By Mary-Katherine Stinson
Lexington, Ky., June 15 – Hangzhou Shangcheng District Urban Construction Investment Group Co. Ltd.’s wholly owned special purpose vehicle, Zhejiang Boxin (BVI) Ltd., priced $200 million of 5.9% bonds due June 11, 2024 (//BBB) at par, according to an offering circular.
The bonds have the benefit of a keepwell and liquidity support deed and a deed of equity interest purchase undertaking from Hangzhou Shangcheng District Urban Construction Investment Group.
China International Capital Corp. is the sole global coordinator.
Joining China International as joint bookrunners and lead managers are Bocom International, China Citic Bank International, China Industrial Securities International, China Securities International, CMBC Capital, CNCB Capital, GF Securities, JQ Securities, Shanghai Pudong Development, Bank Hong Kong Branch and SPDB International.
Proceeds will be used to refinance debt, project construction and general corporate purposes of the group.
Hangzhou Shangcheng District Urban Construction Investment is based in Hangzhou, China.
| Issuer: | Zhejiang Boxin (BVI) Ltd.
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| Amount: | $200 million
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| Issue: | Bonds
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| Maturity: | June 11, 2024
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| Bookrunners: | China International Capital Corp. (global coordinator), Bocom International, China Citic Bank International, China Industrial Securities International, China Securities International, CMBC Capital, CNCB Capital, GF Securities, JQ Securities, Shanghai Pudong Development, Bank Hong Kong Branch and SPDB International
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Counsel to issuer: | Linklaters (English law), Zhejiang Zeda Law Firm (Chinese law) and Ogier (British Virgin Islands law)
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| Counsel to bookrunners: | King & Wood Mallesons (English law) and Jingtian & Gongcheng (Chinese law)
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| Coupon: | 5.9%
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| Price: | Par
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| Yield: | 5.9%
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| Call: | Non-callable
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| Change of control: | At 101
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| Pricing date: | June 6
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| Settlement date: | June 13
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| Ratings: | Fitch: BBB
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| ISIN: | XS2618570068
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