Published on 1/25/2022 in the Prospect News Emerging Markets Daily.
New Issue: Huzhou City Investment sells $300 million 2.85% notes due 2025
By William Gullotti
Buffalo, N.Y., Jan. 25 – China’s Huzhou City Investment Development Group Co., Ltd. priced $300 million of 2.85% notes due 2025 (//BBB), according to a listing notice on Tuesday.
The joint global coordinators for the offering are Bank of China, CCB International, China International Capital Corp. and Industrial Bank Co., Ltd., Hong Kong Branch.
Bocom International, China Everbright Bank Hong Kong Branch, CLSA, CNCB Capital, Haitong International, Orient Securities (Hong Kong) and Standard Chartered Bank are the joint lead managers and joint bookrunners.
According to Fitch Ratings, proceeds will be used for general corporate purposes and project construction.
Listing for the notes is expected on the Hong Kong Exchange effective Jan. 26.
The operator of infrastructure construction businesses is based in Huzhou, China.
Issuer: | Huzhou City Investment Development Group Co., Ltd.
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Amount: | $300 million
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Issue: | Notes
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Maturity: | Jan. 25, 2025
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Global coordinators: | Bank of China, CCB International, China International Capital Corp. and Industrial Bank Co., Ltd., Hong Kong Branch
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Bookrunners: | Bocom International, China Everbright Bank Hong Kong Branch, CLSA, CNCB Capital, Haitong International, Orient Securities (Hong Kong) and Standard Chartered Bank
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Counsel to issuer: | Latham & Watkins LLP, DeHeng Law Offices
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Counsel to bookrunners: | Clifford Chance, AllBright Law Offices
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Trustee: | China Construction Bank (Asia) Corp. Ltd.
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Coupon: | 2.85%
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Price: | Par
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Yield: | 2.85%
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Change of control: | At 101
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Pricing date: | Jan. 18
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Settlement date: | Jan. 25
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Listing date: | Jan. 26
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Rating: | Fitch: BBB
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Distribution: | Regulation S
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