By William Gullotti
Buffalo, N.Y., Sept. 26 – Xi’an Weiyang Urban Construction Group Co., Ltd. announced it priced $77 million of 5.3% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Monday.
The Regulation S bonds are supported by an irrevocable standby letter of credit issued by Bank of Chengdu Co., Ltd.
The issuer may redeem the notes early for taxation reasons at par plus interest. Bondholders will also be able to put the notes at par plus interest if a change of control occurs.
Hung Sing Securities Ltd., Southwest Securities (HK) Brokerage Ltd., Dingxin (Securities) Ltd., Zhongtai International, Innovest Securities Investment Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), CEB International, Dongxing Securities (Hong Kong), Haitong International and China Galaxy International are the joint lead managers and joint bookrunners for the offering.
Hung Sing, Southwest, Dingxin, Zhongtai and Innovest are also the joint global coordinators.
Proceeds from the offering will be used for project construction and to replenish working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective Sept. 26.
Based in the Weiyang District of Xi’an, the issuer is involved in infrastructure construction and other businesses.
Issuer: | Xi’an Weiyang Urban Construction Group Co., Ltd.
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LoC issuer: | Bank of Chengdu Co., Ltd.
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Amount: | $77 million
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Issue: | Credit-enhanced bonds
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Maturity: | Sept. 23, 2025
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Bookrunners: | Hung Sing Securities Ltd., Southwest Securities (HK) Brokerage Ltd., Dingxin (Securities) Ltd., Zhongtai International, Innovest Securities Investment Ltd., China Zheshang Bank Co., Ltd. (Hong Kong Branch), CEB International, Dongxing Securities (Hong Kong), Haitong International and China Galaxy International
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Trustee: | China Construction Bank (Asia) Corp., Ltd.
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Counsel to issuer: | Freshfields Bruckhaus Deringer (England), Shaanxi Yongjiaxin Law Firm (China)
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Counsel to underwriters: | Linklaters (England), Allbright Law Offices (Shenzhen) (China)
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Coupon: | 5.3%
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Price: | Par
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Yield: | 5.3%
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Call option: | For taxation reasons at par plus interest
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Put option: | At par plus interest if a change of control occurs
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Pricing date: | Sept. 16
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Issue date: | Sept. 23
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Listing date: | Sept. 26
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Distribution: | Regulation S
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ISIN: | XS2531031917
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