By William Gullotti
Buffalo, N.Y., Feb. 28 – Zhejiang Anji Construction Development (Hong Kong) Co., Ltd. priced €60 million 5½% guaranteed bonds due 2024 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds are guaranteed by Zhejiang Anji State-controlled Construction and Development Group Co., Ltd.
Haitong International, Shanghai Securities (H.K.), Citic Securities, JQ Securities, Zhongtai International and Zhonghui International are the joint lead managers and joint bookrunners for the Regulation S offering, with Haitong and Shanghai Securities also acting as joint global coordinators.
Proceeds will be used for project construction, debt repayment and supplementing operating capital.
Listing is expected on the Stock Exchange of Hong Kong Ltd. effective Feb. 28.
The issuer is a wholly owned subsidiary of the guarantor, incorporated in Hong Kong on May 17, 2021 as a special purpose financing entity. The guarantor is a developer and builder of tourist resorts based in Huzhou, China.
| Issuer: | Zhejiang Anji Construction Development (Hong Kong) Co., Ltd.
|
| Guarantor: | Zhejiang Anji State-controlled Construction and Development Group Co., Ltd
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| Amount: | €60 million
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| Issue: | Guaranteed bonds
|
| Maturity: | Feb. 26, 2024
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| Bookrunners: | Haitong International, Shanghai Securities (H.K.), Citic Securities, JQ Securities, Zhongtai International and Zhonghui International
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
|
| Counsel to issuer: | Mayer Brown (England), Zhejiang Puyuan Law Firm (China)
|
| Counsel to underwriters: | Chungs Lawyers in Association with DeHeng Law Offices (England, Hong Kong), Zhong Yin (Shanghai) Law Firm (China)
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Call: | For taxation reasons at par plus interest
|
| Change of control: | At 101 plus interest
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| Pricing date: | Feb. 10
|
| Issue date: | Feb. 23
|
| Listing date: | Feb. 28
|
| Distribution: | Regulation S
|
| ISIN: | XS2497721600
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