By William Gullotti
Buffalo, N.Y., Sept. 29 – Zhengbang International Ltd. issued $60 million of 1.85% credit-enhanced guaranteed notes due 2024, according to an offering circular released Wednesday.
The Regulation S notes are guaranteed by the issuer’s parent company, Jiangxi Zhengbang Technology Co. Ltd., and feature an irrevocable standby letter of credit issued by Industrial and Commercial Bank of China Ltd., Jiangxi Branch.
The notes may be redeemed early for taxation reasons at par plus interest.
ICBC International is the global coordinator for the offering.
Serving with ICBC as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and Haitong International.
Proceeds will be used for refinancing existing debt and for the construction and development of its livestock breeding projects.
Jiangxi Zhengbang Technology is headquartered in Nanchang, China and engages in the operation of livestock feed, veterinary drug and pesticide industries.
| Issuer: | Zhengbang International Ltd.
|
| Guarantor: | Jiangxi Zhengbang Technology Co., Ltd.
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| Issue: | Credit-enhanced guaranteed notes
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| Amount: | $60 million
|
| Maturity: | Sept. 28, 2024
|
| Bookrunners: | ICBC International, Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch and Haitong International
|
| Trustee: | Industrial and Commercial Bank of China (Asia) Ltd.
|
| Counsel to issuer: | Ogier
|
| Counsel to guarantor: | Herbert Smith Freehills (English), Jiangxi Huabang Law Firm (China)
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| Counsel to bookrunners: | Jun He Law Offices (English), Jingtian & Gongcheng (China)
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| Coupon: | 1.85%
|
| Price: | Par
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| Yield: | 1.85%
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| Call features: | For taxation reasons or registration event, at par plus accrued interest
|
| Change-of-control: | At par plus interest
|
| Pricing date: | Sept. 23
|
| Issue date: | Sept. 28
|
| Distribution: | Regulation S
|
| ISIN: | XS2383484982
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