New Issue: Linyi City’s Yi Bright unit issues $310 million 7.4% guaranteed bonds due 2026

By William Gullotti

Buffalo, N.Y., Aug. 18 – China’s Yi Bright International Ltd., a wholly owned subsidiary of Linyi City Construction Investment Group Co., Ltd., issued $310 million of 7.4% guaranteed bonds due 2026 (Baa3) at par, according to a listing notice with an appended offering circular on Friday.

The parent company will guarantee the Regulation S bonds.

China Industrial Securities International, China International Capital Corp., Guotai Junan International, Orient Securities (Hong Kong), Essence International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Bank of China, CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, CNCB Capital, China Galaxy International, SPDB International and Sigma Capital are the joint lead managers and joint bookrunners, with China Industrial Securities, China International Capital, Guotai Junan and Essence also acting as joint global coordinators.

Proceeds will be used to refinance offshore debt, for project development and for replenishing working capital.

The listing is expected on the Hong Kong Exchange effective Aug. 18.

The engineering and construction services company is based in Linyi, China.

Issuer:	Yi Bright International Ltd.
Guarantor:	Linyi City Construction Investment Group Co., Ltd.
Amount:	$310 million
Issue:	Guaranteed bonds
Maturity:	Aug. 17, 2026
Bookrunners:	China Industrial Securities International, China International Capital Corp., Guotai Junan International, Orient Securities (Hong Kong), Essence International, Hua Xia Bank Co., Ltd., Hong Kong Branch, Bank of China, CMBC Capital, Industrial Bank Co., Ltd., Hong Kong Branch, Bocom International, CNCB Capital, China Galaxy International, SPDB International and Sigma Capital
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Morgan, Lewis & Bockius (England, Hong Kong), Beijing DHH (Shanghai) Law Firm (China), Ogier (BVI)
Counsel to underwriters:	King & Wood Mallesons (England), Jingtian & Gongcheng (China)
Coupon:	7.4%
Price:	Par
Yield:	7.4%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a non-registration event
Pricing date:	Aug. 10
Issue date:	Aug. 17
Listing date:	Aug. 18
Rating:	Moody’s: Baa3 (expected)
Distribution:	Regulation S
ISIN:	XS2658712752

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