By William Gullotti
Buffalo, N.Y., Dec. 5 – Hong Kong JY Flower Ltd. sold $66.6 million 9.7% guaranteed bonds due 2024 at par on Sept. 28, according to a listing notice and an offering circular on Tuesday.
The bonds will be guaranteed by parent company Kunming Industrial Development & Investment Co., Ltd.
AMC Wanhai, China Galaxy International, Haitong Bank, JQ Securities, Shanghai Pudong Development Bank Hong Kong Branch and CEB International are the joint lead managers and joint bookrunners for the offering, with AMC also acting as global coordinator.
Proceeds will be used to refinance existing offshore debt.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 5.
The infrastructure construction services company is based in Kunming, Yunnan, China.
| Issuer: | Hong Kong JY Flower Ltd.
|
| Guarantor: | Kunming Industrial Development & Investment Co., Ltd.
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| Amount: | $66.6 million
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| Issue: | Guaranteed bonds
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| Maturity: | Sept. 29, 2024
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| Bookrunners: | AMC Wanhai, China Galaxy International, Haitong Bank, JQ Securities, Shanghai Pudong Development Bank Hong Kong Branch and CEB International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | ONC Lawyers (Hong Kong), Beijing Yingke Law Firm Kunming Office (China)
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| Coupon: | 9.7%
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| Price: | Par
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| Yield: | 9.7%
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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: | Sept. 26
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| Issue date: | Sept. 28
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| Listing date: | Dec. 5
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| Distribution: | Regulation S
|
| ISIN: | XS2695373451
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