue date: | Aug. 30
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| Listing date: | Aug. 31
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| Ratings: | Fitch: BBB+
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| Lianhe Global: A-
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| Distribution: | Regulation S
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| ISIN: | XS2499700933
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