By William Gullotti
Buffalo, N.Y., March 22 – Tianfeng Securities Co., Ltd. priced an additional $40 million of 6½% notes due 2026 (//BBB-) at 100.268, according to a listing notice with an appended offering circular on Friday.
The notes will be consolidated with the initial $300 million sold March 5 to form a single series, under the same indenture. The new notes will have the same March 5 issue date as the original series but have a closing date of March 21.
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 handled the tap offering as global coordinator, lead manager and bookrunner.
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 22.
The securities brokerage is based in China.
| Issuer: | Tianfeng Securities Co., Ltd.
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| Amount: | $40 million, add-on
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| Issue: | Notes
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| Maturity: | March 5, 2026
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| Bookrunner: | TF International
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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: | 100.268, plus accrue interest from, and including, March 5
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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: | March 18
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| Issue date: | March 5
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| New closing date: | March 21
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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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| Total issue: | $340 million, including initial $300 million issued March 5
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