By William Gullotti
Buffalo, N.Y., Aug. 19 – Anhui Boyang Urban Construction Holding Group Co., Ltd. priced $50 million of 5½% credit enhanced bonds due 2025 at par, according to a listing notice with an appended offering circular on Friday.
The bonds feature the benefit of an irrevocable standby letter of credit issued by Huishang Bank Corp., Ltd.
The bonds may be redeemed early in whole at par for taxation reasons. They are subject to mandatory redemption, also in whole at par, in the case of a prefunding failure or the letter of credit ceases to be enforceable.
Bondholders will be able to exercise put rights at par plus interest if a change of control or no registration event occurs.
AMC Wanhai Securities Ltd., Huatai International, China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, Soochow Securities (Hong Kong), Shenwan Hongyuan (H.K.), CNCB Capital and China Galaxy International are the joint lead managers and joint bookrunners for the Regulation S offering.
AMC Wanhai, Huatai International and China International Capital are also serving as joint global coordinators.
Proceeds will be used to develop the issuer’s infrastructure construction business and for replenishment of working capital.
Listing for the bonds is expected on the Hong Kong Exchange effective Aug. 19.
Based in Bozhou City of China’s Anhui Province, the issuer is a principal investment and operating platform for economic and urban development in Guoyang County.
| Issuer: | Anhui Boyang Urban Construction Holding Group Co., Ltd.
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| LoC issuer: | Huishang Bank Corp., Ltd.
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| Amount: | $50 million
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| Issue: | Credit enhanced bonds
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| Maturity: | Aug. 18, 2025
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| Bookrunners: | AMC Wanhai Securities Ltd., Huatai International, China International Capital Corp., Industrial Bank Co., Ltd., Hong Kong Branch, Soochow Securities (Hong Kong), Shenwan Hongyuan (H.K.), CNCB Capital and China Galaxy International
|
| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Paul Hastings (Europe) LLP (England), Anhui Meilin Law Office (China)
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| Counsel to underwriters: | Simmons & Simmons (England), Allbright Law Offices (China)
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| Counsel to trustee: | Clifford Chance (England)
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| Coupon: | 5½%
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| Price: | Par
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| Yield: | 5½%
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| Calls: | Optionally in whole at par for tax reasons; mandatorily in whole at par upon prefunding failure or the letter of credit ceases to be enforceable
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| Puts: | At par plus interest for a change of control or no registration event
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| Pricing date: | Aug. 12
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| Issue date: | Aug. 18
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| Listing date: | Aug. 19
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| Distribution: | Regulation S
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| ISIN: | XS2483877853
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