By William Gullotti
Buffalo, N.Y., Nov. 15 – China’s Zhenjiang Cultural Tourism Industry Group Co., Ltd. priced $172.5 million of 7.1% bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will also be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a no registration event occurs.
Sinolink HK, JQ Securities, Guotai Junan International, China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities and Dingxin (Securities) Ltd. are the joint lead managers and joint bookrunners for the offering with Sinolink, JQ and Guotai Junan also serving as joint global coordinators.
Proceeds will be used to refinance medium- to long-term offshore bonds maturing November 2022.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Nov. 15.
The travel services company is based in Zhenjiang, China.
| Issuer: | Zhenjiang Cultural Tourism Industry Group Co., Ltd.
|
| Amount: | $172.5 million
|
| Issue: | Bonds
|
| Maturity: | Nov. 14, 2025
|
| Bookrunners: | Sinolink HK, JQ Securities, Guotai Junan International, China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, Citic Securities and Dingxin (Securities) Ltd.
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Jingtian & Gongcheng LLP (England), JiangSu Zhong Jianhui Law Firm (China)
|
| Counsel to underwriters: | Chungs Lawyers in Association with DeHeng Law Offices (England), Hylands Law Firm (China)
|
| Coupon: | 7.1%
|
| Price: | Par
|
| Yield: | 7.1%
|
| Call option: | At par plus interest for taxation reasons
|
| Put options: | At 101 plus interest for a change of control; at par plus interest for no registration event
|
| Pricing date: | Nov. 8
|
| Issue date: | Nov. 14
|
| Listing date: | Nov. 15
|
| Distribution: | Regulation S
|
| ISIN: | XS2543128784
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
