By William Gullotti
Buffalo, N.Y., June 13 – Xingchang International Co., Ltd., a wholly owned direct subsidiary of Zhejiang Changxing Financial Holdings Group Co., Ltd., priced $160 million of 6.95% three-year guaranteed bonds (//Chengxin: BBBg-) at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are issued by the subsidiary and guaranteed by the parent company.
Haitong International, China International Capital Corp., Dingxin (Securities) Ltd., CMB Wing Lung Bank Ltd., CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Sigma Capital and Zhongtai International are the joint lead managers and joint bookrunners for the offering, with Haitong, China International and Dingxin also acting as joint global coordinators.
Proceeds will be used to repay existing offshore debt.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective June 13.
Since its 2019 incorporation, the issuer has not engaged in any material activities other than the issuance of debt securities, the proceeds of which are on-lent to its parent guarantor. The guarantor is an asset management and industrial investment platform focused on land development, infrastructure construction, commercial trading and financial investment.
| Issuer: | Xingchang International Co., Ltd.
|
| Guarantor: | Zhejiang Changxing Financial Holdings Group Co., Ltd.
|
| Amount: | $160 million
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| Issue: | Guaranteed bonds
|
| Maturity: | June 12, 2026
|
| Bookrunners: | Haitong International, China International Capital Corp., Dingxin (Securities) Ltd., CMB Wing Lung Bank Ltd., CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Sigma Capital and Zhongtai International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Jun He Law Offices (England, Hong Kong), Zhejiang Xingchang Law Firm (China)
|
| Counsel to underwriters: | King & Wood Mallesons (China)
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| Coupon: | 6.95%
|
| Price: | Par
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| Yield: | 6.95%
|
| Call: | For taxation reasons at par plus interest
|
| Change of control: | At 101 plus interest
|
| Pricing date: | June 5
|
| Issue date: | June 12
|
| Listing date: | June 13
|
| Rating (expected): | Chengxin: BBBg-
|
| Distribution: | Regulation S
|
| ISIN: | XS2574742834
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