New Issue: China’s Caofeidian prices RMB 530 million 3½% credit enhanced bonds due 2027 at par

By William Gullotti

Buffalo, N.Y., Feb. 22 – Caofeidian State Holding Investment Group Co. Ltd. sold RMB 530 million of 3½% credit enhanced bonds due 2027 at par, according to a listing notice and an offering circular on Thursday.

The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Beijing Co., Ltd., Shijiazhuang Branch.

Fosun International Securities, Initial Capital Securities, Industrial Bank Co., Ltd., Hong Kong Branch, CEB International, Wilson Securities, CNCB Capital, China Citic Bank International, Shanghai Pudong Development Bank Hong Kong Branch, Luso Bank Ltd. and China Zheshang Bank Co., Ltd. (Hong Kong Branch) are the joint lead managers and joint bookrunners for the offering, with Fosun and Initial Capital also serving as joint global coordinators.

Minmetals Securities is the PRC coordinator.

Proceeds will be used for replenishing working capital.

Listing for the bonds is expected on the Chongwa (Macao) Exchange effective Feb. 22.

The company is directly and wholly owned by the Tangshan State-owned Assets Supervision and Administration Commission of China’s Tangshan City.

Issuer:	Caofeidian State Holding Investment Group Co. Ltd.
LoC issuer:	Bank of Beijing Co., Ltd., Shijiazhuang Branch
Amount:	RMB 530 million
Issue:	Credit enhanced bonds
Maturity:	Feb. 21, 2027
Bookrunners:	Fosun International Securities, Initial Capital Securities, Industrial Bank Co., Ltd., Hong Kong Branch, CEB International, Wilson Securities, CNCB Capital, China Citic Bank International, Shanghai Pudong Development Bank Hong Kong Branch, Luso Bank Ltd. and China Zheshang Bank Co., Ltd. (Hong Kong Branch)
PRC coordinator:	Minmetals Securities
Trustee:	China Citic Bank International Ltd.
Counsel to underwriters:	Jingtian & Gongcheng LLP (Hong Kong), Hylands Law Firm (China)
Coupon:	3½%
Price:	Par
Yield:	3½%
Call:	At par for taxation reasons
Puts:	At par upon change of control or no-registration event
Pricing date:	Feb. 5
Issue date:	Feb. 21
Listing date:	Feb. 22
Distribution:	Regulation S
ISIN:	HK0000987864

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