By William Gullotti
Buffalo, N.Y., Jan. 10 – China’s Xi’an Aerospace High-tech Industry Development Group Co., Ltd. priced RMB 600 million of 5.1% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Tuesday.
The bonds feature the benefit of an irrevocable standby letter of credit from Chang’An Bank Co., Ltd.
TF International, Haitong International and Zhongtai International are the joint lead managers and joint bookrunners for the offering, with TF also acting as global coordinator.
Proceeds will be used to repay medium- to long-term offshore debt maturing in March 2023 and May 2023.
The Regulation S bonds are expected to be listed on the Chongwa (Macao) Exchange on Jan. 10.
The company is a state-owned entity focused on property and infrastructure development in the Xi’an National Civil Aerospace Industrial Base.
| Issuer: | Xi’an Aerospace High-tech Industry Development Group Co., Ltd.
|
| LoC issuer: | Chang’An Bank Co., Ltd.
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| Amount: | RMB 600 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Jan. 9, 2026
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| Bookrunners: | TF International, Haitong International and Zhongtai International
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
|
| Counsel to issuer: | Linklaters (England)
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| Counsel to underwriters: | Mayer Brown (England), Guangdong Zhuojian Law Firm (China)
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| Coupon: | 5.1%
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| Price: | Par
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| Yield: | 5.1%
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| Call option: | For taxation reasons at par
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| Change-of-control put: | At par
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| Pricing date: | Dec. 29
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| Issue date: | Jan. 9
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| Listing date: | Jan. 10
|
| Distribution: | Regulation S
|
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