New Issue: China’s HongKong Xiangyu lists $190 million add-on to 5.7% guaranteed notes due 2025

By Mary-Katherine Stinson

Lexington, Ky., May 4 – HongKong Xiangyu Investment Co., Ltd., a wholly owned subsidiary of XMXYG Corp. (formerly known as Xiamen Xiangyu Group Corp.), listed $190 million of additional 5.7% guaranteed notes due Sept. 23, 2025 (Lianhe: BBB+) at 97.57, according to an offering circular.

The parent company is the guarantor.

The notes will be consolidated and form a single series with the $300 million of 5.7% guaranteed notes issued Sept. 23, 2022. The consolidation date is seven business days after the registration conditions are satisfied.

Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Chiyu Banking Corp., Ltd., CNCB (Hong Kong) Capital Ltd., China Industrial Securities International Brokerage Ltd., Hua Xia Bank Co., Ltd. Hong Kong Branch, ABCI Capital Ltd., Bocom International Securities Ltd. and Huatai Financial Holdings (Hong Kong) Ltd. are the joint lead managers and joint bookrunners for the offering.

Industrial Bank and Luso Bank are also the joint global coordinators.

Proceeds will be used to repay existing offshore debt.

The Hong Kong- based issuer is engaged in trading consumer goods and will gradually become an overseas investment and financing platform. Parent XMXYG is based in China.

Issuer:	HongKong Xiangyu Investment Co., Ltd.
Guarantor:	XMXYG Corp.
Amount:	$190 million
Issue:	Guaranteed notes
Maturity:	Sept. 23, 2025
Bookrunners:	Industrial Bank Co., Ltd., Hong Kong Branch, Luso Bank Ltd., Chiyu Banking Corp., Ltd., CNCB (Hong Kong) Capital Ltd., China Industrial Securities International Brokerage Ltd., Hua Xia Bank Co., Ltd. Hong Kong Branch, ABCI Capital Ltd., Bocom International Securities Ltd. and Huatai Financial Holdings (Hong Kong) Ltd.
Trustee:	China Construction Bank (Asia) Corp., Ltd.
Counsel to issuer:	Ashurst Hong Kong (England, Hong Kong), Jingtian & Gongcheng (China)
Counsel to underwriters:	Freshfields Bruckhaus Deringer (England), JunHe LLP (China)
Coupon:	5.7%
Price:	97.57
Change of control:	At 101
Issue date:	Jan. 17
Listing date:	May 3
Rating:	Lianhe: BBB+
Distribution:	Regulation S
ISIN:	XS2536688653
Total outstanding:	$490 million, including $300 million issued Sept. 23, 2022

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