By William Gullotti
Buffalo, N.Y., Dec. 3 – Heng Yuan International Co., Ltd., an indirectly but wholly owned subsidiary of Ningbo Haishu Development and Construction Investment (Group) Co., Ltd., priced $150 million of 2.2% guaranteed bonds due 2024 (Baa3//BBB) at par, according to a listing notice with an appended offering circular on Friday.
The bonds will be guaranteed by the parent company and may only be redeemed early for taxation reasons at par plus interest.
Silk Road International and China International Capital Corp. are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, CEB International and CMB Wing Lung Bank Ltd.
Proceeds will be used for project construction and general working capital.
Listing for the Regulation S bonds is expected on the Hong Kong Exchange effective Dec. 3.
Established in 2014, Ningbo Haishu is involved with municipal development activities and providing public services.
| Issuer: | Heng Yuan International Co., Ltd.
|
| Guarantor: | Ningbo Haishu Development and Construction Investment (Group) Co., Ltd.
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| Amount: | $150 million
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| Issue: | Guaranteed bonds
|
| Maturity: | Dec. 2, 2024
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| Bookrunners: | Silk Road International, China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, CNCB Capital, CEB International and CMB Wing Lung Bank Ltd.
|
| Counsel to issuer: | Chungs Lawyers (In association with Deheng Law Offices) (English), Zhejiang Dos Law Firm (China)
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| Counsel to bookrunners: | Fangda Partners (English), Grandall Law Firm (Shanghai) (China)
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| Coupon: | 2.2%
|
| Price: | Par
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| Yield: | 2.2%
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| Call option: | For taxation reasons in whole, but not in part, at par plus interest
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| Change of control: | At 101 plus interest
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| Registration event: | At par plus interest
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| Pricing date: | Nov. 24
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| Issue date: | Dec. 2
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| Listing date: | Dec. 3
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB
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| Distribution: | Regulation S
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| ISIN: | XS2385886341
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