By William Gullotti
Buffalo, N.Y., May 31 – China’s Huzhou Wuxing City Investment Development Group Co., Ltd. priced RMB 607 million of bonds in two separate series due May 30, 2026 at par, according to listing notices and offering circulars on Wednesday.
The concurrent offering is divided between RMB 387 million of 4.8% credit-enhanced bonds and RMB 220 million of 4.95% bonds.
The credit-enhanced series is supported by an irrevocable standby letter of credit provided by Bank of Jiaxing Co., Ltd.
Both series of bonds may be redeemed early for taxation reasons at par plus interest and feature a change-of-control put. The change of control is at par for the credit-enhanced series and at 101 for the other.
Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities and Donghai International are the joint lead managers and joint bookrunners for the credit-enhanced offering, with Fosun also acting as sole global coordinator.
Fosun International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Initial Capital Securities are the joint lead managers and joint bookrunners for the 4.95% bonds, with Fosun and Industrial Bank also acting as joint global coordinators.
Caitong Securities is the PRC coordinator for the 4.95% bonds.
Aggregate proceeds will be used for onshore project construction and replenishing working capital.
Listings for each series of Regulation S bonds are expected on the Chongwa (Macao) Exchange effective May 31.
The company is an infrastructure construction and land development company in the Wuxing district of Huzhou, Zhejiang, China.
| Issuer: | Huzhou Wuxing City Investment Development Group Co., Ltd.
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| Amount: | RMB 607 million
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| Maturity: | May 30, 2026
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| Call option: | At par plus interest for tax reasons
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| Pricing date: | May 25
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| Issue date: | May 30
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| Listing date: | May 31
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| Distribution: | Regulation S
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|
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| Credit-enhanced bonds
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| LoC issuer: | Bank of Jiaxing Co., Ltd.
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| Amount: | RMB 387 million
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| Issue: | Credit-enhanced bonds
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| Bookrunners: | Fosun International Securities, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Initial Capital Securities and Donghai International
|
| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to underwriters: | Jingtian & Gongcheng LLP (England, Hong Kong), Capital Equity Legal Group Huzhou Law Firm (China)
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| Coupon: | 4.8%
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| Price: | Par
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| Yield: | 4.8%
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| Put option: | At par plus interest for a change of control
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|
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| Bonds
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| Amount: | RMB 220 million
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| Issue: | Bonds
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| Bookrunners: | Fosun International Securities, Industrial Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch) and Initial Capital Securities
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| PRC coordinator: | Caitong Securities
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| Trustee: | China Central Depository & Clearing Co., Ltd. (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | Tian Yuan Law Firm LLP (England), Capital Equity Legal Group Huzhou Firm (China)
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| Counsel to underwriters: | Jingtian & Gongcheng LLP (England, Hong Kong), Jingtian & Gongcheng (China)
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| Coupon: | 4.95%
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| Price: | Par
|
| Yield: | 4.95%
|
| Put option: | At 101 plus interest for a change of control
|
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