Published on 2/27/2023 in the Prospect News Emerging Markets Daily.
New Issue: Kunming Industrial unit prices $220 million 9.8% guaranteed bonds due 2025 at par
By William Gullotti
Buffalo, N.Y., Feb. 27 – Hong Kong JY Flower Ltd. has issued $220 million 9.8% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.
The bonds will be guaranteed by parent company Kunming Industrial Development & Investment Co., Ltd.
China International Capital Corp., Shenwan Hongyuan (H.K.), Fosun International Securities, ABC International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch and Guotai Junan International are the joint lead managers and joint bookrunners for the offering, with China International Capital, Shenwan, Fosun, ABC and CNCB also acting as joint global coordinators.
Proceeds will be used to refinance existing offshore debt.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Feb. 27.
The infrastructure construction services company is based in Kunming, Yunnan, China.
| Issuer: | Hong Kong JY Flower Ltd.
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| Guarantor: | Kunming Industrial Development & Investment Co., Ltd.
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| Amount: | $220 million
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| Issue: | Guaranteed bonds
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| Maturity: | Feb. 24, 2025
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| Bookrunners: | China International Capital Corp., Shenwan Hongyuan (H.K.), Fosun International Securities, ABC International, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch and Guotai Junan International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Fangda Partners (England, Hong Kong), Beijing Yingke Law Firm Kunming Office (China)
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| Counsel to underwriters: | Clifford Chance (England, Hong Kong), Deheng Law Offices (China)
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| Coupon: | 9.8%
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| Price: | Par
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| Yield: | 9.8%
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| Call: | 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 no registration event
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| Pricing date: | Feb. 21
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| Issue date: | Feb. 24
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| Listing date: | Feb. 27
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| Distribution: | Regulation S
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| ISIN: | XS2585673820
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