By William Gullotti
Buffalo, N.Y., March 16 – Tianfeng Securities Co., Ltd. priced $340 million of 4% notes due 2024 at par, according to a listing notice with an appended offering circular on Wednesday.
The notes may be redeemed early in whole, or in part, at any time at the issuer’s option at par plus interest.
Noteholders will be able to exercise put rights at 101 plus interest for a change of control and at par plus interest if a registration event occurs.
Bank of Communications, Shanghai Pudong Development Bank Hong Kong Branch, CMBC Capital and TF International are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are CCB International, Central China International, CLSA and HSBC.
Proceeds will be used to refinance offshore debt.
Listings for the Regulation S notes are expected on both the Stock Exchange of Hong Kong Ltd. and the Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX) effective March 16.
The securities brokerage is based in China.
| Issuer: | Tianfeng Securities Co. Ltd.
|
| Amount: | $340 million
|
| Issue: | Notes
|
| Maturity: | March 15, 2024
|
| Bookrunners: | Bank of Communications, Shanghai Pudong Development Bank Hong Kong Branch, CMBC Capital, TF International, CCB International, Central China International, CLSA and HSBC
|
| Counsel to issuer: | Davis Polk & Wardwell (England)
|
| Counsel to bookrunners: | Clifford Chance (England), JunHe LLP (China)
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Call: | At any time, in whole or in part, at par plus interest
|
| Change of control: | At 101 plus interest
|
| Registration event: | At par plus interest
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| Pricing date: | March 10
|
| Issue date: | March 15
|
| Listing date: | March 16
|
| Distribution: | Regulation S
|
| ISIN: | XS2427752527
|
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