By William Gullotti
Buffalo, N.Y., Nov. 30 – Gaoxin International Investment Co., Ltd. priced $100 million of 7½% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The Regulation S bonds are guaranteed by Xuzhou Hi-Tech Industrial Development Zone State Asset Management Co., Ltd. and feature a par call that may be exercised at any time in whole or in part.
Bondholders will 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.
Soochow Securities (Hong Kong), Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Zhongtai International, ICBC International, Guolian Securities International, Shenwan Hongyuan (H.K.) and Haitong Bank are the joint lead managers and joint bookrunners, with Soochow and Huatai also acting as joint global coordinators.
Proceeds will be used to repay the principal of the issuer’s $100 million of 6% bonds due 2022 that were issued in 2019.
Listing for the bonds is expected on the Hong Kong Exchange effective Nov. 30.
Based in Hong Kong, the issuer is a special purpose entity that issues debt for a wholesale distributor of electronic parts and electronic communications equipment.
| Issuer: | Gaoxin International Investment Co., Ltd.
|
| Guarantor: | Xuzhou Hi-Tech Industrial Development Zone State Asset Management Co., Ltd.
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| Amount: | $100 million
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| Issue: | Guaranteed bonds
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| Maturity: | Nov. 29, 2025
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| Bookrunners: | Soochow Securities (Hong Kong), Huatai International, Industrial Bank Co., Ltd., Hong Kong Branch, Zhongtai International, ICBC International, Guolian Securities International, Shenwan Hongyuan (H.K.) and Haitong Bank
|
| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Gallant (with Meritas London Member Firm) (England), Harney Westwood & Riegels (BVI)
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| Counsel to underwriters: | Herbert Smith Freehills (England), Jiangsu Yonglun Law Firm (China)
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
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| Call: | In whole or in part, at any time, at par plus interest
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| Puts: | At 101 plus interest for a change of control; at par plus interest for a no registration event
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| Pricing date: | Nov. 25
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| Issue date: | Nov. 29
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| Listing date: | Nov. 30
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| Distribution: | Regulation S
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| ISIN: | XS2549270150
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