By William Gullotti
Buffalo, N.Y., Dec. 7 – China’s Qingdao Development Area Investment Construction Group Co., Ltd. priced $50 million of 4.6% bonds due 2024 at par, according to a listing notice with an appended offering circular on Tuesday.
The bonds can be redeemed early for taxation reasons at par plus interest, upon a change of control at 101 or a registration event at par.
Guotai Junan International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Also serving as joint lead managers and joint bookrunners are China Industrial Securities International, Guosen Securities (HK) and Orient Securities (Hong Kong).
Proceeds will be used to replenish working capital.
Listing for the Regulation S bonds will be on the Hong Kong Exchange effective Dec. 7.
Based in Qingdao, China, the company is a state-owned enterprise focused on infrastructure construction and asset management in the West Coast New Area.
| Issuer: | Qingdao Development Area Investment Construction Group Co., Ltd.
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| Amount: | $50 million
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| Issue: | Bonds
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| Maturity: | Dec. 6, 2024
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| Bookrunners: | Guotai Junan International, Industrial Bank Co., Ltd., Hong Kong Branch, China Industrial Securities International, Guosen Securities (HK) and Orient Securities (Hong Kong)
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| Counsel to issuer: | Fangda Partners (English), Beijing DHH (Shanghai) Law Firm (China)
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| Counsel to bookrunners: | Freshfields Bruckhaus Deringer (English), Shandong Deheng Law Firm (China)
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| Coupon: | 4.6%
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| Price: | Par
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| Yield: | 4.6%
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| Call option: | For tax reasons 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. 29
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| Issue date: | Dec. 6
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| Listing date: | Dec. 7
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| Distribution: | Regulation S
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| ISIN: | XS2368822503
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