Published on 3/19/2024 in the Prospect News Emerging Markets Daily.
New Issue: Taian City Development unit sells RMB 1.09 billion 4.9% notes due 2027
By William Gullotti
Buffalo, N.Y., March 19 – Taishan City Investment Co., Ltd. sold RMB 1.09 billion of 4.9% guaranteed notes due 2027 at par, according to a listing notice with an appended offering circular on Tuesday.
The Regulation S notes are guaranteed by Taian City Development and Investment Co., Ltd.
Guotai Junan International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with Guotai Junan also acting as global coordinator.
Proceeds will be used for general corporate purposes and project construction.
The notes are expected to be listed on the Hong Kong Exchange on March 19.
The investment company is based in Taian, China.
Issuer: | Taishan City Investment Co., Ltd.
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Guarantor: | Taian City Development and Investment Co., Ltd.
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Amount: | RMB 1,085,500,000
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Issue: | Guaranteed notes
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Maturity: | March 18, 2027
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Bookrunners: | Guotai Junan International, Hua Xia Bank Co., Ltd., Hong Kong Branch and Industrial Bank Co., Ltd., Hong Kong Branch
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Trustee: | Bank of New York Mellon, London Branch
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Counsel to issuer: | Fangda Partners (England, Hong Kong), Jingtian & Gongcheng (China), Ogier (BVI)
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Counsel to underwriters: | King & Wood Mallesons (England), JunHe LLP (China)
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Coupon: | 4.9%
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Price: | Par
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Yield: | 4.9%
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Call: | For taxation reasons at par
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Puts: | At 101 for change of control; at par for a no registration event
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Pricing date: | March 11
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Issue date: | March 18
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Listing date: | March 19
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Distribution: | Regulation S
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ISIN: | HK0000987773
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