By William Gullotti
Buffalo, N.Y., Jan. 31 – Huan Zhi Co. Ltd. priced $50 million of 1.95% one-year credit enhanced bonds at par, according to a listing notice with an appended offering circular on Monday.
The bonds are guaranteed by Taixing Zhiguang Environmental Protection Technology Co. Ltd. with a standby letter of credit issued by Bank of Jiangsu Co., Ltd. Taizhou Branch.
The bonds may only be redeemed early for taxation reasons at par plus interest.
Guoyuan Capital, Guoyuan Securities (Hong Kong), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Central Wealth Securities Investment Ltd., Haitong International, Donghai International, China Industrial Securities International, Tensant Securities, Goldbridge Securities, AMC Wanhai Securities and Dingxin (Securities) Ltd. are the placing agents for the bonds.
Proceeds from the offering will be used to repay existing debt, to replenish working capital and for general corporate purposes.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Jan. 31.
The China-based company makes measuring equipment for the marine and medical sectors, among others.
| Issuer: | Huan Zhi Co. Ltd.
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| Guarantor: | Taixing Zhiguang Environmental Protection Technology Co. Ltd.
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| LoC bank: | Bank of Jiangsu Co., Ltd. Taizhou Branch
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| Amount: | $50 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Jan. 27, 2023
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| Placing agents: | Guoyuan Capital, Guoyuan Securities (Hong Kong), China Zheshang Bank Co., Ltd. (Hong Kong Branch), Central Wealth Securities Investment Ltd., Haitong International, Donghai International, China Industrial Securities International, Tensant Securities, Goldbridge Securities, AMC Wanhai Securities and Dingxin (Securities) Ltd.
|
| Counsel to issuer: | Ogier (BVI)
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| Counsel to agents: | Mayer Brown (English), Jingtian & Gongcheng (China)
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| Coupon: | 1.95%
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| Price: | Par
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| Yield: | 1.95%
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| Call: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Jan. 26
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| Issue date: | Jan. 28
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| Listing date: | Jan. 31
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| Distribution: | Regulation S
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| ISIN: | XS2430842455
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