New Issue: Zhengzhou Airport Economy Zone sells $200 million 4.7% bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., April 4 – China’s Zhengzhou Airport Economy Zone Xinggang Investment Group Co., Ltd. issued $200 million of 4.7% bonds due 2025 (//BBB) at par, according to an offering circular on Monday.

The bonds may only be called in whole, but not in part, for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control and at par plus interest if a registration event occurs.

Guotai Junan International, China Industrial Securities International, Haitong Bank and CNCB Capital are the joint global coordinators, joint lead managers and joint bookrunners for the offering.

Also serving as joint lead managers and joint bookrunners are Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications, CEB International, Guoyuan Capital, China Securities International, Haitong International, CMBC Capital, Shenwan Hongyuan (H.K.), ICBC (Asia), CLSA, SMBC Nikko, Standard Chartered Bank and Deutsche Bank.

Proceeds will be used for onshore project development and to supplement working capital.

Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective April 4.

Based in Zhengzhou, China, the company provides infrastructure investment and construction services.

Issuer:	Zhengzhou Airport Economy Zone Xinggang Investment Group Co., Ltd.
Issue:	Bonds
Amount:	$200 million
Maturity:	April 1, 2025
Bookrunners:	Guotai Junan International, China Industrial Securities International, Haitong Bank, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of Communications, CEB International, Guoyuan Capital, China Securities International, Haitong International, CMBC Capital, Shenwan Hongyuan (H.K.), ICBC (Asia), CLSA, SMBC Nikko, Standard Chartered Bank and Deutsche Bank
Counsel to issuer:	King & Wood Mallesons (English), JunHe LLP (China)
Counsel to bookrunners:	Linklaters (English), Haiwen & Partners (China)
Coupon:	4.7%
Price:	Par
Yield:	4.7%
Call:	In whole, but not in part, for taxation reasons only at par plus interest
Change of control:	At 101 plus interest
Registration event:	At par plus interest
Pricing date:	March 28
Issue date:	April 1
Listing date:	April 4
Rating:	Fitch: BBB
Distribution:	Regulation S
ISIN:	XS2406805213

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.