Published on 2/17/2023 in the Prospect News Emerging Markets Daily.
New Issue: China’s Huantaihu International sells $200 million 7.3% guaranteed bonds due 2026
By William Gullotti
Buffalo, N.Y., Feb. 17 – Huantaihu International Investment Co. Ltd. priced $200 million of 7.3% guaranteed bonds due 2026 at par, according to a listing notice with an appended offering circular on Friday.
The bonds will be guaranteed by Huzhou Economic Development Group Co. Ltd.
China International Capital Corp., Guoyuan Securities (Hong Kong), Bocom International, China Industrial Securities International, China PA Securities (Hong Kong) Co., Ltd., China Securities International, CMBC Capital and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners, with China International Capital also acting as global coordinator.
Proceeds will be used to refinance offshore debt.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Feb. 17.
The issuer is incorporated in the British Virgin Islands and a wholly owned subsidiary of Zhejiang Huzhou Huantaihu Group Co., Ltd., which is a wholly owned subsidiary of the guarantor. The guarantor is engaged in land development and infrastructure contracting services.
| Issuer: | Huantaihu International Investment Co. Ltd.
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| Guarantor: | Huzhou Economic Development Group Co. Ltd.
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| Amount: | $200 million
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| Issue: | Guaranteed bonds
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| Maturity: | Feb. 16, 2026
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| Bookrunners: | China International Capital Corp., Guoyuan Securities (Hong Kong), Bocom International, China Industrial Securities International, China PA Securities (Hong Kong) Co., Ltd., China Securities International, CMBC Capital and Industrial Bank Co., Ltd., Hong Kong Branch
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | King & Wood Mallesons (England, Hong Kong), Zhejiang Yinhu Law Firm (China), Ogier (BVI)
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| Counsel to underwriters: | Linklaters (England, Hong Kong), DeHeng Law Offices (China)
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| Coupon: | 7.3%
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| Price: | Par
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| Yield: | 7.3%
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| Call: | At par plus interest for taxation reasons
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| Put options: | 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. 13
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| Issue date: | Feb. 16
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| Listing date: | Feb. 17
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| Distribution: | Regulation S
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| ISIN: | XS2540489338
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