Chicago, July 25 – Hangzhou Shangcheng District Urban Construction Investment Group Co. Ltd.’s wholly owned special purpose vehicle, Zhejiang Boxin (BVI) Ltd., added $125 million of 5.9% bonds due 2024 (//BBB) to the $200 million previously issued on June 13, according to an offering document.
The series will be consolidated into one.
The bonds benefit from a keepwell and liquidity support deed and a deed of equity interest purchase undertaking by Hangzhou.
The add-on priced at 99.478272 plus interest from the original issue date.
China International Capital Corp. was 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, Haitong International, JQ Securities, Shanghai Pudong Development, Bank Hong Kong Branch, Shenwan Hongyuan (H.K.) and SPDB International.
Proceeds will be used to refinance existing debt, project construction and general corporate purposes.
Hangzhou Shangcheng District Urban Construction Investment is based in Hangzhou, China.
| Issuer: | Zhejiang Boxin (BVI) Ltd.
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| Amount: | $125 million
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| Issue: | Bonds add-on
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| Maturity: | June 11, 2024
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| Bookrunners: | China International Capital Corp., Bocom International, China Citic Bank International, China Industrial Securities International, China Securities International, CMBC Capital, CNCB Capital, GF Securities, Haitong International, JQ Securities, Shanghai Pudong Development, Bank Hong Kong Branch, Shenwan Hongyuan (H.K.) 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 underwriters: | King & Wood Mallesons (English law) and Jingtian & Gongcheng (Chinese law)
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| Coupon: | 5.9%
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| Price: | 99.478272
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| Call: | Non-callable
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| Change of control: | At 101
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| Trade date: | July 11
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| Settlement date: | July 18
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| Rating: | Fitch: BBB
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| Distribution: | Regulation S
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| ISIN: | XS2618570068
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| Original issue: | $200 million issued on June 13
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