By William Gullotti
Buffalo, N.Y., March 25 – China’s Xi’an Aerospace High-tech Industry Development Group Co., Ltd. priced RMB 94 million of 3.2% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Monday.
The bonds feature the benefit of an irrevocable standby letter of credit from Postal Savings Bank of China Co., Ltd., Xi’An Branch.
Fosun International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, Initial Capital Securities, Wilson Securities and SPDB International are the joint lead managers and joint bookrunners for the offering, with Fosun also acting as global coordinator.
China Post Securities is the PRC coordinator.
Proceeds will be used to refinance the group’s medium- and long-term offshore bonds maturing in June 2024.
The Regulation S bonds are expected to be listed on the Chongwa (Macao) Exchange on March 25.
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.
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| LoC issuer: | Postal Savings Bank of China Co., Ltd., Xi’An Branch
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| Amount: | RMB 94 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Feb. 22, 2027
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| Bookrunners: | Fosun International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CEB International, Initial Capital Securities, Wilson Securities and SPDB International
|
| PRC coordinator: | China Post Securities
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Fangda Partners (Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 3.2%
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| Price: | Par
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| Yield: | 3.2%
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| Call option: | For taxation reasons at par
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| Puts: | At par upon change of control or no registration event
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| Pricing date: | March 15
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| Issue date: | March 22
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| Listing date: | March 25
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| Distribution: | Regulation S
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| ISIN: | HK0001001145
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