By William Gullotti
Buffalo, N.Y., Aug. 18 – Wuxi Chengkai Industrial Development Group Co., Ltd. announced it priced €160 million of 2.95% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Ningbo Co., Ltd., Wuxi Branch.
The issuer may redeem the bonds early for taxation reasons at par plus interest. The bonds are also subject to mandatory redemption if a prefunding failure occurs or if the letter of credit becomes unenforceable.
Bondholders will be able to exercise put rights at par plus interest if a change of control or non-registration event occurs.
TF International, China Securities International, BOSC International, CEB International and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering with TF International also serving as global coordinator.
Proceeds will be used for financing construction projects and replenishing working capital.
Listing for the bonds is expected to become effective on the Hong Kong Exchange on Aug. 18.
Located in Binhu District, Wuxi, Jiangsu Province, China, the issuer is engaged in infrastructure construction, land preparation, resettlement housing construction and property leasing.
Issuer: | Wuxi Chengkai Industrial Development Group Co., Ltd.
|
LoC issuer: | Bank of Ningbo Co., Ltd., Wuxi Branch
|
Amount: | €160 million
|
Issue: | Credit enhanced bonds
|
Maturity: | Aug. 17, 2025
|
Bookrunners: | TF International, China Securities International, BOSC International, CEB International and Industrial Bank Co., Ltd., Hong Kong Branch
|
Trustee: | Bank of New York Mellon, London Branch
|
Counsel to issuer: | Paul Hastings (Europe) LLP (England), Jiangsu Wuxi Manxiu Law Firm (China)
|
Counsel to underwriters: | Simmons & Simmons (England), Jiangsu Pinchuan Law Firm (China)
|
Counsel to trustee: | Clifford Chance (England)
|
Coupon: | 2.95%
|
Price: | Par
|
Yield: | 2.95%
|
Call: | Optionally for taxation reasons at par plus interest; mandatorily at par plus interest for prefunding failure or in the case the standby letter of credit ceases to be enforceable
|
Put: | At par plus interest upon change of control or non-registration event
|
Pricing date: | Aug. 10
|
Issue date: | Aug. 17
|
Listing date: | Aug. 18
|
Distribution: | Regulation S
|
ISIN: | XS2472512354
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.