New Issue: Hangzhou Shangcheng unit sells $200 million 5.85% guaranteed green bonds due 2026

By William Gullotti

Buffalo, N.Y., Aug. 28 – Zhejiang Baron (BVI) Co. Ltd., a wholly owned subsidiary of Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co., Ltd., sold $200 million of 5.85% guaranteed green bonds due 2026 (//BBB-) at par, according to a listing notice with an appended offering circular on Monday.

The Regulation S bonds are guaranteed by the parent company.

China International Capital Corp., China Securities International, Luso Bank Ltd., Bank of China, Bocom International, China Industrial Securities International, CMBC Capital, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Huatai International, Shanghai Pudong Development Bank Hong Kong Branch and SPDB International are the joint lead managers and joint bookrunners for the issue, with China International, China Securities and Luso also acting as joint global coordinators.

Proceeds will be used to refinance existing debt in accordance with the company’s green finance framework.

Listing for the bonds is expected on the Hong Kong Exchange effective Aug. 28.

Previously known as Hangzhou Jianggan District Urban Construction & Comprehensive Development Co., Ltd., the company is a provider of urban construction, land development, and municipal project construction services and based in Hangzhou, China.

Issuer:	Zhejiang Baron (BVI) Co. Ltd.
Guarantor:	Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co., Ltd.
Amount:	$200 million
Issue:	Guaranteed green bonds
Maturity:	Aug. 25, 2026
Bookrunners:	China International Capital Corp., China Securities International, Luso Bank Ltd., Bank of China, Bocom International, China Industrial Securities International, CMBC Capital, CNCB Capital, Hua Xia Bank Co., Ltd., Hong Kong Branch, Huatai International, Shanghai Pudong Development Bank Hong Kong Branch and SPDB International
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Linklaters (England), Zhejiang Zeda Law Firm (China), Ogier (BVI)
Counsel to underwriters:	King & Wood Mallesons (England, Hong Kong), Jingtian & Gongcheng (China)
Coupon:	5.85%
Price:	Par
Yield:	5.85%
Call:	For taxation reasons at par plus interest
Puts:	At 101 plus interest for a change of control; at par plus interest for a no registration event
Pricing date:	Aug. 22
Issue date:	Aug. 25
Listing date:	Aug. 28
Rating:	Fitch: BBB-
Distribution:	Regulation S
ISIN:	XS2661086483

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