By William Gullotti
Buffalo, N.Y., Jan. 24 – ZhongChuang (HK) Technology Co. Ltd. issued $80 million of 2.1% three-year credit enhanced bonds guaranteed by parent company Zhejiang Qiantang River Investment Development Co., Ltd., according to a listing notice with an appended offering circular on Monday.
The bonds, sold at par, will also have the benefit of an irrevocable standby letter of credit provided by Bank of Hangzhou Co., Ltd., Jiaxing Branch.
The bonds can only be redeemed early for taxation reasons at par plus interest.
Hung Sing Securities Ltd., China Industrial Securities International and Dingxin Securities are the joint global coordinators for the Regulation S offering.
Serving as joint lead managers and joint bookrunners are Haitong International, Southwest Securities (HK) Brokerage Ltd., CLSA and Everbright Securities International.
Proceeds will be used for project construction and replenishing working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective Jan. 24
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 Hangzhou Co., Ltd., Jiaxing Branch
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Amount: | $80 million
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Issue: | Credit enhanced guaranteed bonds
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Maturity: | Jan. 21, 2025
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Global coordinators: | Hung Sing Securities Ltd., China Industrial Securities International and Dingxin Securities
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Bookrunners: | Haitong International, Southwest Securities (HK) Brokerage Ltd., CLSA and Everbright Securities International
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Counsel to bookrunners: | Zhejiang Huliang Law Firm (China)
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Coupon: | 2.1%
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Price: | Par
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Yield: | 2.1%
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Call: | At par plus interest for tax reasons
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Change of control: | At par plus interest
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Registration event: | At par plus interest
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Pricing date: | Jan. 14
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Issue date: | Jan. 21
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Listing date: | Jan. 24
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Distribution: | Regulation S
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ISIN: | XS2425448383
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