By William Gullotti
Buffalo, N.Y., March 27 – China’s Huzhou Wuxing Industrial Investment Development Group Co., Ltd. issued RMB 230 million of 4.4% credit enhanced bonds due 2026 at par, according to a listing notice and an offering circular on Monday.
The bonds are supported by an irrevocable standby letter of credit issued by Bank of Shaoxing Co., Ltd.
Initial Capital Securities, Fosun International Securities, Citic Securities, Dongxing Securities (Hong Kong) and Sigma Capital are the joint lead managers and joint bookrunners for the offering, with Initial Capital and Fosun International also acting as joint global coordinators.
Caida Securities Co., Ltd. is the PRC coordinator.
Proceeds will be used for onshore project construction.
Listing for the Regulation S bonds is expected on the Chongwa (Macao) Exchange effective March 27.
The issuer is a state-owned enterprise involved in infrastructure construction, land consolidation and development, as well as sale of resettlement housing in Huzhou City, China.
| Issuer: | Huzhou Wuxing Industrial Investment Development Group Co., Ltd.
|
| LoC issuer: | Bank of Shaoxing Co., Ltd.
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| Amount: | RMB 230 million
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| Issue: | Credit enhanced bonds
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| Maturity: | March 22, 2026
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| Bookrunners: | Initial Capital Securities, Fosun International Securities, Citic Securities, Dongxing Securities (Hong Kong) and Sigma Capital
|
| PRC coordinator: | Caida Securities Co., Ltd.
|
| Trustee: | CMB Wing Lung (Trustee) Ltd.
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| Counsel to underwriters: | DeHeng Law Offices (Hong Kong) LLP (England, Hong Kong), Jingtian & Gongcheng (Hangzhou) (China)
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| Coupon: | 4.4%
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| Price: | Par
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| Yield: | 4.4%
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| Call option: | For taxation reasons at par plus interest
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| Change of control: | At par plus interest
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| Pricing date: | March 17
|
| Issue date: | March 22
|
| Listing date: | March 27
|
| Distribution: | Regulation S
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