Chicago, Nov. 14 – Summer Spring Project Ltd. sold €95 million 4.6% bonds due 2023 at par, according to a bank document.
The bonds benefit from a keepwell deed and a deed of equity interest purchase undertaking by Changde Economic Construction Investment Group Co., Ltd.
The global coordinator was Shanghai Securities (HK).
Joining as joint bookrunners and joint lead managers were CMB International and Haitong International.
Proceeds are being used for project construction, for repayment of debt, to supplement working capital and for capital injection into the company’s subsidiaries.
The issuer is the primary development, construction and operation platform for the Changde municipal government in China.
| Issuer: | Summer Spring Project Ltd.
|
| Amount: | €95 million
|
| Issue: | Bonds
|
| Maturity: | Nov. 9, 2023
|
| Bookrunners: | Shanghai Securities (HK)
|
| Co-managers: | CMB International and Haitong International
|
| Trustee: | China Construction (Asia) Corp. Ltd.
|
| Counsel to issuer: | King & Wood Mallesons, W&H Law Firm, Maples and Calder (Hong Kong) LLP
|
| Counsel to underwriters: | Linklaters, Hylands Law Firm
|
| Coupon: | 4.6%
|
| Price: | Par
|
| Yield: | 4.6%
|
| Change of control: | At 101
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 10
|
| Distribution: | Regulation S
|
| ISIN: | XS2546982450
|
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