New Issue: Qingdao Jiaozhou Urban Development prices $150 million 4.7% bonds due 2025 at par

By William Gullotti

Buffalo, N.Y., April 12 – Qingdao Jiaozhou Urban Development and Investment Co., Ltd. priced $150 million of 4.7% bonds due 2025 at par, according to a listing notice with an appended offering circular on Tuesday.

The bonds can be redeemed early for taxation reasons at par plus interest. Bondholders will be able to exercise put rights at 101 plus interest for a change of control or at par plus interest if a registration event occurs.

Silk Road International, ChaoShang Securities Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International and China Industrial Securities International are the joint global coordinators, joint lead managers and joint bookrunners for the Regulation S offering.

Also serving as joint lead managers and joint bookrunners are Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Shenwan Hongyuan (H.K.), Zhonghui International and China Credit International Securities Co., Ltd.

Proceeds will be used to fund project development and to replenish working capital.

Listings for the bonds are expected on the Hong Kong Exchange and the Chongwa (Macao) Exchange effective April 12.

The issuer is an asset supervision and operation platform located in Jiaozhou City, China.

Issuer:	Qingdao Jiaozhou Urban Development and Investment Co., Ltd.
Amount:	$150 million
Issue:	Bonds
Maturity:	April 11, 2025
Bookrunners:	Silk Road International, ChaoShang Securities Ltd., Industrial Bank Co., Ltd., Hong Kong Branch, China Galaxy International, China Industrial Securities International, Hua Xia Bank Co., Ltd., Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Shenwan Hongyuan (H.K.), Zhonghui International and China Credit International Securities Co., Ltd.
Counsel to issuer:	Fangda Partners (English), Deheng Law Offices (China)
Counsel to bookrunners:	Linklaters (English), Beijing Yinghe Law Firm (China)
Coupon:	4.7%
Price:	Par
Yield:	4.7%
Call option:	For taxation reasons in whole, but not in part, at par plus interest
Change of control:	At 101 plus interest
Registration event:	At par plus interest
Pricing date:	March 29
Issue date:	April 11
Listing date:	April 12
Distribution:	Regulation S
ISIN:	XS2461794922

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