Published on 3/6/2024 in the Prospect News Emerging Markets Daily.
New Issue: Tianfeng Securities prices $300 million 6½% notes due 2026 at 99.448
By William Gullotti
Buffalo, N.Y., March 6 – Tianfeng Securities Co., Ltd. priced $300 million of 6½% notes due 2026 (//BBB-) at 99.448, according to a listing notice with an appended offering circular on Wednesday.
The notes feature a make-whole call at Treasuries plus 50 basis points until three months prior to maturity, followed by a par call.
TF International, Bank of Communications, Bank of Communications Macau Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Orient Securities (Hong Kong), Citic Securities, CNCB Capital, CMBC Capital, HSBC, Bank of China, ICBC International, Bocom International, China Citic Bank International, CEB International, CMB International, CCB International, SPDB International, Bank of East Asia, Ltd., Huatai International, China Industrial Securities International, Shenwan Hongyuan (H.K.), Soochow Securities (Hong Kong), Guoyuan Securities (Hong Kong), Dongxing Securities (Hong Kong), China Galaxy International, Zhongtai International, Vision Capital and SMBC Nikko are the joint lead managers and joint bookrunners, with TF, Bank of Communications (including Macao Branch), Industrial Bank, Shanghai Pudong, Orient, Citic Securities, CNCB, CMBC and HSBC also acting as joint global coordinators.
Proceeds will be used to refinance existing offshore debt.
Listing for the Regulation S notes is expected on the Stock Exchange of Hong Kong Ltd. effective March 6.
The securities brokerage is based in China.
| Issuer: | Tianfeng Securities Co., Ltd.
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| Amount: | $300 million
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| Issue: | Notes
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| Maturity: | March 5, 2026
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| Bookrunners: | TF International, Bank of Communications, Bank of Communications Macau Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, Orient Securities (Hong Kong), Citic Securities, CNCB Capital, CMBC Capital, HSBC, Bank of China, ICBC International, Bocom International, China Citic Bank International, CEB International, CMB International, CCB International, SPDB International, Bank of East Asia, Ltd., Huatai International, China Industrial Securities International, Shenwan Hongyuan (H.K.), Soochow Securities (Hong Kong), Guoyuan Securities (Hong Kong), Dongxing Securities (Hong Kong), China Galaxy International, Zhongtai International, Vision Capital and SMBC Nikko
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Davis Polk & Wardwell (England)
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| Counsel to underwriters: | Clifford Chance (England), JunZeJun Law Offices (China)
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| Coupon: | 6½%
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| Price: | 99.448
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| Call options: | Make-whole at Treasuries plus 50 bps until three months prior to maturity, followed by a par call; at any time for taxation reasons at par plus interest
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| Puts: | At 101 plus interest for a change of control; at par plus interest for a non-registration event
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| Pricing date: | Feb. 27
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| Issue date: | March 5
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| Listing date: | March 6
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| Rating: | Fitch: BBB-
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| Distribution: | Regulation S
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| ISIN: | XS2766049378
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