Published on 12/5/2023 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Suzhou SND unit prices $330 million 5.95% sustainable bonds due 2026
By William Gullotti
Buffalo, N.Y., Dec. 5 – China’s Suzhou SND Group Co. Ltd. sold $330 million of 5.95% guaranteed sustainable bonds due Dec. 4, 2026 (//BBB+) via subsidiary SND International (BVI) Co., Ltd. at par, according to a listing notice and an offering circular on Tuesday.
The parent company is the guarantor for the bonds.
China Securities International, Bank of China, Citic Securities, Luso Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, CMBC Capital, Huatai International, Haitong International, China Galaxy International, China Industrial Securities International, Shenwan Hongyuan (H.K.), China International Capital Corp. and China Everbright Bank Hong Kong Branch are the joint lead managers and joint bookrunners, with China Securities, Bank of China and Citic also serving as joint global coordinators.
China Securities and Bank of China are also acting as the sustainability structuring advisors.
Proceeds will be used to refinance existing debt and for working capital, in accordance with the company’s sustainable finance framework.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective Dec. 5.
Suzhou SND is a real estate company in Suzhou, China.
| Issuer: | SND International (BVI) Co., Ltd.
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| Guarantor: | Suzhou SND Group Co. Ltd.
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| Amount: | $330 million
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| Issue: | Guaranteed sustainable bonds
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| Maturity: | Dec. 4, 2026
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| Bookrunners: | China Securities International, Bank of China, Citic Securities, Luso Bank Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, CMBC Capital, Huatai International, Haitong International, China Galaxy International, China Industrial Securities International, Shenwan Hongyuan (H.K.), China International Capital Corp. and China Everbright Bank Hong Kong Branch
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| Sustainability structuring advisors: | China Securities International, Bank of China
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| Trustee: | Bank of Communications Trustee Ltd.
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| Counsel to issuer: | Latham & Watkins LLP (England), AllBright Law Offices (China), Ogier (BVI)
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| Counsel to underwriters: | Linklaters (England), JunHe LLP (China)
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| Coupon: | 5.95%
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| Price: | Par
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| Yield: | 5.95%
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| Call: | At par for taxation reasons
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| Put: | At 101 for a change-of-control; at par for a no registration event
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| Pricing date: | Nov. 27
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| Issue date: | Dec. 4
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| Listing date: | Dec. 5
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| Rating: | Fitch: BBB+
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| Distribution: | Regulation S
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| ISIN: | XS2719904992
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