By William Gullotti
Buffalo, N.Y., Aug. 31 – Yi Hong International Development Co., Ltd., a wholly owned subsidiary of Ningbo Nanbin Group Co., Ltd., priced €80 million of 4¼% guaranteed bonds due 2025 at par, according to a listing notice with an appended offering circular on Wednesday.
The bonds, which are guaranteed by the parent company, may be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest if a change of control occurs or at par plus interest if a no-registration event occurs.
Silk Road International is the global coordinator for the offering as well as a joint lead manager and joint bookrunner with Industrial Bank Co., Ltd., Hong Kong Branch and CNCB Capital.
Proceeds will be used for financing projects and additional working capital.
Listing of the Regulation S bonds on the Hong Kong Exchange is expected to be effective Aug. 31.
Incorporated Sept. 3, 2021, Yi Hong International is based in the British Virgin Islands. China’s Ningbo Nanbin Group is engaged in landscaping project construction and other services, namely park management, property management, elderly care services, cargo storage and other business.
| Issuer: | Yi Hong International Development Co., Ltd.
|
| Guarantor: | Ningbo Nanbin Group Co., Ltd.
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| Issue: | Guaranteed bonds
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| Amount: | €80 million
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| Maturity: | Aug. 30, 2025
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| Bookrunners: | Silk Road International, Industrial Bank Co., Ltd., Hong Kong Branch and CNCB Capital
|
| Counsel to issuer: | White & Case (England), Zhejiang Dos Law Firm (China), Conyers Dill & Pearman (BVI)
|
| Counsel to underwriters: | Chungs Lawyers in Association with De Heng Law Offices (England), Jiangsu FD&DH Law Firm (China)
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Coupon: | 4¼%
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| Price: | Par
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| Yield: | 4¼%
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| Call option: | At par plus interest tor taxation reasons
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| Put option: | At 101 plus interest upon change of control; at par plus interest if no-registration event occurs
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| Pricing date: | Aug. 23
|
| Issue date: | Aug. 30
|
| Listing date: | Aug. 31
|
| Distribution: | Regulation S
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| ISIN: | XS2511310661
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