By William Gullotti
Buffalo, N.Y., March 4 – Lishui Economic and Technological Development Zone Industrial Development Group Co., Ltd. announced it priced a $200 million two-part offering of 2.7% credit enhanced bonds due 2025 at par, according to two listing notices with appended offering circulars on Friday.
Each series of Regulation S bonds is for $100 million, one featuring an irrevocable standby letter of credit issued by Bank of Hangzhou Co., Ltd, Lishui Branch and the other issued by Bank of Ningbo Co., Ltd., Lishui Branch.
The issuer may only redeem the notes early for taxation reasons at par plus interest. Bondholders of both series will also be able to put the notes at par plus interest if a change of control or registration event occurs.
Bank of China, Guotai Junan International, Dongxing Securities (Hong Kong) and Hung Sing Securities Ltd. are the joint global coordinators, joint lead managers and joint bookrunners for both series of bonds.
Also serving as joint lead managers and joint bookrunners for the Bank of Ningbo-backed series are CMB Wing Lung Bank Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch.
Haitong International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch also served as joint lead managers and joint bookrunners for the Bank of Hangzhou-backed series.
Proceeds from the offering will be used for project construction and general corporate purposes.
Listings for both series are expected on the Hong Kong Exchange effective March 4.
The issuer is a state-owned asset operation platform focused on urban development.
| Issuer: | Lishui Economic and Technological Development Zone Industrial Development Group Co., Ltd.
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| Amount: | $200 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 3, 2025
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| Counsel to issuer: | Latham & Watkins LLP (England), Guanghe Law Firm (China)
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| Counsel to bookrunners: | Linklaters (England), Jingtian & Gongcheng (China)
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| Coupon: | 2.7%
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| Price: | Par
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| Yield: | 2.7%
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| Call: | For taxation reasons only at par plus interest
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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: | Feb. 24
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| Issue date: | March 3
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| Listing date: | March 4
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| Distribution: | Regulation S
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| Ningbo-backed bonds
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| Amount: | $100 million
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| LoC issuer: | Bank of Ningbo Co., Ltd., Lishui Branch
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| Bookrunners: | Bank of China, Guotai Junan International, Dongxing Securities (Hong Kong), Hung Sing Securities Ltd., CMB Wing Lung Bank Ltd. and Industrial Bank Co., Ltd. Hong Kong Branch
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| ISIN: | XS2448344007
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| Hangzhou-backed bonds
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| Amount: | $100 million
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| LoC issuer: | Bank of Hangzhou Co., Ltd, Lishui Branch
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| Bookrunners: | Bank of China, Guotai Junan International, Dongxing Securities (Hong Kong), Hung Sing Securities Ltd., Haitong International, Industrial Bank Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Hong Kong Branch
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| ISIN: | XS2448345079
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