By William Gullotti
Buffalo, N.Y., Nov. 7 – Rowen International Co., Ltd. priced $98 million of 8˝% guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds will be guaranteed by parent company Weihai Wendeng District Bluesea Investment & Development Co., Ltd.
Zhongtai International, China Credit International Securities, Shenwan Hongyuan (H.K.), Cinda International, Roofer Securities Ltd., Guotai Junan International, China Galaxy International and Excellent Tide are the joint lead managers and joint bookrunners for the Regulation S offering, with Zhongtai, China Credit and Shenwan Hongyuan also acting as joint global coordinators.
Proceeds will be used to repay Rowen’s existing $91 million 7˝% guaranteed bonds due Nov. 7, 2023, which were issued to repay the company’s previous issue of $85 million 6˝% guaranteed bonds due Nov. 15, 2022.
Listing for the bonds is expected on the Hong Kong Exchange effective Nov. 7.
Hong Kong-based Rowen operates discount retail stores.
| Issuer: | Rowen International Co., Ltd.
|
| Guarantor: | Weihai Wendeng District Bluesea Investment & Development Co., Ltd.
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| Amount: | $98 million
|
| Issue: | Guaranteed bonds
|
| Maturity: | Nov. 4, 2024
|
| Bookrunners: | Zhongtai International, China Credit International Securities, Shenwan Hongyuan (H.K.), Cinda International, Roofer Securities Ltd., Guotai Junan International, China Galaxy International and Excellent Tide
|
| Trustee: | Bank of Communications Trustee Ltd.
|
| Counsel to issuer: | DeHeng Law Offices (Hong Kong) LLP (England)
|
| Counsel to underwriters: | Linklaters (England), Beijing DHH (Jinan) Law Firm (China)
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| Coupon: | 8˝%
|
| Price: | Par
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| Yield: | 8˝%
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| Call option: | At par for tax reasons
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| Put option: | At 101 upon change of control; at par upon no-registration event
|
| Pricing date: | Nov. 3
|
| Issue date: | Nov. 6
|
| Listing date: | Nov. 7
|
| Distribution: | Regulation S
|
| ISIN: | XS2706169922
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