New Issue: Qingdao Conson unit prices $210 million 7% bonds due 2026 at par

By William Gullotti

Buffalo, N.Y., Oct. 26 – Qingdao Conson Development (Group) Co., Ltd. subsidiary Haitian (BVI) International Investment Development Ltd. priced $210 million of 7% bonds due 2026 at par, according to a listing notice and an offering circular on Thursday.

The parent company is providing a keepwell deed for the Regulation S issue.

Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, BOC International, Bank of China, Huatai International, Guotai Junan International, GF Securities, Citic Securities, China Industrial Securities International, CMBC Capital, CMB Wing Lung Bank Ltd., Zhongtai International and China Galaxy International are the joint lead managers and joint bookrunners for the offering.

Industrial Bank and CNCB are also serving as sustainability structuring advisers and are the joint global coordinators along with BOC.

Proceeds will be used to refinance existing offshore debt in accordance with the company’s sustainable financing framework.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Oct. 26.

Qingdao, China-based Qingdao Conson invests in finance and ocean development areas. Haitian (BVI) International Investment is its wholly owned subsidiary.

Issuer:	Haitian (BVI) International Investment Development Ltd.
Keepwell:	Qingdao Conson Development (Group) Co., Ltd.
Amount:	$210 million
Issue:	Bonds
Maturity:	Oct. 25, 2026
Bookrunners:	Industrial Bank Co., Ltd., Hong Kong Branch, CNCB Capital, BOC International, Bank of China, Huatai International, Guotai Junan International, GF Securities, Citic Securities, China Industrial Securities International, CMBC Capital, CMB Wing Lung Bank Ltd., Zhongtai International and China Galaxy International
Sustainability advisers:	Industrial Bank Co., Ltd., Hong Kong Branch and CNCB Capital
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	King & Wood Mallesons (England, Hong Kong), Beijing DeHeng Law Offices (China) and Ogier (BVI)
Counsel to underwriters:	Latham & Watkins LLP (England, Hong Kong) and JunHe LLP (China)
Coupon:	7%
Price:	Par
Yield:	7%
Call:	For taxation reasons at par plus interest
Change of control:	At 101 plus interest
Pricing date:	Oct. 18
Issue date:	Oct. 25
Listing date:	Oct. 26
Distribution:	Regulation S
ISIN:	XS2707583121

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