By Marisa Wong
Los Angeles, Dec. 30 – ZhongChuang (HK) Technology Co. Ltd. issued $100 million of 1.95% three-year bonds guaranteed by parent company Zhejiang Qiantang River Investment Development Co., Ltd., according to a notice.
The bonds will have the benefit of an irrevocable standby letter of credit provided by Bank of Shanghai Co., Ltd., Hangzhou Branch.
The bonds were sold at par.
China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Industrial Securities International, CMB Wing Lung Bank, Southwest Securities (HK) Brokerage Ltd. and Everbright Securities International are the joint lead mangers and joint bookrunners for the Regulation S offering.
Hung Sing Securities Ltd., Haitong International and Dingxin Securities are the joint global coordinators.
Proceeds will be used for project construction and replenishing working capital.
Zhejiang Qiantang River Investment Development is a state-owned infrastructure construction and land development entity based in the Haining economic development district of Zhejiang province, China.
| Issuer: | ZhongChuang (HK) Technology Co. Ltd.
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| Guarantor: | Zhejiang Qiantang River Investment Development Co., Ltd.
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| LoC bank: | Bank of Shanghai Co., Ltd., Hangzhou Branch
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| Amount: | $100 million
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| Issue: | Credit enhanced guaranteed bonds
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| Maturity: | Dec. 23, 2024
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| Bookrunners: | China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Industrial Securities International, CMB Wing Lung Bank, Southwest Securities (HK) Brokerage Ltd. and Everbright Securities International
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| Counsel to bookrunners: | Zhejiang Huliang Law Firm
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| Coupon: | 1.95%
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| Price: | Par
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| Yield: | 1.95%
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| Call features: | Optionally in whole at par for tax reasons; mandatorily at par due to pre-funding failure
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| Put option: | In whole at par if a change of control or no registration event occurs
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| Pricing date: | Dec. 17
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| Issue date: | Dec. 23
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| Distribution: | Regulation S
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| ISIN: | XS2425416851
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