By William Gullotti
Buffalo, N.Y., Aug. 15 – China’s Shaodong City Development Group Co., Ltd. announced it priced €147 million 3.2% 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 Changsha Co., Ltd.
The issuer may redeem the bonds early for taxation reasons at par plus interest. Bondholders will also be able to exercise put rights at par plus interest if a change-of-control or no-registration event occurs.
Dingxin (Securities) Ltd., Guoyuan Capital, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Plutus Securities Ltd., Wilson Securities and China Zhong Heng Finance Group Ltd. are the joint lead managers and joint bookrunners for the offering.
Dingxin, Guoyuan, China Industrial and China Zheshang are also the joint global coordinators.
Proceeds will be used for general corporate purposes including project construction and replenishing working capital.
Listings for the bonds is expected on the Hong Kong Exchange effective Aug. 15.
The issuer is a core urban development and infrastructure construction entity in Shaodong, Hunan, China.
| Issuer: | Shaodong City Development Group Co., Ltd.
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| LoC issuer: | Bank of Changsha Co., Ltd.
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| Issue: | Credit enhanced bonds
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| Amount: | €147 million
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| Maturity: | Aug. 12, 2025
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| Bookrunners: | Dingxin (Securities) Ltd., Guoyuan Capital, China Industrial Securities International, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Industrial Bank Co., Ltd., Hong Kong Branch, Plutus Securities Ltd., Wilson Securities and China Zhong Heng Finance Group Ltd.
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| Trustee: | China Construction Bank (Asia) Corp., Ltd.
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| Counsel to issuer: | Fangda Partners (England), Hunan King Zone Law Firm (China)
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| Counsel to underwriters: | Mayer Brown (England), Hunan Qunlong Law Firm (China)
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| Coupon: | 3.2%
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| Price: | Par
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| Yield: | 3.2%
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| Call: | For taxation reasons only at par plus interest
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| Put options: | At par plus interest if change-of-control or no-registration event occurs
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| Pricing date: | Aug. 9
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| Issue date: | Aug. 12
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| Listing date: | Aug. 15
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| Distribution: | Regulation S
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| ISIN: | XS2502712040
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