By William Gullotti
Buffalo, N.Y., June 9 – Xianjin Industry Investment Co. Ltd. sold $500 million of 3.9% guaranteed bonds due 2025 (//BBB) at par, according to a listing notice with an appended offering circular on Thursday.
The bonds are unconditionally and irrevocably guaranteed by Hefei Industry Investment Holding (Group) Co., Ltd.
The bonds may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to put the notes at 101 plus interest for a change of control or par plus interest if a registration event occurs.
Guotai Junan International, China International Capital Corp., Bank of Communications, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of China, CEB International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CNCB Capital, ABC International and CMB Wing Lung Bank Ltd. are the joint lead managers and joint bookrunners.
Guotai Junan, China International Capital, Bank of Communications, Shanghai Pudong Development, Industrial Bank and Bank of China are also joint global coordinators for the Regulation S offering.
Proceeds will be used to for project construction and equipment procurement for phase II of the group’s 12-inch memory wafer manufacturing base project.
Listing for the bonds is expected on the Hong Kong Exchange effective June 9.
Xianjin is an indirect wholly owned unit of Hefei. Based in Hefei, China, Hefei Industry manufactures and distributes resin products.
| Issuer: | Xianjin Industry Investment Co. Ltd.
|
| Guarantor: | Hefei Industry Investment Holding (Group) Co., Ltd.
|
| Issue: | Guaranteed bonds
|
| Amount: | $500 million
|
| Maturity: | June 8, 2025
|
| Bookrunners: | Guotai Junan International, China International Capital Corp., Bank of Communications, Shanghai Pudong Development Bank Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Bank of China, CEB International, China Minsheng Banking Corp., Ltd., Hong Kong Branch, CNCB Capital, ABC International and CMB Wing Lung Bank Ltd.
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Jingtian & Gongcheng LLP (England), Jingtian & Gongcheng (China)
|
| Counsel to underwriters: | Linklaters (England), Beijing Deheng Law Offices (China)
|
| Coupon: | 3.9%
|
| Price: | Par
|
| Yield: | 3.9%
|
| Call option: | In whole, but not in part, for taxation reasons at par plus interest
|
| Put options: | At 101 plus interest upon change of control; at par plus interest if no-registration event occurs
|
| Pricing date: | May 31
|
| Issue date: | June 8
|
| Listing date: | June 9
|
| Listing: | Hong Kong
|
| Rating: | Fitch: BBB
|
| Distribution: | Regulation S
|
| ISIN: | XS2485572148
|
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